28th February 2026 - 6th March 2026
LOCAL NEWS
1. Shipping Deputy Ministry Issues Safety and Security Recommendations for Cyprus-Flagged Vessels
On the 3rd March 2026, the Cyprus Shipping Deputy Ministry issued a circular over the weekend urging owners, operators, managers and masters of Cyprus-flagged vessels to avoid calls and commercial transactions at ports or countries where political instability, armed conflict or civil unrest prevail. The circular, signed by Acting Permanent Secretary, Dr. Theodoulos Mesimeris, called on operators to maintain heightened vigilance and close communication with port and flag state authorities and local shipping agents, in accordance with the ISPS Code.
Given the ongoing military escalation in the wider Middle East region, the Deputy Ministry recommended that Cyprus-flagged vessels implement precautions equivalent to ISPS Security Level 3, in accordance with their approved ship security plans. Masters were urged to carefully assess the security situation at each port of call, as well as when navigating or remaining in territorial waters, and to adopt additional protective measures where necessary.
The circular also called for a re-evaluation of transits through the Strait of Hormuz and other affected areas, recommending that vessels consider remaining at a safe port or anchorage in neighbouring countries outside the high-risk zone until conditions stabilise. Operators were advised to continuously monitor NAVTEX navigational warnings and to immediately report any security-related incident to the Shipping Deputy Ministry.
The Deputy Ministry of Shipping also confirmed that 19 Cyprus-flagged ships are currently blocked in the Persian Gulf and Gulf of Oman area, but are safe. Industry sources indicated that Cyprus-based shipping companies' concerns extend beyond flag, as they represent ships managed or owned by Cypriot interests regardless of registration.
As of Thursday, 6 March 2026, no direct hits, casualties, or crew losses have been reported by Cypriot shipping companies with vessels stranded in the region due to Iranian threats in the Strait of Hormuz. The Deputy Ministry of Shipping assured that it is keeping a close watch on the situation from the outset and maintains ongoing communication with the operators of Cypriot-flagged vessels in the area.
Related Articles:
Cyprus Mail 03/03 – Middle East conflict triggers turmoil for global shipping and aviation
Cyprus Mail 02/03 – Shipping industry on high alert as Middle East tensions escalate
Cyprus Mail 06/03 – No casualties reported for crews on Cyprus-managed vessels
Cyprus Mail 03/03 – Cyprus Business Now: shipping, Oev, Keve, CySEC, fuel prices up
MonoNews 03/03 - Marina Hadjimanolis: Nineteen Cyprus-flagged ships in the Persian Gulf
2. European Nations Deploy Naval Assets to Protect Cyprus, while no incidents or attacks against vessels in Cyprus have been reported
On 3 March 2026, shortly after midnight (12:03), a Shahed-type unmanned aerial vehicle struck the United Kingdom Sovereign Base Area of Akrotiri in Cyprus, causing minor material damage. Cypriot authorities confirmed that all relevant state services have been placed on high alert and full operational readiness. Following the incident, the National Security Council was convened immediately to evaluate the situation and continues to remain in constant consultation. The government is also maintaining regular communication with European and international leaders regarding developments.
The President of the Republic of Cyprus, Nikos Christodoulides, urged the public to remain calm and follow official government guidance as the situation evolves. He stressed that Cyprus is not involved in any offensive or military operations and that the government is closely monitoring regional developments in cooperation with European Union partners and other countries in the region.
In the light of the strike on the Akrotiri Base, several European countries deployed naval and air assets to Cyprus this week. The coordinated European response represents one of the most significant multinational military deployments to the island in recent years.
Greece dispatched two frigates — Kimon and Psara — along with four F-16 fighter jets to Cyprus. France sent its frigate Languedoc, equipped with anti-missile and anti-drone systems. Spain announced on Thursday it would send the Álvaro de Bazán-class frigate Cristóbal Colón to the eastern Mediterranean. Italy's Defence Minister Guido Crosetto told parliament that Italy would follow France, Spain and the Netherlands in sending naval assets to help Cyprus. The Netherlands is preparing to send the frigate HNLMS Evertsen with France's carrier strike group.
