<p>全球最大的石油交易商之一的法律訴訟將焦點投向了全球金融中一個晦澀但至關重要的領域——數十億美元的貨運市場以及這個已有 282 年曆史的倫敦市機構。</p>
<p>據彭博社報道，Mercuria Energy Group 正在起訴波羅的海交易所，聲稱由於一個關鍵基準的扭曲，它遭受了數億美元的損失，該基準用於計算從中東到中國的石油運輸成本。</p>
<p>此案是石油交易商和運輸公司如何努力適應霍爾木茲海峽幾乎關閉所帶來的干擾的最新例證，管理人員和律師們已經預測將會出現一系列法律爭議。</p>
<p>“這不僅僅是物理分子被阻礙的問題。這是對整個市場的連鎖反應，” 負責沃森·法利與威廉姆斯律師事務所（WFW）商品和國際貿易業務的 Sumeet Malhotra 表示。</p>
<p>“當這種情況發生時，看到衍生品爭議和針對指數的案件並不奇怪。”</p>
<p>這也是一個新的提醒，表明少數歷史悠久的倫敦實體在設定對龐大全球產業至關重要的價格方面所扮演的關鍵角色——就在幾年前，倫敦金屬交易所（LME）因取消數十億美元鎳合約而引發了一場法律鬥爭。</p>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，送達您的郵箱。</p>
<p>波羅的海交易所的歷史可以追溯到 1744 年，是全球航運行業的核心部分，負責設定處理全球商品貿易的油輪和大型散貨船的運費。</p>
<p>爭議的核心是從中東到中國運輸石油的油輪租賃費，這一費用多年來一直是基於從沙特阿拉伯拉斯坦烏拉港運輸石油的成本來計算的。至關重要的是，它位於波斯灣內，只能通過霍爾木茲海峽進入。</p>
<p>每天，由波羅的海交易所召集的船舶經紀人提交他們對價格的評估，這些評估用於創建一個稱為 TD3C 的費率。該費率隨後在全球石油行業中作為基準，用於設定油輪合同的費率，並支撐一個數十億美元的衍生品市場。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>為什麼對馬六甲海峽的擔憂在上升，亞洲的關鍵航運路線</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>海洋保險與戰爭時期的五權條款</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171/query-dz0yNDAWZHByPTEWZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171/query-dz0yNDAWZHByPTEWZj13ZWJw"/></p>
<h3>股票市場是否對伊朗戰爭的真實成本存在否認？</h3>
<blockquote>
<p>“SGX 否認了波羅的海交易所未能履行其在基準方面的法定和合同義務的指控。”</p>
</blockquote>
<p>波羅的海交易所現在由新加坡交易所（SGX）擁有，在 3 月份引發爭議，當時它告訴經紀人 TD3C 費率應繼續基於從拉斯坦烏拉港運輸石油的成本進行計算——儘管由於戰爭，運輸幾乎已經停止。</p>
<p>因此，TD3C 費率飆升，最高達到每天 60 萬美元，而更典型的費率在 4 萬美元到 10 萬美元之間。</p>
<p>對於與該指數相關的交易商和船東來説，這造成了動盪。</p>
<p>例如，挪威航運公司 Hunter Group 上個月表示，一位客户在 3 月份支付給它的船舶租賃費用比應支付的少 830 萬美元。涉及的客户是 Mercuria，該客户拒絕支付與 TD3C 掛鈎的租船費率，一位知情人士表示。</p>
<p>波羅的海交易所、Mercuria 和 Hunter Group 的發言人均拒絕置評。SGX 否認了波羅的海交易所未能履行其在基準方面的法定和合同義務的指控。</p>
<p>“波羅的海根據既定和穩健的治理框架、方法論和監督流程制定其基準，” 它表示。</p>
<p>“SGX 集團注意到，波羅的海已發佈單獨聲明，確認其對其流程的充分信心，認為 Mercuria 的索賠毫無依據，並將全力以赴進行辯護。”</p>
<h2>極端波動性</h2>
<p>在其索賠中，Mercuria 辯稱，決定將費率基於通過霍爾木茲海峽運輸的成本扭曲了市場。</p>
<p>通過該海峽的交通 “基本上已經停止”，而那些仍在進行的運輸 “需要向受制裁實體支付非法通行費”，它表示。</p>
<p>波羅的海交易所的決定導致 “TD3C 定價的持續極端波動，這不再準確或可靠地代表其旨在衡量的基礎市場，並對依賴 TD3C 指數的航運和貨運衍生品市場造成持續的扭曲和干擾，” Mercuria 補充道。</p>
<p>儘管如此，該交易所的索賠稱 TD3C 路線 “無法合法通行”，與其聯合創始人兼首席執行官 Marco Dunand 上週在一次會議上的評論形成對比，他在會上表示，Mercuria 已經設法將船隻從波斯灣移出。</p>
<p>“有多種方式可以做到這一點，我不想對此發表評論，” 他在洛桑的 FT 商品全球峯會上表示。</p>
<p>在其索賠中，Mercuria 認為波羅的海交易所應該暫停 TD3C 基準，或者使用仍在運營的經濟可比航線來確定該基準——例如，從阿曼港口到中國的航運費率，或從西非到中國的航運費率。</p>
<p>波羅的海交易所的規則賦予其因 “突發的情況或市場變化導致無法產生可行的海洋散裝基準” 而更改或暫停指數的權力。</p>
<p>不過，當它上週諮詢會員是否應該暫停 TD3C 基準或在衝突升級或延續的情況下增加海灣以外的港口時，55% 的受訪者反對任何變更。</p>
<p>波羅的海交易所在諮詢總結中表示：“關於保持連續性和穩定性有一致的反饋，強調現有基準仍然可用。”</p>
<p>一些受訪者認為，任何變更將使那些基於波羅的海交易所三月份提供的指導進入交易頭寸的人處於不利地位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad"/></p>
<p>此案不太可能是由於霍爾木茲海峽的商品貿易中斷而引發的最後一場爭議。照片：路透社</p>
<h2>數億美元</h2>
<p>Mercuria 正在請求倫敦高等法院強制波羅的海交易所要麼暫停 TD3C，要麼基於其他貿易仍在繼續的航線來確定該基準——包括追溯 “對於其不當確定的先前期間”。</p>
<p>它沒有對其索賠給出貨幣價值，僅要求 “法院認為適當的進一步或其他聲明性救濟”。</p>
