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Energy trader Mercuria has sued the Baltic Exchange, alleging distortion of a key benchmark for Middle East oil shipping costs. The suit relates to impacts from the Hormuz incident. Details remain limited as the case unfolds.
BloombergEnergy trader Mercuria has filed a lawsuit against the Baltic Exchange, alleging distortion of a key benchmark used for the cost of shipping oil from the Middle East. The suit concerns a shipping gauge that was impacted by the Hormuz incident, according to reports from Bloomberg and other sources. Mercuria stated that the benchmark distortion affected shipping costs in the region.
The Baltic Exchange, which provides the benchmark, has not yet responded publicly to the allegations.
A technical malfunction triggered an explosion and fire Sunday evening at the Barzan facility inside Ras Laffan Industrial City. Fifty-four people were injured and 18 remained unaccounted for early Monday. Emergency teams contained the blaze with no leak detected.
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insidermonkey.comGlobal exports of Chinese electric vehicles hit $9.4 billion in April. Shipments more than doubled in May compared with the prior year as fuel prices rose.