The United Kingdom announced on Tuesday it would deploy the Type 45 destroyer HMS Dragon and two Wildcat helicopters armed with Martlet missiles to bolster drone defence around RAF Akrotiri. UK Defence Secretary John Healey arrived in Cyprus on Thursday and met his Cypriot counterpart Vassilis Palmas to discuss further reinforcement of air defences. Cyprus President Nikos Christodoulides confirmed Italy's participation, thanking Italian Prime Minister Giorgia Meloni.
No incidents or attacks against vessels in Cyprus have been reported so far and it is believed that there is no reason for concern regarding the supply of goods to Cyprus or the country's maritime activity.
Related Articles:
Euronews 05/03 – Spain, Italy and Netherlands join European naval deployment to Cyprus
Philenews 05/03 – European states move to secure Red Sea navigation, protect Cyprus
Marine Link 05/03 – Cyprus Shield: European States Intervene to Secure Red Sea and Safeguard Island
BBC 03/03 – HMS Dragon: UK to send Royal Navy warship to Cyprus, Starmer confirms
Naval News 02/03 – Greece deploys FDI frigate to shield Cyprus amid Iran tensions
INTERNATIONAL NEWS
3. Strait of Hormuz Crisis: Consequences on the Shipping Industry as Iran Retaliates Against US-Israel Strikes
A.Shipping Traffic Collapses in Strait of Hormuz
Following the joint US-Israel military strikes on Iran which commenced on the 28th February 2026 under Operation Epic Fury and Iran's subsequent retaliation, the Strait of Hormuz, through which approximately 20% of the world's daily oil supply and significant volumes of liquefied natural gas transit, has experienced an effective shutdown of maritime traffic.
The Islamic Revolutionary Guard Corps (IRGC) issued warnings via VHF radio to vessels in the strait, stating that no ships would be permitted to pass. By Sunday, 1st March 2026, transits of all vessel types were down 81% compared to the previous Sunday, with just over 1 million deadweight tonnes of traffic tracked passing through the chokepoint. At least 14 merchant vessels were attacked by Iranian forces between 1 and 4 March, resulting in four seafarer fatalities and multiple vessels damaged.
Major shipping companies moved swiftly to suspend operations. Maersk and Hapag-Lloyd suspended all vessel crossings in the Strait of Hormuz until further notice, citing the safety of crews. DP World suspended operations at all terminals at Dubai's Jebel Ali Port, the largest container hub in the Middle East. Hundreds of vessels remain anchored outside the strait unable to reach their destination ports.
On Tuesday, 4th March 2026, US President Donald Trump announced that he had ordered the US International Development Finance Corporation to provide political risk insurance and financial guarantees for maritime trade in the Gulf, and stated that the US Navy could begin escorting vessels through the Strait of Hormuz. However, as of the end of the reporting period, these measures had not yet materialised.
B.IMO Secretary-General Condemns Attacks on Merchant Vessels, Urges Maximum Caution
IMO Secretary-General Arsenio Dominguez issued multiple statements this week on the Strait of Hormuz crisis. On Saturday, 28th February 2026, he expressed deep concern over reports that several seafarers had been injured in the attacks on merchant vessels, stressing that "no attack on innocent seafarers or civilian shipping is ever justified."
He urged all shipping companies to exercise maximum caution and, where possible, to avoid transiting the affected region until conditions improve, while calling on stakeholders to "remain vigilant against disinformation and to rely only on verified, authoritative sources when making navigational decisions."
On Thursday, 5th March 2026, the IMO Secretary-General expressed deep concern about the safety and well-being of approximately 20,000 seafarers and 15,000 cruise ship passengers affected in the Gulf, calling for freedom of navigation — a fundamental principle of international maritime law — to be respected by all parties
The International Maritime Organisation (IMO) reported approximately 35,000 seafarers and passengers stranded in the wider area. Although the Strait of Hormuz remains technically open, Iranian threats against vessels attempting to pass through have effectively halted movements by serious operators.
C. China Calls for Protection of Vessels in Strait of Hormuz
Furthermore, the Chinese government called for vessels passing through the Strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared. China, as the world's largest importer of oil, is among the most affected nations. In 2024, an estimated 84% of crude oil and condensate shipments through the strait were destined for Asian markets.
China is reportedly in discussions with Iran to ensure the safe passage of vessels through the Strait of Hormuz, aiming to prevent disruptions to global shipping and energy supplies. China imports approximately 45% of its oil through the Strait, making uninterrupted navigation critical for its energy security. Recent ship-tracking data showed that a vessel named Iron Maiden transited the Strait after identifying itself as Chinese-owned, although broader shipping movements remain limited.
