And now, the benchmark behind billions of dollars in trades is being challenged.
The TD3C supertanker rate surged from roughly 290 Worldscale points in early July to a peak near 1,320 in October, more than QUADRUPLING as the Iran war disrupted shipping.
Bloomberg reports broker messages involving South Korea’s Sinokor are under scrutiny over their potential influence on the benchmark. Sinokor owns 83 supertankers, a fleet Bloomberg estimates could have generated around $2.1 billion this October.
The controversy matters because limited Gulf shipping data means Baltic Exchange assessors sometimes have to use judgment, while futures and commercial contracts settle against that same benchmark.
Mercuria has already sued the Baltic Exchange, arguing TD3C no longer reflects the underlying market.
Source: Bloomberg / Writer: Samuel


