Iran has issued a strong warning of sanctions against Jangkum Shipping, a South Korean shipping company that has transported the most oil through the strategically important Strait of Hormuz.
According to reports from Iranian media on October 27, the Persian Gulf Shipping Authority (PGSA), established to manage navigation in the Strait, announced via its official social media that "ships belonging to Sinoco have violated navigation regulations the most in the past three months" and stated that it would take legal action against all vessels belonging to the company starting November 1. The PGSA also warned stakeholders, including cargo owners and insurers, but did not specify the exact level of sanctions.
The PGSA has continuously expanded its list of sanctioned vessels based on its own navigation regulations. Starting with 45 vessels in August, the list has grown to 122 this month, with Jangkum Shipping's vessels included from the initial announcement. Ships on this list may face penalties such as fines, detention, or confiscation.
Jangkum Shipping has focused on shuttle operations within the Persian Gulf, transporting oil through the Strait to transshipment points in the Gulf of Oman. However, seven of its tankers have already suffered damage from missile and drone attacks.
The company's prominence as a target for Iran is attributed to its significant share of oil transport in the Strait. According to analysis from major shipping information firms, Jangkum Shipping's tankers transported approximately 10.56 million barrels of oil through the Strait last month.
This amount accounts for 37% of the total traffic through the Strait, surpassing the combined transport volume of three state-owned shipping companies from Saudi Arabia, Kuwait, and Abu Dhabi. In terms of the number of Very Large Crude Carriers (VLCCs) passing through, Jangkum Shipping's share exceeded 50% earlier this month.
Meanwhile, the U.S. government has placed the PGSA organization itself under sanctions and warned shipping companies that compliance with Iranian demands could expose them to sanctions risks. As a result, tensions and uncertainties surrounding international maritime logistics in the Strait of Hormuz are expected to escalate ahead of Iran's enforcement of its crackdown in November.
* This article has been translated by AI.
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