Iran sets up Hormuz transit authority to charge ships for passage
Iran has established a new authority to manage and charge ships for passage through the Strait of Hormuz. This move aims to formalize a system that has reportedly been in place since March, amid ongoing tensions and confusion in the waterway. The authority will require vessels to apply for transit permits and pay fees, with reports indicating some ships have already paid significant amounts for passage.
- ▪Tehran has launched the Persian Gulf Strait Authority to manage ship transits and collect fees.
- ▪Vessels must apply for transit permits and provide various documentation to the authority.
- ▪Reports suggest some vessels have paid up to $2 million for transit fees, with payments made in Chinese yuan.
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