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Strait of Hormuz shipping costs soar amid Iran attacks and crew danger pay

By PulseAugur Editorial · [1 sources] ·

Ship captains and crews transiting the Strait of Hormuz are receiving substantial danger pay due to increased attacks from Iran, with some captains earning up to $150,000 per month. This significant increase from regular pay is necessary to retain crews amidst the perilous conditions. The heightened risks have also driven up freight rates to record highs, exceeding $1.3 million per day, and contributed to a global tanker shortage. These elevated shipping costs could potentially impact oil producer margins and refining operations. AI

RANK_REASON The cluster details significant increases in shipping costs and crew compensation due to geopolitical conflict and associated risks, impacting global trade and potentially oil markets. [lever_c_demoted from significant: ic=1 ai=0.1]

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Strait of Hormuz shipping costs soar amid Iran attacks and crew danger pay

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The cluster details significant increases in shipping costs and crew compensation due to geopolitical conflict and associated risks, impacting global trade and potentially oil markets. [lever_c_dem…
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COVERAGE [1]

  1. Fortune TIER_1 English(EN) · Jason Ma ·

    Ship captains and crews transiting the Strait of Hormuz make so much danger pay that they’re ‘almost being viewed as mercenaries’

    Tanker captains can earn $100,000 a month for transiting the strait, plus a $50,000 bonus for each trip, and sailors can make at least four to six times their normal rates.

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