US EditionThe secretary-general of a Gulf Arab bloc says Iran is charging fees for ships to safely transit the Strait of Hormuz
Iran plans to formalize $2 million fees for safe transit through the Strait of Hormuz to monetize control and offset war losses amid sharply reduced shipping traffic.
- Iran is drafting a law to formalize tolls on vessels passing through the Strait of Hormuz, aiming to generate revenue by charging for safe passage through a waterway where 20% of the world's oil passes.
- The Strait remains open under strict Iranian control, with passage requiring approval and escort by the Islamic Revolutionary Guard Corps, effectively limiting access and enforcement of payment.
- Shipping through the Strait has dropped by about 95% since the war began, decreasing to approximately 5-6 ships daily compared to around 138-140 before the conflict, leading to increased insurance costs and disrupted oil shipments.
- Only some countries, such as China, India, Pakistan, and Turkey, have been able to send tankers through, often paying high fees to Iran's Revolutionary Guard for protection and passage, while ships from the US and Israel are barred.
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plaindealerin.comThe secretary-general of a Gulf Arab bloc says Iran is charging fees for ships to safely transit the Strait of Hormuz
DUBAI, United Arab Emirates (AP) — The secretary-general of a Gulf Arab bloc says Iran is charging fees for ships to safely transit the Strait of Hormuz.
The Iranian Parliament wants to pass a law to charge tolls on ships transiting through the Strait of Ormuz, a strategic step through which 20 percent of world oil circulates. “We are looking for a bill that legally recognizes Iran’s sovereignty, domination and supervision over the Strait of Ormuz, and that also generates a source of revenue for the country by charging a toll,” said Parliament’s civil affairs commission president Mohamad Reza Rez…
The Iranian Parliament wants to pass a law to charge tolls on ships transiting through the Strait of Ormuz, a strategic step through which 20% of world oil circulates.Continue reading...
IRGC clearance, hefty transit toll: Why crossing Strait of Hormuz is not so straight
Iran's decision to block the Strait of Hormuz amid the ongoing attacks involving the United States and Israel has created widespread panic across global markets. The move has intensified the energy crisis in several countries as this maritime route connects the oil-rich Persian Gulf to the rest of the world. Nearly 20 to 25 per cent of the world's oil and LNG supply, amounting to more than 20 to 21 million barrels each day, passes through this n…
Iran Hormuz 'Toll Booth': Legally Risky Route For Shippers
A fifth of the world's oil and liquefied natural gas passed through the strait in peacetime -- before the United States and Israel launched strikes on Iran on February 28, prompting it to retaliate across the region. Maritime trackers indicate that a handful of vessels are still crossing daily through the strait, which is guarded by Iran's Revolutionary Guard Corps (IRGC) -- most of them leaving the Gulf.
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