Hormuz plan unveiled in Iranian media

Hormuz plan unveiled in Iranian media

Iranian officials said on Thursday that talks with Oman on new shipping routes in the Strait of Hormuz are in the final stages, while an Iranian media outlet said the plan may include tolls and service fees.

Iran's Fars News Agency cited a Foreign Ministry source on the matter. It said Iran would control the entry of ships, and it would jointly manage their exit with Oman.

The report said ships entering the Persian Gulf would use a northern route near Iran, while those exiting would use a southern route near Oman. After a period of time, all vessels would switch to a central route.

It also said ships must pay for maritime services like insurance and fueling as well as environmental costs.

The plan is facing backlash. CNN reports that eight major shipping industry groups have sent an open letter to the United Nations and the International Maritime Organization. They are urging them to reject the proposed tolls and fees.

They warn the move will set a precedent that will undermine the freedom of navigation, "creating uncertainty for international shipping and global trade."

They say it will have ripple effects, "leading to soaring energy prices, accelerating inflation, and heightened economic uncertainty."

The organizations include BIMCO, one of the world's largest shipping associations.