Yes, looks like a big L for the USA from what I can see ..
Tony Soprano inspired .. it would terrible if an accident would happen to your ship
Iran, IRGC Insurance required of ships passing through the Straight of Hormuz ..
Iran’s New "Insurance" Rule: Controlling the Strait of Hormuz
What's Going on With Shipping?
Jun 19, 2026 What's Going on With Shipping - Maritime Industry Today
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 the agreement.

A deep dive into the PGSA’s new permit application and mandatory insurance policy.

Analysis of the confirmed mine locations and the recommended southern Omani transit route.

Why this "free" insurance might be the start of a dangerous new precedent for global shipping.
This video, hosted by
Sal Mercogliano, examines the complex and contentious state of the
Strait of Hormuz following a recent
Memorandum of Understanding (MOU) between the United States and Iran (0:00 - 1:43).
Key developments discussed include:
- The U.S.-Iran MOU: While the agreement aims to end the naval blockade and restore shipping, Mercogliano highlights that the "opening" of the strait is far from simple (1:43 - 5:52).
- The Persian Gulf Strait Authority (PGSA): A newly formed entity under the IRGC that now requires commercial vessels to apply for a passage permit (10:33 - 11:41).
- Mandatory Requirements: To transit, vessels must use specific routes in Iranian territorial waters, provide contact information, and obtain "free" insurance from an Iranian-approved provider (11:41 - 15:48).
- Insurance Concerns: The host critiques the surreal nature of the mandatory insurance policy, which covers perils such as "capture" or "seizure"—actions historically performed by the very group (the IRGC) now requiring the insurance (13:47 - 14:42, 19:16 - 22:38).
- Shipping Security: The video covers the status of the international traffic separation scheme due to mine threats and the use of the southern Omani transit route (6:36 - 10:33).
The host concludes that despite the
MOU, the situation remains highly unstable, as shipping companies are now effectively operating under the rules of the
PGSA to ensure safe passage (22:38 - 24:58).