Iran reports first revenue from Strait of Hormuz transit fees

Iran says it has received its first income from fees imposed on vessels passing through the Strait of Hormuz.

The announcement was made by Hamidreza Haji Babaei, deputy speaker of the Iranian parliament, Caliber.Az reports via Iranian media.

“The first revenue from tolls in the Strait of Hormuz has been credited to an account at Iran’s Central Bank,” he said.

The move follows criticism from executives at two of the world’s largest shipping companies, who have questioned Iran’s requirement for payments to transit the strategic waterway.

They warned that the policy could set a “dangerous precedent” for global trade. Larry Johnson, head of global shipping at Mercuria Energy Trading, said the development meant there was now “no longer a free flow of global trade.”

Earlier, Hassan Abedini, head of political information at Iran’s state broadcaster IRIB, estimated that Iran could generate up to $64 billion annually from transit fees in the Strait of Hormuz.

He said this projection assumes around 32,000 vessels passing through the strait each year, as before the war, with a charge of $2 million per ship.