Trump's demands for Strait of Hormuz mean $30 million per supertanker
U.S. President Donald Trump has just made a request for 20% compensation for goods shipped through the Strait of Hormuz; that’s about $30 million based on a very large tanker loaded with crude oil. This estimate is based on current oil prices of approximately $80 per barrel. Very large tankers can carry about 2 million barrels of crude oil. In contrast, Iran has been charging up to $2 million per voyage on an ad hoc basis, people familiar with the matter have revealed. Trump on Monday reinstated a blockade on Iranian ships passing through the Strait of Hormuz and said the United States would be a "guardian" of the waterway. He also said that "out of fairness considerations, the United States will receive compensation at a rate of 20% of all transported goods." The White House provided no other details about Trump's proposed toll, including how it would be implemented or whether U.S. allies in the Gulf had been informed. The shipping industry was surprised and treated with some skepticism. More than a dozen shipping market insiders said they had received no prior warning about Trump’s announcement that he might impose fees on cargo passing through the waterway. Several of these individuals have had ships transiting the Strait of Hormuz in recent weeks. Given the lack of details, they said it was too early to tell how any plans would impact their access decisions. One captain, who asked not to be named, said such charges amounted to highway robbery. "Absolutely correct. Whoever provides safe passage for commercial ships through the Strait of Hormuz should be compensated for this service," Iranian Foreign Minister Abbas Araghchi said in a social media post. "20% is certainly too high," he said, adding, "We will be fair."