23JUL

Hormuz toll system carried 20 transits per day before ceasefire

1 min read

19:27UTC

Eleven flag states had paid the toll to transit by 5 April; the ceasefire ratifies the operating model.

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EconomicDeveloping

Key takeaway

The toll system Iran built was already running before the ceasefire; the ceasefire just labelled it.

The 20 daily transits across 11 flag states are the operational reality the ceasefire's 'coordinated passage' clause now ratifies. Iran's permanent customs authority over the strait, legislated in late March , turned out to be the architecture both sides have now signed onto.

The recovery from near-zero transits in late March to 20/day by 5 April happened through individual bilateral toll deals, not through any US enforcement action. Trump's Truth Social formulation that the US 'will be helping with the traffic buildup in the strait of Hormuz' aligns the rhetoric with the operating reality.

Deep Analysis

In plain English

Eleven countries had already been paying Iran for permission to send ships through the Strait of Hormuz before the ceasefire was signed. Twenty ships went through per day on 5 April, compared to about 138 a day before the war. The deal Trump just signed says Iran will keep doing exactly this for two weeks.

What could happen next?

Precedent
The toll system is operating practice and now codified in the ceasefire.

Sources:Seatrade Maritime

Mentions:Windward →Iraq →Malaysia →Philippines →France →Fars News →Iran →India →Truth Social →China →Oman →Japan →Russia →Strait of Hormuz →Thailand →Pakistan →

First Reported In

Update #62 · Two victories, two different lists

Seatrade Maritime· 8 Apr 2026

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Causes and effects

Caused by

Iran's Hormuz Toll Matures Into Permanent Institution

Iran's permanent customs authority over the Strait, legislated late March, was the architecture the ceasefire's coordinated-passage clause now ratifies.

Occurred 6 Apr 2026

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This Event

Hormuz toll system carried 20 transits per day before ceasefire

The operating universe of 'coordinated passage' before the ceasefire formalised it.

Led to

Seven Ships Cross Hormuz, No Oil Tankers

The 20/day transit level reached by 5 April (ID:2119) under the toll regime has been cut further by ceasefire Day 3 conditions — the ceasefire has reduced traffic rather than increased it.

Occurred 10 Apr 2026

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Hormuz trickle: five then seven vessels

The 5 and 7 vessel transit counts on 9-10 April are far below the 20 transits per day the toll regime was producing on 5 April, showing the ceasefire has produced fewer transits than the blockade.

Occurred 10 Apr 2026

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Different Perspectives

US money managers (CFTC-tracked)

US money managers had trimmed WTI net long positioning into July's rally, doubting the Hormuz premium would hold without freight or war-risk confirmation, and the crude stock build reported for the week to 17 July gives that scepticism a fundamentals basis. The 25 July CFTC data will show whether Brent's move above $100 changed their calculus.

Asian distillate buyers (Singapore)

Singapore's distillate holders kept retaining middle-distillate barrels as the East-West arbitrage window narrowed further this week, a pattern that sharpened as Fujairah light distillates hit a record low. Cargoes are being held rather than released west into the tightening Mediterranean market.

Bulgaria

Bulgaria secured the removal of Lukoil founder Vagit Alekperov and Patriarch Kirill from the 21st package, with President Rumen Radev calling a personal listing 'shooting ourselves in the foot'. Sofia is protecting its position in Lukoil's EUR 3bn compensation claim over the 2023 Neftohim Burgas nationalisation.

Russia

Russia loses the roughly $14 a barrel of legal headroom the price-cap formula would have released toward $58, even as Urals continues trading below Moscow's $59 budget floor. The shadow-fleet insurance workaround that lets sanctioned crude clear above $44 in practice remains untouched by the freeze itself.

European Union

The EU adopted its 21st sanctions package on 23 July, freezing the $44 Russia oil cap for 12 months rather than letting the formula drift it toward $58, and listed shadow-fleet support vessels for the first time. The package cleared only after three failed Coreper votes.

Marine war-risk underwriters (Lloyd's-linked syndicates)

War-risk syndicates lifted southern Red Sea hull premiums 150% to about 0.75% of hull value after the 20 July blockade declaration, still a seventh of the roughly 5% Hormuz band. Underwriters reset on realised loss, not declared threat, so the 23 July Encelia and Layla strikes set up the next re-mark.