D. ICS, ECSA and ASA Issue Joint Statement on Strait of Hormuz Situation
The International Chamber of Shipping (ICS), the European Community Shipowners' Association (ECSA), and the Asian Shipowners' Association (ASA) also issued a joint statement on Sunday, 1st March 2026, expressing deep concern over the highly volatile situation in the Strait of Hormuz.
"Our foremost concern is for the wellbeing of the seafarers and civilians affected. We were deeply concerned to learn about the attacks on seafarers and the tragic loss of life," the statement read. The three organisations called on all parties to safeguard the safety of seafarers. The Royal Belgian Shipowners' Association (KBRV) subsequently announced its full alignment with the ICS-ECSA joint statement.
E. The Strait of Hormuz designated a high-risk area by the international federations ITF and JNG
In relation to seafarers’ safety, the International Transport Workers’ Federation (ITF) and the Joint Negotiating Group (JNG), acting within the International Bargaining Forum (IBF), have designated the Strait of Hormuz and surrounding waters as a High-Risk Area. The designation reflects the deteriorating security situation, reported attacks on commercial vessels, and the increased risks faced by seafarers.
Under the IBF framework, the High-Risk Area designation activates enhanced protections for seafarers, including:
- Enhanced risk assessments prior to transit
- Provision of clear and timely security information to crews
- Full implementation of contractual, insurance and welfare protections
- Consultation with seafarers regarding voyage planning and risk mitigation
In addition, seafarers have the right to refuse to sail into the designated High-Risk Area, while the IBF may consider upgrading the area to a War Operations Area, which would trigger further protections.
F. Joint War Committee expands Listed Areas, raising premiums across the Gulf
The first commercial consequences of the crisis are already visible, with some insurers withdrawing war-risk cover and shipping companies expected to renegotiate insurance at significantly higher costs.
The Joint War Committee (JWC), representing the Lloyd’s and London marine insurance markets, has expanded the list of high-risk maritime areas in response to the escalating security situation in the Middle East. Under the latest circular (JWLA-033, issued 3 March 2026), several additional countries have been added to the Hull War, Piracy, Terrorism and Related Perils Listed Areas, including Bahrain, Djibouti, Kuwait, Oman and Qatar.
In addition, the geographical boundaries of the wider risk zone have been amended to cover broader sections of the Persian/Arabian Gulf, Gulf of Oman, Indian Ocean, Gulf of Aden and the Southern Red Sea, reflecting increased security concerns across these key shipping routes.
The JWC’s Listed Areas identify regions where vessels may face elevated risks related to war, piracy, terrorism or similar perils. When ships operate in these areas, owners are typically required to notify their insurers and pay additional war-risk premiums, which can significantly increase voyage costs.
The latest changes come amid heightened geopolitical tensions in the region and are expected to lead to higher insurance costs and stricter underwriting conditions for vessels transiting Gulf waters.The expansion of the Listed Areas highlights the growing security challenges in one of the world’s most critical maritime corridors and may have operational and cost implications for shipowners, charterers and insurers involved in Gulf trade.
G. BIMCO urges review of war risk clauses amid rising Middle East tensions
BIMCO has urged shipowners and charterers to review the war risk clauses included in their charterparty agreements, particularly for vessels operating in high-risk areas such as the Persian/Arabian Gulf, Gulf of Oman, Gulf of Aden, Southern Red Sea and parts of the Indian Ocean.
The industry association emphasises that contracts incorporating the latest BIMCO war risk clauses may provide important contractual protections if a vessel, its cargo or crew could be exposed to conflict-related risks. For voyage charters using the VOYWAR 2025 clause, shipowners may have the right to refuse or withdraw from a voyage if there is a credible risk of war or hostilities affecting the vessel. The clause also provides mechanisms allowing the vessel to deviate, request alternative orders from charterers, or decline to proceed depending on the level of risk.
In contrast, under the CONWARTIME 2025 clause commonly used in time charters, owners may refuse to follow charterers’ orders that would expose the vessel to defined war risks. However, BIMCO notes that such rights must be exercised carefully and based on objective assessment of the situation, with proper notice procedures followed under the contract.
The guidance highlights that while geopolitical tensions or increased regional instability may raise concerns, they do not automatically constitute force majeure under charterparties. Each situation must therefore be assessed individually, taking into account the wording of the specific clause incorporated in the contract.
