LONDON – Mercuria Energy Group, a commodity trader, has contested the Baltic Exchange’s ongoing publication of an oil tanker freight benchmark during the Iran conflict, claiming that major shipping interruptions around the Strait of Hormuz skewed freight pricing and justified its suspension. The issue, which is presently being heard in a London court, has raised worries about the trustworthiness of shipping benchmarks during times of geopolitical upheaval. The decision could have an impact on tanker freight price, petroleum transportation costs, and maritime logistics, while changes in vessel movements may also affect demand for marine waste management and environmental services.
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(Source: Bloomberg; The Edge Malaysia)