Strait of Hormuz captains paid $100,000 monthly amid Iranian attacks
Oil tanker captains sailing through the risky Strait of Hormuz are now making a staggering $100,000 a month, plus an extra $50,000 for each trip, way up from their usual $15,000.
This big pay bump is meant to keep crews motivated and oil moving smoothly, even as threats from Iranian attacks have ramped up.
Hormuz freight rates hit $1.3 million
With 14 attacks reported recently, shipping companies are offering "danger money" and stepping up security: think nighttime routes with GPS switched off and US Navy deploying defensive air capabilities to provide cover for ships using a route close to the Omani coast.
All these precautions have pushed daily freight rates to record highs ($1.3 million) and sent costs soaring for war-risk insurance and fuel at Fujairah, which is now 67% pricier than last year.
Despite the challenges, keeping oil flowing through Hormuz remains crucial for global energy supplies.