Transit fees through Strait of Hormuz rise to as much as $2 million per vessel

Ships transiting the Strait of Hormuz are now paying an average of between $1.5 million and $2 million per vessel under a newly introduced maritime services system, according to Mohsen Zanganeh, a member of Iran’s parliamentary Planning and Budget Commission, as cited by Fars News Agency.

Zanganeh said the mechanism is being administered by an entity established with the participation of Iran’s Ministry of Economy and operating under the supervision of the country’s Supreme National Security Council.

Payments are not always made in cash. Some transactions are carried out through goods, services, cryptocurrencies — including Tether — as well as barter arrangements.

The collected funds are transferred to the state treasury and spent in accordance with Iran’s approved national budget.

Iranian authorities had previously announced plans to develop a regulatory framework allowing the collection of fees from vessels in exchange for maritime security and environmental support services while passing through the strait.

Economic analysts estimate that annual revenue from the transit charges could reach approximately $7.5 billion. However, the strategic importance of the Strait of Hormuz is considered far greater than the potential income it generates.

According to data from the International Energy Agency (IEA) cited in the report, a complete closure of the strait could remove around 16 million barrels of oil per day from the global market.

By Jeyhun Aghazada