US Sanctions Iran’s HormuzSafe Marine Insurer, Shadow Fleet Tankers
The United States has sanctioned Iran‘s state-backed marine insurance platform HormuzSafe, a second Iranian marine insurer, and a network of shadow fleet operators and tankers in a fresh move against the country’s oil exports. The US Treasury’s Office of Foreign Assets Control (OFAC) announced the action on July 29.
Both Iranian insurers were established in 2026 as tanker traffic through the Strait of Hormuz collapsed and Western war-risk cover for Gulf transits dried up. HormuzSafe Marine Services Authority, based in Bandar Abbas in Hormozgan province, and the Persian Gulf Marine Insurance Company were designated under Executive Order 13902, which targets Iran‘s petroleum and petrochemical sectors.
Designations Target State-Backed Insurer and Shadow Fleet Operators
OFAC also designated 10 shipping and trading companies registered in Hong Kong and the Marshall Islands, along with eight tankers linked to them. The vessels, mostly crude oil tankers built between 2002 and 2007 and flagged to Barbados, Vanuatu, Mozambique, and the Marshall Islands, were added as blocked property.
The designated companies include Billion Nexus Int’l Co, Confident Apex Limited, Nevada Spirit Company Limited, and Qi Hang Ship Management Limited. The linked vessels include the crude tankers Al Salmi, Breeze V, Crystal, Lily, Natsumi, Nireta, and Yehope, as well as the chemical and products tanker Well Sail.
Sanctions Follow Naval Blockade and Resumed Fighting
The designations follow a naval blockade the US imposed on Iran on April 13 after the collapse of ceasefire talks. The move comes as fighting in the US-Iran war has resumed. Since President Donald Trump returned to office, his administration has sanctioned more than 180 vessels tied to Iranian petroleum shipments.
Iran‘s Ministry of Economy launched HormuzSafe in May, offering marine insurance policies settled in bitcoin for cargo ships transiting the Persian Gulf and the Strait of Hormuz, a mechanism designed to bypass the Western financial system. The platform was promoted by its own promoters as a tool of sovereign control over the chokepoint.
Original Article: US sanctions Iran’s HormuzSafe marine insurer, shadow fleet tankers — Intellinews