4 pagesInternational audienceThe thermal time hypothesis has been introduced as a possible basis for a fully general-relativistic thermodynamics. Here we use the notion of thermal time to study thermal equilibrium on stationary spacetimes. Notably, we show that the Tolman-Ehrenfest effect (the variation of temperature in space so that T\sqrt{g_{00}} remains constant) can be reappraised as a manifestation of this fact: at thermal equilibrium, temperature is locally the rate of flow of thermal time with respect to proper time - pictorially, "the speed of (thermal) time". Our derivation of the Tolman-Ehrenfest effect makes no reference to the physical mechanisms underlying thermalization, thus illustrating the import of the notion of thermal t...