$100 Million Tanker Dispute Raises Stakes in Mercuria’s Baltic Exchange Lawsuit
As lawyers for Mercuria Energy Group presented the commodity giant’s case against the Baltic Exchange this week, a group of smartly dressed Norwegian businessmen listened intently to the arguments from the back of a…
A wooden plaque is seen on a wall at The Baltic Exchange in the City of London, Britain March 2, 2016. REUTERS/Toby Melville/File Photo, Reuters
(Bloomberg) — As lawyers for Mercuria Energy Group presented the commodity giant’s case against the Baltic Exchange this week, a group of smartly dressed Norwegian businessmen listened intently to the arguments from the back of a packed London courtroom.
The executives, representing Oslo-listed Hunter Group ASA, have around $100 million riding on the outcome. The company is in a dispute with Mercuria over a charter deal linked to the TD3C index — the global benchmark oil tanker rate that the trading house claims the Baltic Exchange should have suspended because of disruptions caused by the Iran war.
Mercuria has been making reduced payments, leaving it in breach of contract and with arrears building, according to Hunter.
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