Baltic Exchange defends oil tanker benchmark in court after Mercuria claims war losses

Baltic Exchange panellists are shipbrokers who provide independent assessments of freight rates which are used to create indices. Shipowners and charterers cannot be panellists, according to the Baltic Exchange's website.

The London-headquartered Baltic Exchange, owned by Singapore’s SGX, said separately it had conducted "appropriate and adequate consultations with market participants, members of the Baltic and other stakeholders".

"The Baltic has full confidence in its processes, believes the claim from Mercuria is without merit and will defend it to the fullest extent," it told Reuters this week in a statement.

Mercuria said it would serve its response to the Baltic Exchange's defence as part of the court proceedings, declining further comment.

(Reporting by Jonathan Saul and Robert Harvey in London; Editing by Elaine Hardcastle)