Mercuria Files Lawsuit Against Baltic Exchange Over TD3C Shipping Benchmark

MT Newswires Live05-01 06:26

Mercuria Energy Group said it has filed a lawsuit in London's High Court against Baltic Exchange Information Services, alleging distortion of a key oil shipping benchmark, Bloomberg reported on Thursday.

The dispute centers on the TD3C route, which tracks the cost of shipping crude from the Middle East to China.

Mercuria said the rate "no longer accurately or reliably represents the underlying market it is intended to measure," according to the claim form seen by Bloomberg, adding that the impact has led to losses estimated in the "hundreds of millions of US dollars."

The Baltic Exchange, owned by Singapore Exchange, publishes freight rates widely used in global oil markets and derivatives trading.

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