Few Foreign Ships Seen in Hormuz Amid Reports of Iran’s Insurance Plan

The Strait of Hormuz remains effectively closed to commercial shipping, with maritime traffic reduced to a trickle and dominated by Iranian-linked vessels. There were few notable foreign-affiliated movements amid reports of Iran’s Bitcoin-backed insurance program for shipping companies willing to transit the waterway.

Shipping traffic dipped over the weekend as daily transits fell from about 11 on Saturday to eight on Sunday, tracking data compiled by Bloomberg show. Among those vessels, the only non-Iranian transits were an empty inbound South Korean-linked supertanker Aram, also known as Cameroon Prosperity, and an outbound liquefied petroleum gas carrier Al Barrah, managed by Saudi Arabia’s Sabic. That trend extended into Monday morning, with tracking data showing just three transits, all tied to Iran.