Korean gov't, industry closely monitor Trump's Hormuz toll plan

People drive past an anti-U.S. billboard depicting U.S. President Donald Trump and the Strait of Hormuz in Tehran, Iran, May 17. Reuters-Yonhap

The Korean government and maritime logistics industry are grappling with U.S. President Donald Trump’s proposal to impose a toll equal to 20 percent of the value of cargo for ships passing through the Strait of Hormuz, a strategic waterway at the center of tensions between the United States and Iran.

They say they are discussing the issue with relevant domestic and international institutions and companies, to determine whether the plan will be actually carried out and, if so, when and how, and to assess the impact on the Korean shipping industry.

Government officials were cautious of commenting, saying they are closely monitoring the situation.

The foreign ministry said Tuesday that the government is closely monitoring the situation while maintaining communication with the U.S.

"Including Trump’s remarks, the government will continue to monitor developments related to the strait and determine its position accordingly," ministry spokesperson Park Il said during a briefing.

"The ministry needs additional information on the exact background behind Trump’s remarks and how the U.S. toll plan would be implemented. At this stage, the government intends to refrain from making any specific comments."

The U.S. State Department and other relevant U.S. agencies have yet to provide the Korean government with any details on how or when toll collection would be implemented.

Ministry of Oceans and Fisheries spokesperson Jeong Do-hyun only said the government has not decided on an official stance. When asked if he acknowledges that Hormuz is designated by international law and the United Nations Convention on the Law of the Sea as an “international strait” and thus grants all civilian and military ships from all nations the right of free transit passage, he said, “That is related to diplomatic affairs and I cannot make any comment on it.”

Choi Yeon-woo, spokesman for the Ministry of Trade, Industry and Resources, said the Korean government should respond to Trump's claim in a unified voice and it should come from the oceans ministry first.

While the government remained tight-lipped, the industry was also reluctant to state its position publicly.

An official at a major maritime logistics company said on condition of anonymity the company was "closely monitoring the situation and will continue to do so to avoid any disruptions to our logistics services." The official declined to comment on the legitimacy of Trump's proposal.

HMM's crude carrier Universal Winner, the first Korean vessel to transit the Strait of Hormuz following the outbreak of the Middle East conflict, arrives off Ulsan to unload crude oil, June 10. Yonhap

Some questioned if Trump's plan will be really carried out.

The Korea Shipowners’ Association downplayed Trump’s latest claim, citing the International Maritime Organization’s (IMO) consistent objection to any country controlling Hormuz.

“Whether it is 20 percent or not, imposing a toll on Hormuz itself does not make sense. Even before Trump, when Iran began asserting that it would charge tolls on cargo ships transiting the strait, IMO and other international organizations repeatedly rebuffed the idea. They said the international strait does not belong to any one country and should not be controlled by a certain country,” an association official said.

“For now, as long as such illogical claims like Trump’s remain without any specific action plan, we will keep monitoring the issue.”

The IMO expressed opposition to the transit fee scheme.

"We are aware of the post and awaiting more details," a spokesperson at the IMO was quoted as saying by Reuters. "We have always been consistent in our stance on fees — IMO stands firmly against charging fees ⁠for passage through straits used for international navigation. There is no legal basis through which to introduce mandatory tolls simply to transit through a strait."

The responses follow Trump's Truth Social post that the U.S. will be “THE GUARDIAN OF THE HORMUZ STRAIT” to protect ships passing through, but will be reimbursed “at the rate of 20 percent on all cargo shipped” for providing safety and security.

The toll plan contradicts his earlier criticism of Iran’s own plan to charge tolls for the passage of ships.

Iran responded, with its Foreign Minister Abbas Araghchi saying on X, “Iran has always been the guardian of the Strait and will remain so forever.”

He added that 20 percent is “too much” and said Iran will be “fair.”