What is the core legal allegation Mercuria has made against the Baltic Exchange regarding the TD3C shipping benchmark?

Mercuria alleges that the Baltic Exchange’s calculation of the TD3C rate — the benchmark for shipping oil from the Middle East to China — has been distorted and ‘no longer accurately or reliably represents the underlying market it is intended to measure,’ causing Mercuria and its affiliates losses estimated in the hundreds of millions of US dollars.

Why is the TD3C benchmark under scrutiny, and what real-world condition is cited in the news as undermining its reliability?

The TD3C benchmark is under scrutiny because the war in Iran has thrown the shipping market into chaos, with brokers struggling to assess the rate due to very few ships transiting the Strait of Hormuz — a key chokepoint whose disruption directly impairs the data inputs required for a reliable benchmark.

Mercuria Sues Baltic Exchange Over Oil Shipping Benchmark

Apr 30, 2026

Mercuria Energy Group sued the Baltic Exchange over alleged distortion of the TD3C oil shipping benchmark, claiming hundreds of millions in losses. The dispute arises from difficulties assessing rates during the Iran conflict affecting the Strait of Hormuz.

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