"Salty" Costs for the Hormuz Passage - Ships Pay Up to $2 Million in Yuan, or Cryptocurrency for Transit
Shipping through the Strait of Hormuz appears to be becoming increasingly complicated, as new data is emerging on tankers and cargo ships attempting to pass through one of the world's most important sea passages.
According to information cited by Bloomberg, after the approval of a bill by the Iranian parliament, new conditions have been imposed for the safe passage of ships through the Strait of Hormuz. The same sources report that ships wishing to pass through the region must pay significant amounts, which can reach up to $2 million, either in Chinese yuan or in cryptocurrency.
The process reportedly involves cooperation with a company affiliated with the Islamic Revolutionary Guard Corps. Before transit, ships must submit complete information, including ownership, flag, cargo, destination and crew information, as well as data from the Automatic Identification System that records navigation history.
Then checks are made to determine whether there are any links to countries considered hostile by Tehran. Once the process is complete, the transit cost is determined, which, according to Bloomberg, starts at about $1 per barrel of crude oil for tankers. For a very large crude carrier (VLCC), which can carry up to 2 million barrels, this amount can reach about $2 million for a single passage through the Strait of Hormuz.
The Strait of Hormuz is a key point for global energy trade, with about 20% of the world's oil passing through it. Any developments in the region directly affect international markets and maritime transport.
Tehran has defended its stance towards the International Maritime Organization (IMO), arguing that the restrictions only apply to ships bound for countries considered hostile.
At the same time, hundreds of ships are reported to have already negotiated their passage, while a significant number remain in the area awaiting developments. This situation raises concerns about the potential impacts on the global supply chain and energy market.
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