Pakistan, June 19 -- Iran has announced a temporary waiver of transit fees for ships passing through the Strait of Hormuz during a 60-day negotiation period linked to a recent memorandum of understanding with the United States. The decision is aimed at facilitating smoother maritime movement as interim diplomatic arrangements take effect. The move is expected to ease shipping costs and improve regional trade flow.

According to Iran's Persian Gulf Strait Authority, vessels using the strategic waterway will not be charged fees for security, safety, environmental services and related insurance during this period. However, shipping operators are required to comply with updated transit protocols to ensure safe passage through the route.

Unde...