TotalEnergies is considering legal action against the Baltic Exchange, following similar moves by Mercuria, as shipping derivative losses mount in the wake of Hormuz closure disputes. The legal actions signal growing tensions in oil shipping markets.

The Baltic Exchange, which sets benchmark rates for shipping costs, faces pressure from energy companies who claim their derivatives positions suffered losses during the Hormuz crisis. Mercuria already initiated legal proceedings, with TotalEnergies now evaluating its options.

These lawsuits threaten to disrupt the traditional shipping market structure and could lead to significant changes in how derivatives are priced. The cases represent a direct challenge to the Baltic Exchange's century-old pricing methodology.