<p>但它表示，其及其附屬公司已經在與 TD3C 相關的實物和衍生貨運合同中遭受了損失，“目前估計在數億美元”，並且面臨潛在的 “非常顯著的未來損失”。</p>
<p>Mercuria 表示，此案 “涉及對航運、衍生品和商品市場參與者具有重要意義的重大問題”，並認為引用 TD3C 基準的金融工具價值數十億美元。</p>
<p>此案不太可能是由於霍爾木茲海峽的商品貿易中斷而引發的最後一場爭議。</p>
<p>LME 取消鎳交易引發了一波憤怒投資者的訴訟，交易所最終成功辯稱其規則賦予其在危機中對市場做出決策的廣泛自由裁量權。</p>
<p>WFW 的 Malhotra 説：“我們接到了一些客户的投訴，稱指數未能反映基礎市場的情況。”</p>
<p>他説：“我們在過去也見過這種情況，當指數未能迅速反應突發市場條件時。2008 年發生過這種情況，最近在鎳價飆升時，LME 也凍結了交易。” 彭博社</p>
<p>解碼亞洲通訊：您在新全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊。免費送達您的收件箱。</p>

新加坡交易所

<p>Mercuria Energy Group 正在起訴由新加坡交易所（SGX）擁有的波羅的海交易所，聲稱由於石油運輸基準的扭曲造成了數億的損失。這場爭議突顯了霍爾木茲海峽近乎關閉對貨運市場的影響。對油輪合同至關重要的 TD3C 費率已飆升至每日 60 萬美元，給交易者帶來了動盪。SGX 否認這些指控，堅稱波羅的海交易所遵循治理框架。Mercuria 認為該費率已不再反映市場，導致極端波動和定價混亂</p>

<p>A LEGAL claim from one of the world’s largest oil traders is throwing a spotlight on an arcane but critical corner of global finance – the multibillion-dollar freight market and the 282-year-old City of London institution that sits at the heart of it.</p>
<div class="lb-trans"><p>全球最大的石油交易商之一的法律訴訟將焦點投向了全球金融中一個晦澀但至關重要的領域——數十億美元的貨運市場以及這個已有 282 年曆史的倫敦市機構。</p>
</div><p>Mercuria Energy Group is suing the Baltic Exchange, Bloomberg reported on Thursday (Apr 30), alleging that it has suffered losses in the hundreds of millions of dollars as a result of distortions in a key benchmark for the cost of shipping oil from the Middle East to China.</p>
<div class="lb-trans"><p>據彭博社報道，Mercuria Energy Group 正在起訴波羅的海交易所，聲稱由於一個關鍵基準的扭曲，它遭受了數億美元的損失，該基準用於計算從中東到中國的石油運輸成本。</p>
</div><p>The case is the latest example of how oil traders and shippers are struggling to adjust to the disruption wrought by the near-closure of the Strait of Hormuz, with executives and lawyers already predicting a slew of legal disputes.</p>
<div class="lb-trans"><p>此案是石油交易商和運輸公司如何努力適應霍爾木茲海峽幾乎關閉所帶來的干擾的最新例證，管理人員和律師們已經預測將會出現一系列法律爭議。</p>
</div><p>“It’s not just a case of the physical molecules getting held up. It’s about the cascading effect on the market at large,” said Sumeet Malhotra, who leads the commodities and international trade practice for law firm Watson Farley &amp; Williams (WFW).</p>
<div class="lb-trans"><p>“這不僅僅是物理分子被阻礙的問題。這是對整個市場的連鎖反應，” 負責沃森·法利與威廉姆斯律師事務所（WFW）商品和國際貿易業務的 Sumeet Malhotra 表示。</p>
</div><p>“When that happens, there’s no surprise that we’re seeing derivatives disputes and cases against indices.”</p>
<div class="lb-trans"><p>“當這種情況發生時，看到衍生品爭議和針對指數的案件並不奇怪。”</p>
</div><p>It is also a fresh reminder of the key role that a small number of historic London entities play in setting prices critical to vast global industries – just a few years after a legal battle over the London Metal Exchange’s (LME) decision to cancel billions of dollars in nickel contracts in 2022.</p>
