Ship captains being offered $100,000 to cross Hormuz

Oil tanker captains are being offered rates of $100,000 a month for traversing the Strait of Hormuz, with an additional $50,000 bonus for each trip, according to a Financial Times report. The high pay, known as "danger money," more than doubles the salaries of regular sailors, who earn as little as $1,500 per month, and their captains, who earn around $15,000 monthly while navigating the southern Red Sea and Gulf of Oman.

Shipowners are increasing pay for Hormuz journeys, with ordinary sailors earning up to six times their normal rates. The elevated pay is offered to encourage seafarers to remain on board as Gulf countries strive to maintain crude oil flow through the crucial waterway amid Iran's escalating attacks on vessels in the Gulf. At least 14 attacks have occurred in the last 20 days, including four in the past day, according to maritime security firm Vanguard.

The pay and freight rates for cargoes passing through Hormuz have reached a record $1.3 million per day, compared to $20,000 to $50,000 per day last year. Despite the high costs, producers in the region are willing to pay the elevated rates for transit. The journey typically takes four days, with only a limited number of ships willing to undertake the risk of attacks from Iranian missile and drone strikes.