Despite a recent peace agreement between the United States and Iran signaling a potential normalization of the Strait of Hormuz, tensions remain in the shipping and energy sectors. This is due to Iran's consideration of imposing fees on vessel passage after a 60-day grace period.
Industry experts predict that if Iran implements these tolls, the shipping sector will face increased costs, which will inevitably alter the domestic energy supply chain centered in the Middle East.
On June 22, sources indicated that Iran has communicated to the international shipping community its intention to levy various fees on vessels using the Strait of Hormuz after the expiration of the 60-day free passage period. The shipping industry views these fees as a de facto toll.
One shipping industry representative stated, "The Iranian authorities have already conveyed their fee imposition plans to shipping companies. While they are not immediately collecting fees, it is understood that additional costs will be imposed during future vessel operations."
The representative added, "Since this is a measure stemming from an intergovernmental agreement, shipping companies will find it difficult to refuse. Ultimately, these additional costs will have to be reflected in freight rates, likely passing the burden onto shippers and, subsequently, consumers through increased product prices."
Considering that Iran recently demanded approximately $2 million in passage insurance fees from the very large crude carrier (VLCC) Universal Winner, it is likely that future fees will be set at similar levels.
In response, various alternatives to reduce reliance on the Strait of Hormuz are being discussed in the market. Some oil-producing countries, including the United Arab Emirates (UAE), are considering expanding port and export infrastructure outside the Strait.
However, for South Korea, which relies on the Middle East for nearly 70% of its crude oil imports, finding realistic alternatives in oil transportation is challenging. This is largely due to the fact that many major oil export facilities in Middle Eastern countries are still located within the Strait, necessitating the passage of a significant number of tankers through it.
The Strait of Hormuz is a critical maritime route, accounting for about 20% of global oil and liquefied natural gas (LNG) maritime transport, with approximately 20 million barrels of oil and petroleum products moving through it daily.
Conversely, the restructuring of the LNG supply chain is expected to accelerate, as alternative suppliers such as the United States and Australia exist for LNG, unlike crude oil. Currently, South Korea depends on Qatar for about 30% of its LNG imports.
Market analysts believe that the toll controversy could lead to a broader restructuring of global energy supply chains and maritime logistics beyond just increased transportation costs. The Korea Shipping Association is collaborating with international shipping organizations to address this issue. The association has reportedly conveyed concerns about the potential violation of free navigation principles to both the U.S. and Iranian sides through groups like the Asian Shipowners' Association (ASA) and the International Chamber of Shipping (ICS), while closely monitoring future negotiations and institutionalization efforts.
One industry representative remarked, "The toll is not just an issue for specific shipping companies or countries; it impacts the entire global logistics system. If the principle of free navigation is compromised, the burden on energy supply chains, including crude oil and LNG, will inevitably increase."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.