Cost of passage of vessels through the Bosphorus and Dardanelles straits will increase from July 1

The cost of passage of vessels through the Bosphorus and Dardanelles straits will be increased by 14.7% from July 1, 2024, the Ministry of Transport and Infrastructure of Turkey reported.

According to the Minister of Transport Abdulkadir Uraloglu, the increase in the tariff for ships passing through the straits without stopping to $5.07/t will increase the fees by 6.3 times compared to 2022.

“This way we will increase the inflow of foreign currency to our state treasury,” he said.

Between 1983 and 2022, the fees charged to ships for passing through the straits remained constant and had not been updated for about 39 years. According to the Turkish President’s decree, starting from 2022, the amount of fees will be updated on July 1 of each year.

Turkey has been calculating the amount of transit fees based on the “golden franc” since the signing of the Montreux Convention in 1936, which regulates shipping in the Straits area.

In 1983, the “golden franc” was equated to $0.8, in October 2022 it was increased fivefold to $4.08, and in July 2023 – by another 8.3% to $4.42.

Tags: Turkey