Hormuz Reopens, but Iran's Talk of Transit Fees Spooks Shipping

The reopening of the Strait of Hormuz should have been an unambiguous relief for global shipping. Instead, an Iranian suggestion that it may start charging ships to pass through the waterway has set the industry on edge and exposed how fragile the post-conflict calm remains.

Under an interim US-Iran peace deal, the strait is moving back towards normal operation after months of disruption that pushed up fuel prices and rippled through freight rates worldwide. But Tehran has signalled it may levy fees on passing vessels, prompting a sharp rebuke from the industry. The chief executive of Maersk, the world's second-largest container carrier, warned that permitting such charges would set a dangerous precedent. Iran's foreign ministry insists it is not seeking transit tolls but would charge for services rendered, a distinction maritime law specialists question, given that a natural strait requires little of the management a man-made canal does.

The dispute lands amid an already turbulent market. Transpacific spot rates have spiked to year-highs as an unusually early peak season takes hold, driven by importers front-loading cargo ahead of an 80 per cent jump in quarterly fuel surcharges due in July, looming tariff actions and anticipated price rises from Asian manufacturers. The Shanghai index has climbed roughly 133 per cent on the Asia to US West Coast lane since the start of the year.

Fuel relief, meanwhile, will be slow. Analysts note global emergency reserves sit at just four weeks of supply, meaning prices will take months to normalise even with the strait open. For shippers, the message is to lock in capacity early and treat planning as continuous rather than seasonal.