Brief
Tanker captains earn up to $150,000 per Strait of Hormuz run as danger pay soars
Hazard pay for Hormuz voyages has risen to $100,000 a month plus bonuses, while freight rates hit record highs.
By Felo News Desk · Published
Despite a surge in Iranian drone and missile attacks, oil tankers continue to cross the Strait of Hormuz, with captains now earning $100,000 a month for the transit and a $50,000 bonus for each trip, according to sources cited by the Financial Times and reported by Fortune.
Regular salaries for tanker captains sit around $15,000 a month, while crew members typically earn about $1,500. The "danger money" therefore multiplies earnings four to six times the normal rate, making the perilous shuttle runs financially attractive. The Financial Times quoted a source who said crew members willing to face near‑constant threat are "almost being viewed as mercenaries," and noted that some sailors feel pressured to stay on board.
Since the Iran‑U.S. war began on Feb. 28, the International Maritime Organization records at least 93 ships hit and 24 sailors killed. Insurance premiums for war risk now command 6%‑10% of a vessel’s value, translating to as much as $20 million for a super‑tanker sailing through the Gulf.
Freight rates for cargoes crossing the strait have spiked to a record $1.3 million per day, up from the previous year’s $20,000‑$50,000 daily rates. The high costs contribute to a global tanker shortage that is pushing freight prices worldwide. In other high‑risk waterways, the Financial Times notes that captains and sailors receive double pay in the southern Red Sea, where Houthi attacks target Saudi ships, and in the Gulf of Oman, a hub for ship‑to‑ship transfers after Hormuz runs.
Key facts
- Tanker captains can earn $100,000 a month for transiting the Strait of Hormuz. (fortune.com)
- Each Hormuz trip adds a $50,000 bonus, raising total monthly earnings to about $150,000. (fortune.com)
- Freight rates for Hormuz crossings have risen to $1.3 million per day, far above last year's $20,000‑$50,000. (fortune.com)
- Since Feb. 28, at least 93 ships have been hit and 24 sailors killed, per the International Maritime Organization. (fortune.com)
- War‑risk insurance can cost up to 10% of a super‑tanker’s value, or about $20 million. (fortune.com)
Sources
- [1] fortune.com — originally reported as “Ship captains and crews transiting the Strait of Hormuz make so much danger pay that they're 'almost being viewed as mercenaries'”
