Lloyd’s List reports that Iran is instituting a new vetting and registration system for ships in the Strait of Hormuz, amid a selective blockade influenced by the Islamic Revolutionary Guard Corps (IRGC). Several countries, including India, Pakistan, Iraq, Malaysia, and China, are in negotiations with Tehran to facilitate maritime passage. Ships must provide detailed information to the IRGC ahead of their route, which includes vessel ownership and cargo destination.
Iranian Foreign Minister Abbas Araghchi indicated a temporary opening for friendly vessels, contrasting earlier threats from the IRGC. Since a conflict involving the U.S. and Israel began three weeks prior, traffic has plummeted by 95%, significantly affecting global oil markets. While some ships, primarily from Pakistan, India, and China, have managed to navigate the strait, the number has decreased due to increased attack risks.
A new “safe corridor” has allowed at least nine ships to pass, with reports of fees as high as $2 million for passage. Experts suggest that while this registration may provide a short-term solution for some, it poses long-term economic risks, especially regarding insurance and safety. The uncertainty surrounding the situation may discourage shipping companies from utilizing these routes, given that supply chains are often planned months in advance.
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