Why is Mercuria suing the Baltic Exchange over its oil tanker rate benchmark?

Mercuria is suing the Baltic Exchange because it claims the Exchange's TD3C route benchmark mispriced the freight market during the U.S.-Israeli conflict with Iran, which began on February 28 and led to the effective closure of the Strait of Hormuz; Mercuria alleges this mispricing caused, or will cause, losses 'in the hundreds of millions of U.S. dollars' on freight and freight derivative contracts linked to that route.

How does the Baltic Exchange justify the reliability of its oil tanker benchmark amid the Strait of Hormuz disruption?

The Baltic Exchange defends its benchmark by stating that, despite reduced transits, lawful passage through the Strait of Hormuz continued, panelists (independent shipbrokers) kept providing freight market assessments, and the input data therefore still 'represents the market or economic reality'; it further asserts that it conducted 'appropriate and adequate consultations' with stakeholders and maintains 'full confidence in its processes'.

Baltic Exchange Defends Oil Tanker Rate Benchmark Reliability Amidst Iran Conflict

Jun 24, 2026

The Baltic Exchange defended its oil tanker benchmark reliability against a lawsuit by commodity trader Mercuria, claiming losses from disputed freight rates during the Iran conflict. The Exchange maintains its indices accurately reflect market conditions despite Strait of Hormuz disruptions.

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Baltic Exchange Defends Oil Tanker Rate Benchmark Reliability Amidst Iran Conflict

Baltic Exchange Defends Oil Tanker Rate Benchmark Reliability Amidst Iran Conflict

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