Minister: Türkiye to hike vessel transit fees via Bosporus, Dardanelles by 15% soon

Turkish Transport and Infrastructure Minister Abdulkadir Uraloğlu has said that Türkiye will increase the transit fees for vessels passing through the Bosporus and Dardanelles straits by 15 per cent from July 1, raising the cost to $5.83.

This will be the fourth fee hike since 2022, bringing the total increase to more than sevenfold in just over two years, Caliber.Az reports via Russian media. 

“We have consistently raised the price of the gold franc — which remained fixed at $0.80 for 39 years until 2022 — each year,” Uraloğlu said. “With this year’s increase, the transit fee will be 7.2 times higher than before 2022.” The fee calculations are based on the so-called “gold franc” system under the Montreux Convention, which governs international passage through the straits.

The minister attributed the latest adjustment to rising global gold prices, which have steadily climbed since late 2022. As of June 13, the price of gold had reached $3,320 per ounce.

Uraloğlu noted that the revenue from the increased charges will be used to sustain high-quality maritime services and to fund further improvements in infrastructure and navigation safety systems along the strategic waterway.

By Naila Huseynova