Increase in Tariffs for Vessel Transit Through Bosphorus and Dardanelles Straits by 15% Announced by Turkey
Turkey Boosts Gold Franc Rate in Bosphorus, Dardanelles Straits
Hey there! Let's talk about the latest developments regarding the Bosphorus and Dardanelles Straits, one of the world's busiest waterways. In 1936, the Montreux Convention established the fee for passage through these straits based on the gold franc. Initially equivalent to $0.8, the gold franc value has seen some changes over the years.
Fast forward to today, Turkey's Minister of Transport has announced the gold franc's latest hike. After remaining constant at $0.8 for 39 years, the value has now shot up more than seven times, according to Minister Abdulkadir Uraloglu. This increase marks the fourth one since 2022. By 2025, the gold franc is set to reach $5.83 per net ton, marking a 15% increase from its previous value of $4.08.
Uraloglu explained that these revenue boosts would allow Turkey to further invest in its infrastructure and vessel traffic monitoring systems, all in the name of environmental safety. In 2024 alone, these Straits brought in a whopping $227.4 million, as reported by the department head. A staggering 51,000 vessels navigated these busy waters last year.
"This figure underscores the high costs associated with managing the Turkish straits. As ever, we are committed to safeguarding our country's rights and interests in accordance with international rules," said Uraloglu.
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In the continuing discussion about the Bosphorus and Dardanelles Straits, it's worth noting the impact of these changes on the surrounding industries. The hike in the gold franc rate, a key factor in the passage fees, could potentially influence finance sector decisions, given the increased revenue for Turkey. Moreover, the improved monitoring systems for vessel traffic could have wide-ranging consequences for the transportation industry, ensuring smoother and safer navigation through these strategic waterways.
