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.
00:00 – Is the Strait of Hormuz actually open?
01:43 – The U.S.-Iran Memorandum of Understanding (MOU)
03:03 – The end of the blockade and surge in Iranian crude oil
04:38 – Breakdown of MOU Sections 4 & 5
06:36 – Maritime security levels and the southern Omani channel
08:08 – Notice to Mariners: Confirmed mine locations
10:33 – Introduction of the Persian Gulf Strait Authority (PGSA)
11:41 – The PGSA 4-page memorandum and permit requirements
13:47 – Mandatory Iranian ship insurance and liability waivers
15:48 – Analyzing the new mandatory transit routes
17:07 – The surreal nature of the permit application process
19:16 – Deep dive into the Iranian insurance policy terms
22:38 – Does this follow the original MOU agreement?
24:05 – Summary and upcoming weekend review
Credit to : What’s Going on With Shipping?