According to Mercuria's legal filing, how many non-Iranian VLCC transits of the Strait of Hormuz were recorded between 1 March 2026 and 19 May 2026, and what were the two main methods used?

Mercuria’s lawyers stated that there were 'approximately 20–24 recorded VLCC transits of the Strait by non-Iranian ships from 1 March 2026 to 19 May 2026', and that these transits occurred either 'with illegal toll payments' or 'have been limited, pre-cleared movements arranged on a government-to-government non-commercial basis (including two non-Mercuria managed ships with government ties, carrying Mercuria cargo).'

Why does Mercuria argue that the TD3C index should not be based on the Hormuz transits it acknowledges occurred during the Iran war?

Mercuria argues that the government-brokered transits 'do not qualify as fixtures on which TD3C could be based as it is “intended to measure fixtures for lawful VLCC transits on commercial terms”', and further contends that those transits 'have not been on the standard TD3C route from Saudi Arabia’s Ras Tanura port... but instead “have discharged in Fujairah (in the Gulf of Oman), Oman, India or Singapore/Malaysia, waited over a month before transit, and/or completed a ship-to-ship transfer outside the Strait.”'

Mercuria Lawyers State Government Deals Facilitated Oil Transit Through Hormuz

Jun 5, 2026

Mercuria Energy Group sued the Baltic Exchange over oil tanker rates, alleging government-brokered deals enabled crude transit through the Strait of Hormuz during the Iran conflict. The trader claims the inflated TD3C benchmark causes significant financial losses due to restricted commercial transits.

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