<div class="lb-trans"><p>這也是一個新的提醒，表明少數歷史悠久的倫敦實體在設定對龐大全球產業至關重要的價格方面所扮演的關鍵角色——就在幾年前，倫敦金屬交易所（LME）因取消數十億美元鎳合約而引發了一場法律鬥爭。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察信息，送達您的郵箱。</p>
</div><p>The Baltic Exchange, which traces its history back to 1744, is a central part of the global shipping industry as the venue where rates are set for the tankers and massive bulk carriers that handle the world’s commodity trade.</p>
<div class="lb-trans"><p>波羅的海交易所的歷史可以追溯到 1744 年，是全球航運行業的核心部分，負責設定處理全球商品貿易的油輪和大型散貨船的運費。</p>
</div><p>At the heart of the dispute is the rate for hiring a tanker to ship oil from the Middle East to China, which for years has been calculated based on the cost of shipping oil from Saudi Arabia’s Ras Tanura port. Crucially, it is located inside the Persian Gulf, and can only be accessed via the Strait of Hormuz.</p>
<div class="lb-trans"><p>爭議的核心是從中東到中國運輸石油的油輪租賃費，這一費用多年來一直是基於從沙特阿拉伯拉斯坦烏拉港運輸石油的成本來計算的。至關重要的是，它位於波斯灣內，只能通過霍爾木茲海峽進入。</p>
</div><p>Each day, shipbrokers convened by the Baltic Exchange submit their assessments of the price, which are used to create a rate known as TD3C. That rate is then used across the global oil industry as a benchmark to set the rate of tanker contracts, as well as to underpin a multibilllion-dollar derivatives market.</p>
<div class="lb-trans"><p>每天，由波羅的海交易所召集的船舶經紀人提交他們對價格的評估，這些評估用於創建一個稱為 TD3C 的費率。該費率隨後在全球石油行業中作為基準，用於設定油輪合同的費率，並支撐一個數十億美元的衍生品市場。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/2650d373e5e5e82033b7a3dcf7d8efa51feddf02c15f4d997f0d5934b3073d1c?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Why anxieties are rising over the Malacca Strait, Asia’s key shipping route</h3>
<div class="lb-trans"><h3>為什麼對馬六甲海峽的擔憂在上升，亞洲的關鍵航運路線</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/fab10a90a84d752cad2208c0c477054b11530cf8dcbfa7f53b39d656b32be3c3?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Marine insurance and the five powers clause in times of war</h3>
<div class="lb-trans"><h3>海洋保險與戰爭時期的五權條款</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/5579cc13719dda467281eceb9122e9a2f2fed1359b548f948a0e9b645055b171?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Are stock markets in denial about the true cost of Iran war?</h3>
<div class="lb-trans"><h3>股票市場是否對伊朗戰爭的真實成本存在否認？</h3>
</div><blockquote>
<p>“SGX denied the allegations that the Baltic Exchange has not met its statutory and contractual obligations with regard to the benchmark in a statement on Sunday.”</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>“SGX 否認了波羅的海交易所未能履行其在基準方面的法定和合同義務的指控。”</p>
</blockquote>
</div><p>The Baltic Exchange, which is now owned by the Singapore Exchange (SGX), stirred controversy in March when it told brokers that the TD3C rate should continue to be calculated based on the cost of shipping oil from Ras Tanura – even though shipments had all but ceased due to the war.</p>
