Tankers' captains in the Strait of Hormuz face special financial conditions that have made this maritime route one of the most expensive and yet profitable shipping paths. According to available information, captains can earn a base salary of $100,000 per month along with a $50,000 bonus for each trip. These financial conditions have become particularly attractive due to the existing dangers in the region.
High bonuses for crew members
In addition to the captains, other crew members also benefit from this situation. Reports indicate that ship crew can receive four to six times more than their usual salary in bonuses. These bonuses are typically awarded to the crew due to security threats and high risks of passing through the Strait of Hormuz. For example, a Chinese crew agency has offered a $25,000 bonus for each trip to sailors and ordinary crew members.
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High shipping and insurance costs
Overall, the cost of a trip from the Strait of Hormuz reaches about $40 million. Even considering the high insurance costs against war risks, there are still sufficient profit margins to cover the costs of the crew and ship owners. According to experts, given the millions of dollars earned on this route, the crew bonuses are not particularly significant for ship owners.
Despite the real dangers for the crew, fatal incidents rarely occur in this area. Iran has not sunk any tanker in the Hormuz crisis so far, and currently, about 30 to 40 ships regularly pass through this waterway. Most of these ships pass through without damage, although some serious incidents may lead to changes in the equations. Recently, in one incident, an LR2 tanker was hit near the shores of Oman, injuring 12 crew members and requiring medical evacuation.
Ultimately, although the dangers in the Strait of Hormuz are real, the high wages and attractive bonuses still encourage crews to continue their activities in this region.
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