Mocorey Sues Baltic Exchange as Dispute Over Tanker Benchmark Rates Escalates

Mocorey has filed a lawsuit against the Baltic Exchange, with the core dispute centering on whether the exchange should continue to publish benchmark rates for tankers passing through the Strait of Hormuz. The High Court in the UK is set to hear the case on Monday. Mocorey claims that due to a sharp decline in shipping volumes through the strait following the outbreak of war between the U.S. and Israel, and Iran's declaration of a blockade, the Baltic Exchange should suspend its flagship tanker route benchmark index "TD3C." Initially, Mocorey stated that it had incurred losses of hundreds of millions of dollars, but later amended its complaint to seek "declaratory relief," requesting a ruling that the rate publications since early March are invalid. The Baltic Exchange argues that a temporary lack of activity on the route is not uncommon, and that vessels are still passing through, relying on experienced brokers to provide rates. Its lawyers warned that if Mocorey wins, it could lead to "chaotic consequences for the entire market," with hundreds of transactions potentially being forced to unwind.

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