Evangelos Marinakis suggests $200,000 transit fees for the Strait of Hormuz are preferable to rerouting and war-risk premiums, highlighting cost predictability.
Greek shipping billionaire Evangelos Marinakis has stated that shipowners may be better off paying transit fees of US$200,000 to keep the Strait of Hormuz open. He argues that this cost is preferable to the expenses associated with rerouting and war-risk premiums, as reported by Lagos-based Business Insider Africa.
Speaking at the TradeWinds Shipowners Forum in Athens, Mr. Marinakis emphasized that a fixed fee would provide predictability compared to the uncertainty and excessive costs linked to closed routes. He noted that operators have long incurred additional expenses due to instability in the Gulf and Red Sea.
Mr. Marinakis, whose Capital Maritime Group controls approximately 185 vessels, including 35 tankers, pointed out that diversions around the Cape of Good Hope following Houthi attacks have significantly raised fuel, insurance, and operating costs. He argued that 'all this money can pay for all the damage of what has happened so far.'
The Strait of Hormuz has faced heavy restrictions since Iran's Revolutionary Guard began targeting vessels in retaliation for US-Israeli strikes. Tehran announced in April that ships could be charged up to US$2 million to pass, while Washington has sanctioned the Persian Gulf Strait Authority that administers these fees.
Mr. Marinakis's position contrasts with companies such as Chevron and Japan's Mitsui OSK Lines, which oppose transit fees and warn that such charges could set a precedent for fees at other strategic chokepoints.
Despite the prevailing uncertainty, he mentioned that his company is positioning vessels near the Arab Gulf, India, East Africa, and Singapore to respond quickly if cargo flows resume following a peace agreement. He stated that this strategy would allow Capital Maritime to be within three to ten days of the Gulf when trade restarts.
