The marine insurance industry worldwide is cautiously optimistic about recent diplomatic moves in the Strait of Hormuz. There is still uncertainty regarding how this crucial energy passage will be managed in the coming...
The marine insurance industry worldwide is cautiously optimistic about recent diplomatic moves in the Strait of Hormuz. There is still uncertainty regarding how this crucial energy passage will be managed in the coming months.
On Friday, the International Union of Marine Insurance (IUMI) issued a statement expressing support for both the U.S.-Iran Memorandum of Understanding and the formation of a joint Iran-Oman working group focused on navigation in the Strait. They described these developments as “important steps toward restoring maritime security and stability in the Middle East, especially in the Strait of Hormuz.”
“IUMI will keep a close eye on the situation and hopes for the safe, orderly, and timely movement of vessels in the area,” the organization stated. “Like all parties in the maritime sector, we prioritize the safety, security, and welfare of seafarers.”
The statement also pointed out that marine insurers have been providing coverage for shipowners wishing to navigate the Strait during the conflict where legally permitted.
“Since the conflict began in February 2026, the marine insurance market has been offering coverage for shipowners navigating the Strait of Hormuz,” IUMI said. They noted that the industry is committed to assisting vessels impacted by disruptions and facilitating the return of normal trade in the region.
These comments come amid ongoing questions about whether Iran might eventually impose fees for navigation through the Strait.
Earlier on Friday, President Donald Trump addressed these concerns in a post on Truth Social, stating that Iran had communicated to the U.S. that it would not be seeking payments from commercial shipping.
“Iran has informed the U.S. that... there are ‘NO TOLLS, NO INSURANCE COSTS, & NO OTHER CHARGES OF ANY KIND BEING SOUGHT OR RECEIVED BY IRAN ON SHIPS TRAVELING THE STRAIT OF HORMUZ,’” Trump wrote. He added that if this information turned out to be false, negotiations would “immediately” cease.
The statement seems to address the growing concerns in the industry regarding the provisions in the Islamabad Memorandum of Understanding signed last week.
According to Article 5 of the agreement, Iran committed to making its “best efforts” to provide safe passage through the Strait of Hormuz and the Persian Gulf. It also calls for discussions between Iran and Oman to define “the future administration and maritime services in the Strait of Hormuz,” which raises questions about whether future services might include fees, reporting requirements, or other administrative measures.
Discussions between Iran and Oman have already started. This week, they announced the formation of a joint working group to agree on “the future administration of navigation in the Strait of Hormuz and the associated services and costs in line with international standards.”
The mention of “services” and “costs” quickly caught the attention of the shipping industry.
The MOU ensures that no tolls will be collected during the first 60 days after implementation, but it remains unclear what will happen after that period. Phillip Belcher, Marine Director at INTERTANKO, warned that the issue of transit charges is still unresolved. Meanwhile, shipping organizations like the World Shipping Council have stressed that the Strait must remain open to international shipping “safely, securely, and without tolls.”
U.S. officials have also taken a strong stance. Secretary of State Marco Rubio stated earlier this week that Iran will not be allowed to impose tolls.
“It’s an international waterway. No country can charge tolls or fees on an international waterway. That’s existing international law,” Rubio said.
This debate transcends economic issues. The Strait of Hormuz is considered an international strait governed by the principle of transit passage under the United Nations Convention on the Law of the Sea, which grants ships the right to pass through without interference.
IUMI reiterated this position in its statement on Friday, affirming its support for “free trade and the principle of freedom of navigation, as established in the United Nations Convention on the Law of the Sea (UNCLOS).”
Currently, shipping activity through the Strait is slowly recovering after months of conflict, mine threats, and military restrictions. As Iran and Oman enter negotiations on navigation and associated costs, many shipowners, insurers, and charterers are left wondering whether the Strait of Hormuz will maintain the long-standing principle of open and unrestricted transit.