According to a report by The Wall Street Journal, Iran is preparing a proposal to levy fees on vessels transiting the Strait of Hormuz, together with Gulf Coast states. The country estimates that charging for security, safety, and environmental services could generate about $40 billion annually. Iran has presented the idea to regional Middle Eastern countries and even to China. The Iranian parliament speaker warned that the management of the strait will never return to its previous state. Iran has also established an insurance company that shipping firms would be required to use when passing through the strait. The proposal appears to be a preparation for implementing passage fees after the 60‑day US‑Iran agreement expires.