In a statement released Friday, the International Union of Marine Insurance (IUMI) said it welcomed both the U.S.-Iran Memorandum of Understanding and the creation of a joint Iran-Oman working group on the future administration of navigation in the Strait, calling them “important steps towards restoring maritime security and stability in the Middle East, particularly in the Strait of Hormuz.“
“IUMI will continue to monitor the situation closely and hopes to see the safe, orderly and timely movement of vessels in the region,” the organization said. “As with all stakeholders across the maritime sector, the safety, security and welfare of seafarers remain the priority.”
The statement also underscored that marine insurers have continued to provide cover for shipowners seeking to transit the Strait throughout the conflict, where legally permitted.
“Since the onset of the conflict in February 2026, the marine insurance market has continued to provide cover for shipowners seeking to transit the Strait of Hormuz,” IUMI said. The industry, it added, remains committed to supporting vessels affected by the disruption and facilitating the resumption of normal trade flows throughout the region.
IUMI’s comments come as questions continue to swirl around whether Iran could eventually impose charges related to navigation through the Strait.
Earlier Friday, President Donald Trump sought to put those concerns to rest in a post on Truth Social, saying Iran had informed the United States that it was seeking no 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 the information proved false, negotiations would end “immediately.”
The statement appears aimed at addressing growing industry unease over provisions in the Islamabad Memorandum of Understanding signed last week.
Under Article 5 of the agreement, Iran agreed to use its “best efforts” to ensure safe passage through the Strait of Hormuz and the Persian Gulf. The agreement also calls for Iran and Oman to hold talks to define “the future administration and maritime services in the Strait of Hormuz,” language that has prompted questions about whether future navigation services could involve fees, reporting requirements or other administrative measures.
Those discussions have already begun.
Iran and Oman announced this week the creation of a joint working group tasked with reaching agreement on “the future administration of navigation in the Strait of Hormuz and the services that will be provided in this regard and the costs associated with them in accordance with international standards.”
The reference to “services” and “costs” immediately drew attention across the shipping industry.
The MOU guarantees that no tolls will be charged during the first 60 days after implementation, but leaves unanswered what happens afterward. INTERTANKO Marine Director Phillip Belcher has warned that the future of transit charges remains unresolved, while shipping organizations including the World Shipping Council have insisted the Strait must remain open to international shipping “safely, securely and without toll.”
U.S. officials have taken an equally firm position. Secretary of State Marco Rubio said earlier this week that Iran would not be allowed to impose tolls.
“It’s an international waterway.
No country is allowed to charge tolls or fees on an international waterway. That’s existing international law,” Rubio said.
The debate goes beyond economics. The Strait of Hormuz is widely regarded as an international strait governed by the principle of transit passage under the United Nations Convention on the Law of the Sea, which provides ships the right to transit continuously and expeditiously without interference.
IUMI echoed that position in its statement Friday, reaffirming its support for “free trade and the principle of freedom of navigation, as enshrined in the United Nations Convention on the Law of the Sea (UNCLOS).”
For now, shipping activity through the Strait is recovering slowly following months of conflict, mine threats and military restrictions. But as Iran and Oman begin negotiations over navigation, maritime services and associated costs, many shipowners, insurers and charterers remain focused on a central question: whether the post-war Strait of Hormuz will preserve the longstanding principle of open and unrestricted transit.
