Norwegian Hunter Group ASA has $100 million riding on the outcome of Mercuria Energy Group’s lawsuit against the Baltic Exchange. The case centers on whether the Baltic Exchange should have suspended the TD3C oil tanker rate benchmark after disruptions caused by the Iran war. Mercuria reduced payments, leading to breach of contract and arrears exceeding $100 million, according to Hunter Chairman Morten Astrup.
The dispute could affect billions in criss-crossing contracts and derivatives tied to the rate. Hunter’s profit surged 13‑fold to $47 million in Q2 as charter rates hit record highs, and its shares have risen 882% this year. The vessel DHT Puma, chartered by Mercuria and leased to Hunter, underpins the conflict, with Hunter reporting a $67.8 million outstanding claim as of September, likely increased in October.
A ruling may reshape global shipping rate benchmarks and impact numerous tanker contracts.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing