Middle East Crisis Strait of Hormuz

Iran Summit: Hormuz will not return to how it was

The Strait of Hormuz will not return to how it was before the war, Iranian Speaker Mohammad Bagher Ghalibaf said, according to Iranian state media. Reuters reports.

Ghalibaf said that Iran “of course” will charge for “services” in the Strait of Hormuz. He did not give details on what such fees would look like.

Previously, US President Donald Trump has been strongly critical of Iran’s statements about imposing tariffs on ships passing through the strait, which is also illegal under international law. However, Iran has repeatedly said that it will charge other fees.

Port of Gothenburg: High freight rates for at least another six months

Since February, freight rates have almost doubled and are expected to remain at high levels for at least another six months, writes EFN.

Despite plans to reopen the Strait of Hormuz, a return to normal shipping routes is still delayed. Many shipping companies still choose the longer route around Africa instead of the Suez Canal, which ties up ship capacity and keeps prices up.

“Even if the conflict were resolved now, there are still higher oil prices combined with high demand and limited capacity,” says Jacob Minnhagen, Market Development Manager at the Port of Gothenburg.