<div class="lb-trans"><p>波羅的海交易所現在由新加坡交易所（SGX）擁有，在 3 月份引發爭議，當時它告訴經紀人 TD3C 費率應繼續基於從拉斯坦烏拉港運輸石油的成本進行計算——儘管由於戰爭，運輸幾乎已經停止。</p>
</div><p>The TD3C rate soared as a result, rising to as much as US$600,000 a day compared to more typical rates between US$40,000 and US$100,000.</p>
<div class="lb-trans"><p>因此，TD3C 費率飆升，最高達到每天 60 萬美元，而更典型的費率在 4 萬美元到 10 萬美元之間。</p>
</div><p>For traders and shipowners who have contracts and derivatives positions linked to the index, it has caused turmoil.</p>
<div class="lb-trans"><p>對於與該指數相關的交易商和船東來説，這造成了動盪。</p>
</div><p>In one example, Norwegian shipping company Hunter Group said last month that a customer had paid it US$8.3 million less than it was due for ship charters during the month of March. The customer involved was Mercuria, and it was refusing to pay charter rates that were pegged to TD3C, said a person familiar with the matter.</p>
<div class="lb-trans"><p>例如，挪威航運公司 Hunter Group 上個月表示，一位客户在 3 月份支付給它的船舶租賃費用比應支付的少 830 萬美元。涉及的客户是 Mercuria，該客户拒絕支付與 TD3C 掛鈎的租船費率，一位知情人士表示。</p>
</div><p>Spokespeople for the Baltic Exchange, Mercuria and Hunter Group declined to comment. SGX denied the allegations that the Baltic Exchange has not met its statutory and contractual obligations with regard to the benchmark in a statement on Sunday.</p>
<div class="lb-trans"><p>波羅的海交易所、Mercuria 和 Hunter Group 的發言人均拒絕置評。SGX 否認了波羅的海交易所未能履行其在基準方面的法定和合同義務的指控。</p>
</div><p>“The Baltic produces its benchmarks in accordance with established and robust governance frameworks, methodologies and oversight processes,” it said.</p>
<div class="lb-trans"><p>“波羅的海根據既定和穩健的治理框架、方法論和監督流程制定其基準，” 它表示。</p>
</div><p>“SGX Group notes that the Baltic has issued a separate statement affirming its full confidence in its processes, its belief that the claim from Mercuria to be without merit, and that it will defend it to the fullest extent.”</p>
<div class="lb-trans"><p>“SGX 集團注意到，波羅的海已發佈單獨聲明，確認其對其流程的充分信心，認為 Mercuria 的索賠毫無依據，並將全力以赴進行辯護。”</p>
</div><h2>Extreme volatility</h2>
<div class="lb-trans"><h2>極端波動性</h2>
</div><p>In its claim, Mercuria argued that the decision to keep the rate based on the cost of shipping through Hormuz has distorted the market.</p>
<div class="lb-trans"><p>在其索賠中，Mercuria 辯稱，決定將費率基於通過霍爾木茲海峽運輸的成本扭曲了市場。</p>
</div><p>Traffic through the strait has “essentially ceased”, and those shipments that do take place “require the payment of illegal tolls to sanctioned entities”, it said.</p>
<div class="lb-trans"><p>通過該海峽的交通 “基本上已經停止”，而那些仍在進行的運輸 “需要向受制裁實體支付非法通行費”，它表示。</p>
</div><p>The Baltic Exchange’s decision has resulted in “ongoing extreme volatility in the pricing of TD3C, which no longer accurately or reliably represents the underlying market it is intended to measure, and ongoing distortion and disruption to the shipping and freight derivatives markets reliant on the TD3C index”, Mercuria added.</p>
