Summary
Overview
This episode explores how Iran's control of the Strait of Hormuz during the U.S.-Iran war has created a toll system affecting global shipping and commerce. Through the story of a comic book publisher waiting for books stuck in the Persian Gulf, the episode examines the broader implications of this challenge to freedom of navigation and how ships are navigating the blockade through a cryptocurrency-based permission system.
The Bright Pink Ship and Books Stuck in the Persian Gulf
Christian St. Clair, production manager at Fantagraphics Books, discovered that two books his company was shipping from India were stranded when the One Majesty, a bright pink container ship, was attacked in the Strait of Hormuz. What started as a routine production check turned into a front-row seat to how the U.S.-Iran war was disrupting global commerce, connecting his small publishing concern to a major geopolitical crisis.
- Christian St. Clair manages production for Fantagraphics Books, which had two titles printed in India
- The books were scheduled to arrive on the One Majesty, a bright pink container ship, in early April
- Christian discovered the One Majesty had been attacked in the Strait of Hormuz when he checked the ship's status
- The attack left a small hole in the ship; crew was safe but the vessel was stranded
- Iran's blockade cut off 20% of the world's oil supply plus helium and fertilizer
" I just plugged it in again, only this time it's like, you know, it's like, Ooga, One Majesty has been attacked in the Strain of Hormuz. And I was just like, oh my god, you've got to be kidding me. "
" Ain't that a metaphor? "
Iran's Cryptocurrency Toll System for the Strait
Through connections in Iran's oil industry, the episode uncovers how ships are actually passing through the Iranian-controlled Strait of Hormuz. Hamid Hosseini, a spokesperson for Iran's oil exporters union, reveals a sophisticated toll system where ship owners must pay one dollar per barrel of oil in cryptocurrency, with approval granted in as little as five seconds after verification and payment.
- Ships trying to transit without permission received warnings they would be destroyed
- Hamid Hosseini, spokesperson for Iran's Oil, Gas and Petroleum Products Exporters Union, explained the toll system
- Ships must contact Iran's Revolutionary Guard and provide detailed information about vessel, crew, cargo, and destination
- Iranian authorities verify that captain, crew, ship, and cargo are not affiliated with U.S., Israel, or other adversaries
- The toll is one dollar per barrel of oil, payable only in cryptocurrency
- Very large crude carriers hold two million barrels, meaning tolls can reach two million dollars per ship
- Payment must be made within five seconds once approved
" Transiting in the Strait of Hormuz is closed yet. Transiting in the Strait of Hormuz is closed. If any vessels try to transit without permission, they will be destroyed. "
" Before passing ask him pay for each barrel one barrel one dollar "
" He told me pay by crypto. Very limited time. They gave him very limited time. Only five seconds. "
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