Iran Imposes New Transit Fees in Strait of Hormuz, Ships Asked to Pay Up to $2 Million: Report
Iran is reportedly charging ships up to $2 million to pass through the Strait of Hormuz after tightening maritime control amid ongoing tensions with the United States, according to an Al Jazeera report.
The closure of the Strait of Hormuz during the ongoing tensions between Iran and the United States has pushed the global economy into a serious crisis.
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According to a special report by Al Jazeera, Iran’s Revolutionary Guards have strengthened control over the important maritime route, while the movement of ships without Iranian permission has almost stopped completely.
Before the conflict, around 120 to 140 ships used to pass daily through the Strait of Hormuz, including tankers carrying nearly 20 million barrels of oil. However, only those ships that receive special permission from Iran are now reportedly allowed to pass.
Iran Establishes ‘Persian Gulf Strait Authority’
The report stated that Iran has recently established the “Persian Gulf Strait Authority” to monitor ship movements and transit fees.
According to the Al Jazeera report, Iran is reportedly charging some ships up to $2 million for passage through the Strait of Hormuz.
Experts quoted in the report said the continued closure of the Strait of Hormuz is causing daily losses of nearly $122 billion to the global economy due to disruptions in oil and LNG trade.
Because of these losses, several shipping companies reportedly consider paying fees to Iran as a more economically viable option.
Economist Nader Habibi Explains Economic Impact
Iranian-origin economist Nader Habibi said that an oil tanker standing idle at a port suffers heavy financial losses every day, making payments to Iran a comparatively cheaper solution.
However, he added that the issue is not only economic but also connected to politics and American sanctions.
According to international law, direct toll taxes cannot be imposed on natural maritime passages. However, fees may be charged in the name of security, monitoring, and maritime services. The report stated that Iran is trying to strengthen its position using this legal aspect.
Gulf Countries May Create Joint Maritime System
According to Al Jazeera, experts believe Gulf countries, especially Iran, Oman, Qatar, and United Arab Emirates, may establish a joint maritime system in the future to maintain a secure and stable trade route in the Strait of Hormuz.
The Strait of Hormuz is considered one of the world’s most important maritime routes for global energy supply. Nearly 20 percent of the world’s oil and gas trade passes through the strategic waterway.
The Strait of Hormuz crisis has intensified amid ongoing Iran-US tensions, with reports claiming that Iran is charging ships up to $2 million in transit fees after tightening control over the vital maritime route. The reported restrictions on ship movement and continued closure of the Strait of Hormuz are causing major disruptions to global oil and LNG trade, resulting in estimated daily losses of nearly $122 billion to the global economy.
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