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Iran Unveils Agency to Oversee Shipping via Strait of Hormuz

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Iran on Monday unveiled a new body, the Persian Gulf Strait Affairs Authority, to oversee activities related to the Strait of Hormuz, a strategic waterway that carries most energy exports from the Arabian Gulf.

PGSA, in a social media post on X, announced the activation of its official account and said it would provide "real-time updates" on operations in the Hormuz and related developments.

The agency said it would also issue guidance to vessels transiting the waterway, including emails outlining passage rules and regulations for ships entering the Strait.

"Navigation within the introduced boundaries of the Strait of Hormuz, which were previously determined by the Armed Forces and authorities of the Islamic Republic of Iran, is contingent upon full coordination with these entities, and passage without permission will be considered illegal," the authority said.

The introduction of PGSA solidifies a series of strict navigation mechanisms put in place by Iran following the outbreak of the Middle East conflict.

Under the new protocols, commercial vessels intending to transit the waterway receive rules and compliance procedures via email from the authority before being granted access.

The implementation follows draft legislation introduced in the Iranian parliament last month, designed to tighten sovereignty over the strategic waterway.

The measures include an outright ban on Israeli-linked shipping and severe restrictions on vessels tied to the US and other designated adversaries. The regulations also formalize a mandatory toll system for passing ships.

Meanwhile, the "Hormuz Safe" website has begun offering insurance for maritime cargoes passing through the Strait, according to local media.

The proposed insurance is expected to offer a range of maritime insurance products and "encrypted verification capability" for vessels operating in the Hormuz. The transactions are expected to be conducted using cryptocurrencies.

The program is projected to generate over $10 billion in annual revenue for Iran. Cargo is reportedly covered from the moment of confirmation, with a signed receipt provided to the owner.

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