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 ... (full story)