Strait of Hormuz

80 million barrels of oil are waiting in the Strait of Hormuz

International shipping companies are ready to resume traffic through the Strait of Hormuz after this week's agreement between the US and Iran. The strait includes 40 supertankers that have been loaded with almost 80 million barrels of oil, according to Bloomberg.

One of the question marks that needs to be cleared up is whether Iran will levy a customs fee or not.

- We haven't seen exactly what the agreement says so far. But there is talk that there will be some kind of customs fee - we have seen indications of that. And it is very unfortunate if that is the case in any way, Stena Bulk CEO Erik Hånell told TT on Thursday.

Traffic through the strait, which is important for the oil market, has been severely limited since the war between Iran and the US broke out. This caused the price of oil to skyrocket in the spring. After the declines of the last month, a barrel of oil now costs around 80 dollars – a level that is still more than 30 percent higher than at the turn of the year.

Shipping sector worries – fears of fees in the Strait of Hormuz

The peace agreement between the US and Iran could open the way for fees to be introduced in the Strait of Hormuz, which was previously free of charge. This is what shipping industry executives are warning about, according to the FT.

After the preliminary 60-day period has expired, Iran will negotiate with Oman and other Gulf countries about the “future administration and maritime services in the Strait of Hormuz”, according to the agreement.

The shipping sector fears that the wording opens the way for Tehran to start charging for passage through the waterway, or that a fund similar to the one used in the Strait of Malacca between Malaysia, Indonesia and Singapore is introduced.

John Stawpert, shipping director at the International Chamber of Shipping, says the reference to “maritime services” suggests the latter option.

“It is important to note that the Strait of Malacca Fund is a voluntary fund paid into by states, not the industry,” he says.