The Worldscale Association issues updated tanker rates, which are referred to as ‘flat rates’ at the end of each year. These values are given in a US$/metric ton format and are a fundamental component used in the negotiation of Worldscale (WS) spot rates. The WS spot rates, which are barometer for the strength of the spot tanker market, are a percentage of the flat rate, with the latter being equal to the nominal or 100% freight rate. The Worldscale Association publishes more than 300,000 flat rates for various load/discharge combinations. The updated flat rates take effect at the start of the following year, in this case 2013. In an effort to gauge the future direction of the market, we attempt to forecast a series of flat rates based on Worldscale’s “Basis of Calculation”.