Repeated attacks around the Strait of Hormuz are weighing on the recovery of
Middle East crude exports and forcing shipowners to pay materially higher risk
compensation. Captains on Hormuz transits can now earn up to $100,000 a month
plus one-off $50,000 transit bonuses; ordinary crew are receiving 4–6x normal
pay. For context, typical captain pay is about $15,000/month and ordinary crew
about $1,500/month. Shipowners are also paying war-risk/hull premiums equal to
roughly 6–10% of vessel value per transit; for a VLCC single voyage that premium
can reach as much as $20m.