The insurance policy required by Iran is currently free, but could involve charges in the future, the country’s Persian Gulf Strait Authority said,

Iran to charge ships crossing the Strait of Hormuz after a 60-day fee-free period, raising questions over new transit costs on a key global oil and gas route.

Country’s Persian Gulf Strait Authority said that ships must follow a prescribed route that passes along its coast and that alternatives are prohibited. | World News

Iran is considering charging a mandatory insurance fee to ships crossing through the Strait of Hormuz in the future. As part of the memorandum o...

This development raises concerns for the shipping sector about safe navigation. Iran's new requirements and possible insurance charges could undermine international maritime…