Last done
Meaning
Last done is the rate of the most recent comparable fixture on a route, used as the starting point for negotiating the next one.
Last done explained
Brokers quote the last done to anchor a negotiation: if the last VLCC fixed MEG/China at WS 60, owners will push for more in a tightening market and charterers for less in a weakening one.
Adjustments are made for differences in laycan, ship age and specification, cargo size and port options.
Related terms
Worldscale
Worldscale is the index used to price tanker freight: a route's flat rate is WS 100, and fixtures are agreed as a percentage of it, such as WS 60.
Fixture
A fixture is a concluded charter: the ship has been “fixed” once owner and charterer have agreed all main terms and lifted any subjects.
Private and confidential
Private and confidential (P&C) means the fixture's rate or details are not to be reported to the market by the brokers involved.