Greek shipping owner Evangelos Marinakis has said he would be prepared to support the payment of a transit fee to Iran to secure safe passage through the Strait of Hormuz. Any such move would mark a significant departure from the established maritime legal framework.
Marinakis, who controls a fleet of more than 150 vessels across tanker, LNG and bulk segments, has suggested that a structured toll could be preferable to the continuing cost of war-risk premiums and operational disruption. He has also argued that any such mechanism could be framed as compensation for “damage” caused by recent conflict in the region, according to comments attributed to him at a shipping event in Athens.
Cheaper than war-risk disruption
“For me, it is better to pay a fee of $100,000 or $200,000, depending on the size of the cargo or the size of the vessel, than to have all this hassle,” Marinakis said, according to reports of remarks made at a shipping conference in Athens.“I would prefer to pay a toll for the right to navigate through the Strait of Hormuz immediately and safely, rather than pay huge extra war risk premiums,” he added. “This means cargo flow resumes immediately. Oil, gas, raw materials economies stop being hurt and destroyed, and crews navigate safely.”
Marinakis, the chair and key principal of Capital Maritime and Trading (which encompasses Capital Ship Management Corp), has argued that shipowners have already absorbed substantial costs over many years through elevated insurance premiums, rerouting and inefficiencies linked to instability in both the Gulf and Red Sea. In that context, he has suggested a formalised transit fee could represent a more rational commercial outcome than continuing exposure to geopolitical volatility. It is not a view universally held.
Legal and political objections
Any proposal for a transit charge would clash with international maritime law. Under the United Nations Convention on the Law of the Sea (UNCLOS), ships are entitled to transit passage through international straits without obstruction or levies. The Strait of Hormuz, at its narrowest point around 21 nautical miles, is governed by these principles. Iran has nevertheless argued for mechanisms to generate revenue linked to passage through the waterway, particularly in the context of wider regional tensions.
Iran has also sought to align Oman more closely with discussions over governance of the Strait, although no formal agreement on tolling has been established or recognised internationally. Greek Prime Minister Kyriakos Mitsotakis has previously told media that any attempt to impose a toll on Hormuz shipping would be unacceptable, reflecting broader European concerns over freedom of navigation and the potential precedent such a system could set for other strategic chokepoints.
No consensus in Greek shipping
Within the Greek shipping community, views remain divided. Greek-owned fleets account for around 20% of global shipping capacity by tonnage, making the country’s shipowners among the most influential stakeholders in international maritime trade. George Procopiou, another prominent Greek owner, has taken a markedly different position, arguing that Greek mariners have a tradition of resisting blockades and rejecting any attempt to monetise passage through strategic waterways.
Dynacom, the company owned by Procopiou, is among those reported to have continued transits through Hormuz during periods of heightened tension, benefiting from elevated freight rates. Unverified reports have also suggested that some vessels, not linked to Marinakis or Procopiou, may have made informal payments to facilitate passage, with claims that settlements were conducted in Chinese currency. These reports remain unconfirmed and have not been independently substantiated.