Shipping associations unite against domino effect of Hormuz tolls or charges
Eight major maritime associations have petitioned the UN and IMO to block potential transit tolls in the Strait of Hormuz. They argue that such fees would violate international navigation rights and trigger a global economic domino effect.
Why it matters
The Strait of Hormuz is a vital global shipping artery; any disruption or new costs could significantly impact global energy prices and inflation.
Eight of the world’s largest maritime associations urged the United Nations and International Maritime Organization to oppose any compulsory tolls or service fees in the Strait of Hormuz, warning that such move could lead to a domino effect around the world. In a joint open letter to the UN secretary general António Guterres and IMO secretary general Arsenio Dominguez dated August 3, the associations said introducing transit tolls or service fees would establish a precedent that could undermine the internationally recognised legal framework governing straits used for international navigation and transit passage. “Once such a precedent is established, it becomes increasingly difficult to resist similar measures elsewhere, creating uncertainty for international shipping and global commerce,” the letter continued.
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