Iran has temporarily suspended a 10% freight charge imposed on foreign vessels carrying imported or exported oil, gas and liquid petroleum products to and from the country, as U.S. naval blockade sharply disrupts its seaborne energy trade.
The suspension, reported by Iran’s semi-official Fars news agency on Thursday, is aimed at reducing shipping costs and encouraging foreign fleets to continue carrying energy products to and from Iranian ports.
Fars said the 10% charge had increased the cost of transporting oil, gas and liquid petroleum products, adding to the financial burden on foreign shipping operators already facing heightened risks and disruptions in Iranian waters.
The decision comes as Iran’s maritime energy exports face severe constraints following the U.S. naval blockade. Reuters reported earlier this month that Iran had gone about seven weeks without meaningful crude exports through the Strait of Hormuz, cutting off a major source of foreign-currency earnings.
Shipping through the Strait of Hormuz, one of the world’s most important energy routes, has also fallen sharply amid the escalating conflict.
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Preliminary data cited by Reuters showed only six commodity vessels passed through the strait on Sept. 8, compared with a 10-day average of 12.
The waterway previously handled about 125 commercial vessels a day and around 20% of global oil and liquefied natural gas supplies.
The disruption has contributed to renewed pressure on global energy markets. Brent crude rose above $100 a barrel this week as traders assessed the impact of reduced supplies and continuing risks to shipping in the Gulf.
Iran’s move to suspend the freight charge therefore represents an effort to remove one additional cost from energy shipments at a time when international carriers face significantly higher operational and security risks.
The suspension is temporary, and Fars did not specify how long it would remain in effect. Its continuation will depend on the Iranian government’s approval and publication of the list of energy products covered by the charge.
REUTERS
