Shipping Industry Remains Skeptical of Iran's Hormuz Corridor Promise

Key Details Iran's Islamic Revolutionary Guard Corps announced May 6 that safe passage through the Strait of Hormuz would be possible under new protocols. The declaration followed reports of a U.S. peace proposal, but specifics on Iran's demands and restrictions remain unclear. Industry experts say they need concrete proof before committing vessels to the route. Why It Matters The Strait of Hormuz is critical for global oil supply, and its effective closure has driven prices sharply higher. U.S. gasoline topped $4.50 per gallon this week for the first time since 2022, with hundreds of millions of barrels of supply still choked off. Industry Caution Shipowners and vessel managers are taking a wait-and-see approach. Fearnleys Shipbrokers director Halvor Ellefsen noted that past encouraging statements have failed to materialize. An attack on a containership May 5 has added to safety concerns among operators. New Permit System Iran has established a Persian Gulf Strait Authority requiring transit applications via email. Forms request detailed cargo information, vessel origin, crew nationalities, and ship destinations. One tanker company official said they won't apply due to concerns about revealing precise vessel movements to Iranian authorities. Next Steps Shipping association Bimco says it won't update safety guidance until receiving official confirmation of new transit rules. Some operators may still attempt passage, but widespread resumed traffic appears unlikely without greater clarity.