Iran imposes mandatory insurance on ships transiting Strait of Hormuz, with fees likely to follow

[muriel_volestrangler]

aka "protection"; this is for the periods when they haven't closed it completely.

IRAN has introduced mandatory insurance for all vessels transiting the Strait of Hormuz, requiring shipowners to obtain coverage approved — and initially provided free — by Tehran’s newly created Persian Gulf Strait Authority.

The move, detailed in a PGSA terms‑and‑conditions document seen by Lloyd’s List, effectively sidesteps a new US-Iran Memorandum of Understanding that guarantees “safe passage of commercial vessels with no charge” for 60 days.

Iran’s insurance requirement carries no fee during that period, but Tehran has confirmed that charges may be imposed once the 60‑day window closes.

“This insurance is provided free of charge to the vessel owner, with all expenses covered by the Islamic Republic of Iran,” the document states.

“The PGSA reserves the right to introduce insurance fees in the future… Owners will then be required to purchase and renew coverage accordingly.”

https://www.lloydslist.com/LL1157571/Iran-imposes-mandatory-insurance-on-ships-transiting-Strait-of-Hormuz-with-fees-likely-to-follow

[dem4decades]

1. Trump in line for the Nobel Poop Prize, for the shitiest deal ever.

You know, that big pile of dung with the blonde hair on top.

[CincyDem]

2. Trump's taught Iran they can run a protection racket on the Straight. He leads by example.

[Walleye]

3. Let's call it what it is. The mob demanding protection money and we are paying.

As in, “nice ship full of oil you got there. Be a shame of something happened to it“

[Swede]

4. Trump was tired of winning.

They should have gotten the Art of the Deal author to negotiate.