Hunter Group ASA says it is owed $55 million in freight-related payments, with the underpayment accumulating over several months and now about $12 million higher than its last update. The company hasn't named the counterparty. In May, a source with direct knowledge said the customer in question is Mercuria Energy Group.
Tanker earnings have jumped beginning with the onset of the Iran war, as owners are charging hefty surcharges for loading in the Persian Gulf because of the threat of attacks. This is significant since the supertanker benchmark is built on voyages that start inside that waterway. Add in Houthi attacks on shipping and a sizable bet on supertankers from a South Korean shipowner, and you get a market pushed to record highs.
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On Monday, crude carriers on the Saudi Arabia to China route were pegged at $728,000 a day, a record that is more than 10 times last year's average. Ships loading outside the Strait of Hormuz for China are still seeing lofty returns at $302,000 a day, though that trails the inside-Gulf routes. Hunter says it is awaiting a court case, where it plans to argue that the Iran war has distorted the reference rate for the key Middle East to China route. On Tuesday, Mercuria declined to comment.
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