Iran developing a ‘vetting system’ for Strait of Hormuz transit: Report

AI Summary
According to Lloyd's List, Iran is developing a vetting and registration system, managed by the Islamic Revolutionary Guard Corps (IRGC), for ships transiting the Strait of Hormuz. This system aims to create a "safe corridor" for pre-approved vessels. Several countries, including India, Pakistan, and China, are reportedly in talks with Iran regarding transit through its territorial waters. Ships seeking approval must provide extensive details about ownership and cargo to the IRGC in advance. This development follows a significant decrease in traffic through the Strait since the start of a conflict involving the US and Israel, impacting global energy markets as approximately one-fifth of the world's oil passes through this waterway.
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