Commodity trader Mercuria is suing the Baltic Exchange over alleged losses tied to tanker pricing data during the effective closure of the Strait of Hormuz. Mercuria claims the Baltic Exchange continued publishing its TD3C crude tanker benchmark route from the Gulf to China despite severe disruptions caused by the Iran conflict, resulting in distorted freight and derivatives pricing. The company alleges the benchmark no longer reflected actual market conditions and says its losses could amount to hundreds of millions of dollars. The Baltic Exchange declined to comment, though market participants noted it had issued guidance and introduced alternative benchmark options during the crisis.
