The Hormuz bonus: Sailor salaries soar for transits amid Iran war
Summary
Shipping traffic through the Strait of Hormuz has dropped to its lowest level since July because of dangers linked to the Iran war. To encourage sailors to make this risky journey, some captains receive large bonuses on top of their salaries.Key Facts
- The Strait of Hormuz is a key shipping route affected by the Iran war and related attacks on vessels.
- Some ship captains earn base salaries up to $100,000 plus $50,000 bonuses for each trip through the strait.
- Oil exports from the Middle East recently rose back to pre-war levels despite ongoing attacks.
- About 40% of oil exports avoid the strait using pipelines or small boats transferring oil at sea.
- Only seven vessels passed through the strait last week—the fewest since late July.
- Iran restricts passage through the strait and has attacked ships crossing without permission.
- The US has a naval blockade on Iranian ports and escorts some ships through the waterway.
- Oil prices increased recently amid the risks and limited flow of oil through the region.
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