Fearnleys Shipbrokers

Fearnleys is one of Norway's oldest and largest shipbroking firms, founded in 1869 in Oslo. It operates globally across tanker, dry bulk, gas, and offshore brokerage, and is a significant voice on freight market intelligence — its weekly and monthly tanker market reports are widely cited by charterers, shipowners, and trading desks. In the context of the Hormuz conflict, Fearnleys advised vessel owners in early May 2026 to await observable evidence of actual SAFE transit by third-party vessels before registering with Iran's new Persian Gulf Strait Authority, reflecting the industry's assessment that the PGSA's safety guarantees were untested.

Fearnleys' advice was notable because it aligned with the position of other major shipbrokers and underwriters — Fearnleys Tankers, its tanker-focused Arm, covers VLCC and Suezmax segments that represent the highest-value cargoes transiting Hormuz. The 'await observable transit' framing is a standard commercial risk-management approach: it creates a precedent delay that insulates clients from first-mover risk while waiting for others to test the new authority.

The collective caution of Fearnleys and its peers — combined with BIMCO's refusal to issue updated guidance — resulted in zero registrations with the PGSA in its first 24 hours of operation, a commercially significant signal about market confidence in the toll regime.