The security situation in the Strait of Hormuz has deteriorated as Iran enforces a new insurance requirement for commercial vessels, accompanied by threats of force. INTERTANKO, representing independent tanker operators, revealed that Iranian authorities mandated ships to acquire Iranian-approved insurance to transit the strategic Strait.
Reports indicate escalating Iranian aggression, with warnings issued regarding potential attacks on vessels. Tim Wilkins, managing director of INTERTANKO, criticized the situation, stating that the issuance of warning shots by the Islamic Revolutionary Guard Corps (IRGC) signifies chaos rather than freedom of navigation. On a recent broadcast, the IRGC warned that vessels must stay clear of the Strait until certain geopolitical conditions are met, effectively asserting control over maritime activity in the region.
Documented directives from Iran’s Persian Gulf Strait Authority (PGSA) outline a new protocol for vessel passage, declaring that no ship can traverse the Strait without a valid permit issued by the PGSA. This requirement raises concerns about compliance with international maritime law (UNCLOS). Wilkins emphasized that these insurance stipulations function as an indirect toll, leaving uncertainty about the legitimacy and oversight of the new insurance scheme instituted by Iran.
