Have I not written clearly enough?
UNCLOS, and current international law applies only to demarcating sea borders, both territorial and military.
It is NOT for deciding territory. Hence, you won't have to give up any natural islands that happen to be there. You have to give up the claim to any territoriality beyond 12 nm, based on a treaty that you sign, and that you derive enormous benefits from. Rest can be a part of EEZ.
The above is also a response to you
@TaiShang
Sure territory isn't included in UNCLOS.
That exemption is solely for territorial disputes. Not laying claim over a whole sea surface. And that is what I'm exactly predicting. That the court will refrain from making any judgement on ownership of natural islands, but will declare any territorial jurisdiction over sea as void. Free Sea Lanes is the foundational principle for UNCLOS.
chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/
http://www.un.org/depts/los/convention_agreements/texts/unclos/unclos_e.pdf
Somebody willing, can read this stuff. The complete draft of UNCLOS.