A rare glimpse inside the high-risk, high-reward Hormuz trade
Lloyd's List · Greg Miller ·
The witness statement of Mercuria freight trader Renaud Hauspy in the case of <em>Mercuria v Baltic Exchange</em>, now at trial in London, sheds new light on the business of getting crude through the Strait of Hormuz
- Mercuria freight trader recounts how his company chartered Sinokor VLCCs to bring stranded crude through Hormuz using a specially devised declining demurrage clause
- Inside-Hormuz fixtures in the early months of the crisis were thwarted by owner requirements for ‘SOH Clause’ that allowed either owners or masters to refuse a transit
- Mercuria testimony recounts meeting with US government on military escorts and dealings with Navig8, acting as a middleman for Adnoc shuttle service
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