<div class="lb-trans"><p>波羅的海交易所的決定導致 “TD3C 定價的持續極端波動，這不再準確或可靠地代表其旨在衡量的基礎市場，並對依賴 TD3C 指數的航運和貨運衍生品市場造成持續的扭曲和干擾，” Mercuria 補充道。</p>
</div><p>Still, the trading house’s claim that the TD3C route is “incapable of lawful passage” stands in contrast to comments from its co-founder and chief executive officer Marco Dunand last week, when he told a conference that Mercuria had managed to move ships out of the Persian Gulf.</p>
<div class="lb-trans"><p>儘管如此，該交易所的索賠稱 TD3C 路線 “無法合法通行”，與其聯合創始人兼首席執行官 Marco Dunand 上週在一次會議上的評論形成對比，他在會上表示，Mercuria 已經設法將船隻從波斯灣移出。</p>
</div><p>“(There’re) various ways to do it and I’d rather not comment on that,” he told the FT Commodities Global Summit in Lausanne.</p>
<div class="lb-trans"><p>“有多種方式可以做到這一點，我不想對此發表評論，” 他在洛桑的 FT 商品全球峯會上表示。</p>
</div><p>In its claim, Mercuria argued that the Baltic Exchange should have either suspended the TD3C benchmark or used economically comparable routes that are still operating to determine it – for example, the rate for shipping from an Omani port outside the Gulf to China, or from West Africa to China.</p>
<div class="lb-trans"><p>在其索賠中，Mercuria 認為波羅的海交易所應該暫停 TD3C 基準，或者使用仍在運營的經濟可比航線來確定該基準——例如，從阿曼港口到中國的航運費率，或從西非到中國的航運費率。</p>
</div><p>The Baltic Exchange’s rules give it the power to change or suspend an index due to “a sudden change in circumstances or markets resulting in it being impossible to produce a viable Ocean Bulk benchmark”.</p>
<div class="lb-trans"><p>波羅的海交易所的規則賦予其因 “突發的情況或市場變化導致無法產生可行的海洋散裝基準” 而更改或暫停指數的權力。</p>
</div><p>Still, when it consulted members last week on whether it should suspend the TD3C benchmark or add ports outside the Gulf in the event of an escalation or extension of the conflict, 55 per cent of respondents opposed any changes.</p>
<div class="lb-trans"><p>不過，當它上週諮詢會員是否應該暫停 TD3C 基準或在衝突升級或延續的情況下增加海灣以外的港口時，55% 的受訪者反對任何變更。</p>
</div><p>“There was consistent feedback on maintaining continuity and stability, emphasising that the existing benchmarks continue to be usable,” the Baltic Exchange said in a summary of the consultation.</p>
<div class="lb-trans"><p>波羅的海交易所在諮詢總結中表示：“關於保持連續性和穩定性有一致的反饋，強調現有基準仍然可用。”</p>
</div><p>Some respondents argued that any changes would disadvantage anyone who had entered into trading positions based on the guidance the Baltic Exchange had given in March.</p>
<div class="lb-trans"><p>一些受訪者認為，任何變更將使那些基於波羅的海交易所三月份提供的指導進入交易頭寸的人處於不利地位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/da07e3ee6fc2b4ac70592619dccfa2826e4410006800390b8961bec3b2d6b8ad"/></p>
<p>The case is unlikely to be the last dispute caused by the disruptions to commodity trade through the Strait of Hormuz. PHOTO: REUTERS</p>
