In this episode of What’s Going On with Shipping, Sal Mercogliano breaks down the latest—and perhaps most bizarre—development in the Strait of Hormuz. Despite the recent Memorandum of Understanding (MOU) between the U.S. and Iran, the “opening” of the Strait has come with a major catch. Iran has established the Persian Gulf Strait Authority (PGSA), run by the IRGC, which now requires all commercial vessels to apply for a passage permit and carry Iranian-approved ship insurance. Sal analyzes the new four-page memorandum from the PGSA, exploring the mandatory routes, the liability waivers ship masters must sign, and the surreal nature of being forced to buy insurance from the very group that has historically harassed and seized vessels in these waters. Topics covered: ⚓The details of the U.S.-Iran MOU and the lifting of the naval blockade. ⚓The surge of Iranian crude oil exports following

Source: Iran’s New “Insurance” Rule: Controlling the Strait of Hormuz