The International Maritime Organization (IMO), a UN agency, firmly opposed President Trump's demand for ships to pay a 20% fee on cargo value for protection while transiting the Strait of Hormuz. An IMO spokesperson stated that there is no legal basis for imposing mandatory tolls for passage through straits used for international navigation.
Trump's assertion that the U.S. military would protect shipping in the strait while demanding reimbursement has raised concerns among industry leaders, including Nordic American Tankers CEO Herbjorn Hansson, who called the fee unrealistic. The security situation in the Strait of Hormuz has worsened following recent Iranian attacks on commercial vessels, leading to heightened tensions.
Experts, such as James Kraska from the U.S. Naval War College, reiterated that Iran cannot unilaterally change traffic routes through the strait, as it is bound by international maritime law. This ongoing conflict and the potential for increased military presence in the region could significantly impact global shipping routes and oil prices, making it a critical issue for investors to monitor