Key Takeaway
“Ambrey assesses that the Iranians are attempting to increase the perceived commercial risk associated with the PGSA Non-Compliance List by introducing a significant expansion, while the practical risk of attack remains tied to Strait of Hormuz transit activity”.

Executive Summary
Iran Expands Strait of Hormuz Vessel Blacklist to 239 Ships
- This week Iran’s Persian Gulf Strait Authority (PGSA) added 113 vessels to its Non-Compliance List, expanding it by 47% from 126 to 239 vessels.
- The PGSA has warned that designated vessels face restrictions on future ‘unauthorised’ Strait of Hormuz (SOH) passages, including fines, detention, or confiscation, and that “any vessel cooperating with listed vessels (via STS, transhipment, etc…) will be added to the list.”
- The expansion is concentrated on crude oil tankers, which now account for almost 50% of all designated vessels. Gulf State-linked fleets represent a third of the list and Sinokor-owned vessels nearly a fifth. By targeting the principal exporters’ fleets, Iran is increasing the perceived commercial risk to Gulf oil flows.
- There is not a direct relationship between Iranian attacks and being on the list. Over one-third of the vessels attacked since 23 August, when the PGSA started ‘designating’ ‘non-compliant’ shipping, have not been designated. Over half have been designated after attacks, and fewer than 15% were designated before they were attacked.
- The latest expansion does not alter the assessed target profile. While the enlarged list heightens pressure on the shipping industry, the practical risk of attack remains tied to SOH transit activity. Of all the new vessels designated this week, all were assessed to have conducted an ‘unauthorised’ transit of the SOH following the 1st of March 2026.

Event
PGSA Vessel Designations: Tanker Exposure, Fleet Ownership and War Risk Insurance
This week, the Persian Gulf Strait Authority (PGSA) has designated 113 new vessels on its Non-Compliance List, increasing the total by 47% from 126 to 239 vessels. The PGSA has stated that designated vessels shall face restrictions on future ‘unauthorised’ passages of the Strait of Hormuz (SOH), including fines, detention, or confiscation, and that “any vessel cooperating with listed vessels (via STS, transhipment, etc…) will be added to the list.” However, there is limited evidence that vessels have been designated ‘non-compliant’ for having performed a cargo transfer with a ‘non-compliant’ vessel without conducting an ‘unauthorised’ SOH transit themselves, though this may be retrospectively applied.