Overall, BIMCO stresses the importance for both owners and charterers to understand their contractual rights and obligations under war risk provisions, particularly as security conditions evolve in several strategic shipping routes.
For shipowners and operators, the correct application of war risk clauses can determine whether a vessel may lawfully refuse orders, deviate from a voyage, or suspend operations in areas where crew, cargo and vessel safety may be compromised.
H. BIMCO: Strait of Hormuz Disruptions Impacting 4% of Dry Bulk Market
Furthermore, BIMCO Shipping Analysis Manager Filipe Gouveia reported that the current disruptions in the Strait of Hormuz are affecting approximately 4% of dry bulk cargo volumes and tonne-mile demand. The number of bulk carrier sailings through the Strait during the first three days of March fell to under a third of the levels seen in the previous week.
Sub-capesize segments are most exposed, with 7% of Supramax demand and 5% of Panamax and Handysize demand coming from voyages transiting the strait. Grains, iron ore and steel are the largest dry bulk commodities transported via the Strait to Persian Gulf ports. BIMCO warned that if disruptions persist, the dry bulk market could weaken as overland alternatives would be insufficient to meet current import needs.
On the other hand, Supertanker freight rates surged to all-time highs, with VLCC benchmark rates for the Middle East-to-China route reaching $423,736 per day. LNG tanker daily freight rates jumped more than 40% after Qatar halted production. Brent crude rose by up to 13% to $82 per barrel, amid fears of prolonged supply shortages that could push prices toward $100 per barrel. War-risk insurance premiums saw several insurers withdraw coverage entirely.
I. Key developments in the region
Other key developments include:
- Around 300 tankers remain in or near the Strait, according to Vortexa and Kpler
- Some vessels are being allowed to transit, while others remain restricted
- Iran has stated that vessels linked to the United States, Israel, European countries and their allies will not be permitted to transit the Strait, without mentioning Chinese vessels
The situation continues to create significant uncertainty for global shipping and energy markets.
Related Articles:
Container News 04/03 – Strait of Hormuz Crisis: Fatalities and insurance pull halt shipping
Reuters 04/03 – Trump's Hormuz shipping plan is too little, too late in race to avert energy shock
CNBC 03/03 – Oil supertanker rates hit all-time high as insurers drop war risk protection
Reuters 03/03 – Global oil and gas shipping costs surge as Iran vows to close Strait of Hormuz
CNBC 02/03 – The Strait of Hormuz crisis explained: What it means for global shipping
Lloyd's List 02/03 – Strait of Hormuz transits collapse as shipping's risk appetite is tested
Reuters 02/03 – Iran conflict disrupts global shipping as tankers are stranded, damaged
All About Shipping 01/03 – Statement by the IMO Secretary-General on the Strait of Hormuz
Rigzone 05/03 – Maritime Groups Comment on Middle East Situation
Xinhua 05/03 – IMO chief voices concern over safety of seafarers, passengers affected in Gulf
All About Shipping 02/03 – Statement from ICS, ECSA and ASA on situation in the Straits of Hormuz
BIMCO 04/03 - Strait of Hormuz disruptions currently impacting 4% of dry bulk market
BIMCO 03/03 - Remember the BIMCO War Risks Clauses
Safety4Sea 04/03 - Joint War Committee expands Listed Areas, raising premiums across the Gulf
NewMoney 02/03 - Strait of Hormuz: Shipping Faces the Most Serious Security Shock in Decades
IMO 01/03 - Statement on the Strait of Hormuz
SAFETY4SEA 06/03 - Strait of Hormuz is designated as a warlike operations area
4. European Commission Launches EU Industrial Maritime Strategy and EU Ports StrategyOn 4 March 2026, the European Commission unveiled two major policy initiatives aimed at strengthening Europe’s maritime sector: the EU Industrial Maritime Strategy and the EU Ports Strategy.
The initiatives target key areas of Europe’s waterborne economy, including shipbuilding, shipping, maritime equipment manufacturing and port infrastructure. Executive Vice-President Stéphane Séjourné highlighted the sector’s importance, stating that Europe’s maritime industries are essential for the EU’s sovereignty, security and strategic autonomy.
