In this episode of What's Going On with Shipping, Sal Mercogliano breaks down the latest—and perhaps most bizarre—development in the Strait of Hormuz. Despite the recent Memorandum of Understanding (MOU) between the U.S. and Iran, the "opening" of the Strait has come with a major catch. Iran has established the Persian Gulf Strait Authority (PGSA), run by the IRGC, which now requires all commercial vessels to apply for a passage permit and carry Iranian-approved ship insurance. Sal analyzes the new four-page memorandum from the PGSA, exploring the mandatory routes, the liability waivers ship masters must sign, and the surreal nature of being forced to buy insurance from the very group that has historically harassed and seized vessels in these waters. Topics covered: ⚓The details of the U.S.-Iran MOU and the lifting of the naval blockade. ⚓The surge of Iranian crude oil exports following the agreement. ⚓A deep dive into the PGSA’s new permit application and mandatory insurance policy. ⚓Analysis of the confirmed mine locations and the recommended southern Omani transit route. ⚓Why this "free" insurance might be the start of a dangerous new precedent for global shipping. 00:00 – Is the Strait of Hormuz actually open? 01:43 – The U.S.-Iran Memorandum of Understanding (MOU) 03:03 – The end of the blockade and surge in Iranian crude oil 04:38 – Breakdown of MOU Sections 4 & 5 06:36 – Maritime security levels and the southern Omani channel 08:08 – Notice to Mariners: Confirmed mine locations 10:33 – Introduction of the Persian Gulf Strait Authority (PGSA) 11:41 – The PGSA 4-page memorandum and permit requirements 13:47 – Mandatory Iranian ship insurance and liability waivers 15:48 – Analyzing the new mandatory transit routes 17:07 – The surreal nature of the permit application process 19:16 – Deep dive into the Iranian insurance policy terms 22:38 – Does this follow the original MOU agreement? 24:05 – Summary and upcoming weekend review Contact What's Going on With Shippin