Mercuria granted early trial in multibillion-dollar dispute over Strait of Hormuz

The core of the lawsuit centers on global major tanker rates. The rate is based on the cost of chartering a supertanker from within the Persian Gulf, and it has remained high throughout the entire war. The commodity trading firm estimates its own losses to have reached hundreds of millions of dollars, and with the benchmark rate unchanged, losses continue to accumulate daily. The impact of the lawsuit on the broader financial markets amounts to several billion dollars. “In my view, there are wider concerns in the market regarding the relevant benchmark,” Judge Christopher Butcher stated in court. “The issues in this claim are not only related to damages, but also aim to establish the legal position.” He added that the schedule for the hearing will allow the court to deliver a verdict by the end of this year or early next year.