<div class="lb-trans"><p>此案不太可能是由於霍爾木茲海峽的商品貿易中斷而引發的最後一場爭議。照片：路透社</p>
</div><h2>Hundreds of millions of dollars</h2>
<div class="lb-trans"><h2>數億美元</h2>
</div><p>Mercuria is asking the High Court in London to force the Baltic Exchange to either suspend TD3C or to determine it based on other routes where trade has continued – including retrospectively “for the prior periods for which it has been improperly determined”.</p>
<div class="lb-trans"><p>Mercuria 正在請求倫敦高等法院強制波羅的海交易所要麼暫停 TD3C，要麼基於其他貿易仍在繼續的航線來確定該基準——包括追溯 “對於其不當確定的先前期間”。</p>
</div><p>It has not put a monetary value on its claim, asking only for “such further or other declaratory relief as the court considers appropriate”.</p>
<div class="lb-trans"><p>它沒有對其索賠給出貨幣價值，僅要求 “法院認為適當的進一步或其他聲明性救濟”。</p>
</div><p>But it said it and its affiliates have already incurred losses on physical and derivative freight contracts tied to TD3C that “are presently estimated to be in the hundreds of millions of US dollars”, and that it is exposed to potential “very significant future losses”.</p>
<div class="lb-trans"><p>但它表示，其及其附屬公司已經在與 TD3C 相關的實物和衍生貨運合同中遭受了損失，“目前估計在數億美元”，並且面臨潛在的 “非常顯著的未來損失”。</p>
</div><p>The case “raises significant issues of importance to market participants in the shipping, derivatives and commodities markets”, Mercuria says, arguing that financial instruments that reference the TD3C benchmark are worth billions of dollars.</p>
<div class="lb-trans"><p>Mercuria 表示，此案 “涉及對航運、衍生品和商品市場參與者具有重要意義的重大問題”，並認為引用 TD3C 基準的金融工具價值數十億美元。</p>
</div><p>The case is unlikely to be the last dispute caused by the disruptions to commodity trade through the Strait of Hormuz.</p>
<div class="lb-trans"><p>此案不太可能是由於霍爾木茲海峽的商品貿易中斷而引發的最後一場爭議。</p>
</div><p>The cancellation of nickel trades by LME spurred a wave of lawsuits from furious investors, with the exchange ultimately succeeding in its argument that its rules gave it wide discretion to make decisions about the market in a crisis.</p>
<div class="lb-trans"><p>LME 取消鎳交易引發了一波憤怒投資者的訴訟，交易所最終成功辯稱其規則賦予其在危機中對市場做出決策的廣泛自由裁量權。</p>
</div><p>“We’ve been approached by a number of clients complaining of indices failing to reflect what the underlying market was,” said Malhotra of WFW.</p>
<div class="lb-trans"><p>WFW 的 Malhotra 説：“我們接到了一些客户的投訴，稱指數未能反映基礎市場的情況。”</p>
</div><p>“We’ve seen this in the past, when indices haven’t reacted fast enough to abrupt market conditions. It happened in 2008, and we also saw this more recently when nickel prices spiked and the LME froze trading.” BLOOMBERG</p>
<div class="lb-trans"><p>他説：“我們在過去也見過這種情況，當指數未能迅速反應突發市場條件時。2008 年發生過這種情況，最近在鎳價飆升時，LME 也凍結了交易。” 彭博社</p>
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新加坡交易所旗下的波羅的海交易所因油輪定價引發的所謂損失而被起訴