Hormuz toll scheme raises concerns, International Maritime Organization warns it could set a "dangerous precedent"

Iran closes the Strait of Hormuz and proposes a cryptocurrency toll scheme, posing a major challenge to global shipping order.

According to the Financial Times, Hamid Hosseini, spokesperson for the Iranian Oil, Gas and Petrochemical Exporters Union, stated that Iran plans to charge a transit fee of $1 per barrel for oil tankers passing through the Strait of Hormuz and requires payment in bitcoin to evade sanctions tracking. International Maritime Organization (IMO) chief Arsenio Dominguez promptly told Bloomberg TV that such a move would set a "dangerous precedent" and seriously violate international shipping conventions.

Due to factors such as uncertainty over the ceasefire agreement, the continued closure of the Strait of Hormuz, and attacks on Saudi Red Sea ports, market risk sentiment remains fragile.

Iran proposes bitcoin toll scheme, requires inspections of each vessel

Hamid Hosseini explained Iran's transit management strategy in detail in an interview with the Financial Times. He said Iran wants to inspect all transiting vessels to ensure that no weapons are being transferred during the ceasefire. "All ships can pass through, but the process for each vessel takes time, and Iran is not in a hurry," he said.

Regarding the payment mechanism, Hosseini described a process deliberately designed to evade sanctions: after receiving an email notification, shipping companies must complete payment in bitcoin within "seconds" to ensure the funds cannot be tracked or confiscated. The toll is set at $1 per barrel of oil.

Currently, shipping traffic through the Strait of Hormuz remains largely at a standstill. According to Xinhua News Agency, citing TASS and an Iranian source, under the current ceasefire, Iran allows no more than 15 vessels a day to pass through the Strait of Hormuz.

IMO warning: This move undermines international shipping norms

IMO chief Dominguez stated in a Bloomberg TV interview that Iran's toll plan violates international conventions and does not ensure vessel safety. Dominguez said: "We cannot accept an individual country establishing its own mechanism that goes against international convention, especially when we don’t even know if it can guarantee the safety of ships."

He said that the IMO is working to restore pre-war transit rules based on international traffic separation schemes to rebuild normal passage order in the Strait of Hormuz.

Demonstration effect triggers chain concerns, Red Sea risks may rise further

Analysts noted that if Iran’s toll scheme for the Strait of Hormuz is implemented, it is likely to set a demonstration effect for Yemen’s Houthi forces. The Houthis have previously attacked vessels passing through the Bab el-Mandeb Strait with missiles and drones; if they imitate Iran and implement a similar toll system, it would further exacerbate global shipping bottlenecks and make already tense maritime trade routes even worse.

Meanwhile, attention to the Red Sea situation is also rising. Reports of attacks on Saudi Red Sea ports, combined with the Hormuz Strait issue, mean both key global bulk commodity trade routes face high uncertainty, with potential impacts on energy markets and shipping costs not to be overlooked.

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