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Market Chatter: Strait of Hormuz Tolls Won't be Allowed, Dynacom Shipowner Says

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Greece's Dynacom Tankers Management, one of the few oil tanker owners to continue transiting the Strait of Hormuz during the US-Israel-Iran conflict, rejected the idea of transit tolls in the waterway, saying it would not be accepted, Bloomberg reported on Monday.

"Nobody will allow tolls that are imposed in straits," George Procopiou, founder of Dynacom Tankers Management, reportedly said at the Capital Link Maritime Leaders Summit in Athens.

Procopiou was speaking during the event, held alongside Greece's Posidonia shipping gathering.

"The freedom of navigation is essential and nobody can impose tolls or any other burden because there are many chokepoints in the world," Procopiou reportedly said.

Tehran has argued that such charges are necessary to fund reconstruction following military strikes by US and Israeli forces.

The proposal has been rejected by the Trump administration, while the International Maritime Organization has said such tolling would be illegal. The dispute has contributed to persistently reduced traffic through the strait, which remains well below pre-war levels.

The Iran conflict has triggered severe disruption to global oil flows, leaving hundreds of tankers trapped inside the Persian Gulf while others waited outside the region in hopes the conflict would subside.

Dynacom manages 73 crude and clean oil product carriers, with 54 additional vessels on order and a workforce of 5,500 seafarers.

Shortly after the conflict began, tanker day rates spiked above $600,000, Bloomberg said, citing the Baltic Exchange in London, many times higher than pre-conflict levels. The surge lifted profits across the shipping sector but also sharply increased transportation costs for the broader oil industry.

While most owners avoided sending vessels through the Strait of Hormuz due to security risks linked to Iran's military, Dynacom continued operations in the waterway and reportedly drew industry attention for doing so.

The company sent at least eight oil tankers through the strait during the conflict, more than any other independent owner, Bloomberg said, citing its vessel tracking analysis.

Procopiou praised crews operating on vessels that transit the region but provided limited detail on the procedures used to ensure safe passage.

"[They are] dedicated, they have strong ties to the company, and they have tried to assist and prove that we are reliable counterparties not only on good times, but in bad times as well," he said of the crews serving on ships that continued transiting Hormuz.

Procopiou added that President Trump has been "good news" for shipping, "Trump is doing his best for the world but in parallel he's doing the best for shipping."

Dynacom Tankers Management did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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