The EU Industrial Maritime Strategy aims to reinforce Europe’s maritime manufacturing ecosystem and ensure the EU remains a leading global maritime power. It supports the entire maritime value chain – from shipbuilding and equipment manufacturing to shipping, ports and offshore industries – while promoting innovation, sustainability and competitiveness.
The strategy focuses on three main objectives: strengthening the competitiveness of EU maritime industries, accelerating the decarbonisation of maritime transport and shipbuilding, and enhancing resilience and strategic autonomy in maritime technologies and supply chains.
Key initiatives include the creation of an EU Industrial Maritime Value Chains Alliance to strengthen cooperation between industry and public authorities, as well as the development of “Shipyards of the Future” through research programmes under Horizon Europe.
Decarbonisation is a central pillar of the strategy, with support for zero-emission vessels and alternative fuels such as hydrogen, ammonia and methanol, alongside the development of green port infrastructure and climate-neutral shipbuilding technologies. The strategy also promotes digitalisation and innovation, including smart shipping technologies, autonomous vessels and digital shipyards.
To address increasing global competition – particularly from China, South Korea and Japan – the EU aims to strengthen European shipbuilding capacity and maritime supply chains while supporting both commercial and defence-related shipbuilding.
The strategy was launched alongside the EU Ports Strategy, which recognises ports as critical hubs for trade, logistics, energy and military mobility. Measures include enhanced port security, improved information-sharing systems and upgraded surveillance. The Commission has already mobilised €200 million to strengthen customs scanning and container inspection at major EU ports.
Handling around 75% of the EU’s external trade by volume, the maritime sector is vital to the European economy and supports millions of jobs. The new strategies aim to combine industrial policy, climate goals and geopolitical security considerations to strengthen Europe’s maritime future.
Industry stakeholders welcomed the initiatives, with the World Shipping Council expressing support and the Union of Greek Shipowners (UGS) highlighting the recognition of shipping as a strategic pillar of Europe’s economy. UGS President Melina Travlos noted that the strategy comes at a critical moment for the EU amid shifting global geopolitical and economic dynamics.
Related Articles:
European Commission 04/03 – Commission launches Industrial Maritime Strategy
European Commission 04/03 – Commission unveils EU Ports Strategy
gCaptain 04/03 – EU Unveils Maritime Industrial and Ports Strategies
World Shipping Council 04/03 – WSC responds to EU Ports and Maritime Industrial Strategies
Marine Link 04/03 – EU Launches Industrial Maritime Strategy
5. New sulphur and nitrogen emission limits enter into force in the Canadian Arctic and the Norwegian Sea
As per the official announcement of IMO, on the 1st March 2026 the Canadian Arctic and the Norwegian Sea were officially designated as Emission Control Areas (ECAs) under MARPOL Annex VI. Ships operating in these waters must now meet stricter limits on nitrogen oxides (NOx), sulphur oxides (SOx), and particulate matter (PM). Within ECAs, the sulphur content in marine fuel is limited to 0.10%. The decision was adopted through Resolution MEPC.392(82) at MEPC 82 in October 2024.
The reduction of emissions from ships is expected to bring important health and environmental benefits. Lower levels of SOx and NOx help reduce air pollution associated with respiratory and cardiovascular diseases, while also limiting acidification that can harm forests, crops, and marine ecosystems. Cleaner air may also reduce haze at sea, improving visibility and supporting maritime safety.
The Canadian Arctic ECA expands the existing North American ECA to include all Canadian Arctic waters. Meanwhile, the Norwegian Sea ECA extends the North Sea ECA to cover Norway’s Exclusive Economic Zone (EEZ), including its fjords and coastal waters up to the Russian border.
With these additions, the number of ECAs under MARPOL Annex VI rises to seven, joining the Mediterranean Sea, Baltic Sea, North Sea, North American coastal area, and the United States Caribbean Sea ECA. Furthermore, MEPC 83 approved a proposal in April 2025 to designate the North-East Atlantic as another ECA, with formal adoption expected at MEPC 84 in April 2026.
Earlier regulations have already delivered notable results. Since January 2020, the global sulphur cap limiting fuel sulphur content to 0.5% outside ECAs has reduced total SOx emissions from shipping by approximately 70%.
Related Article:
6. Coalition of 87 Organisations Urges Swift Adoption of IMO Net-Zero Framework in 2026
On the 4th March 2026, a broad coalition of 87 maritime industry organisations, including major ports handling more than 340 million tonnes of cargo annually, clean-fuel producers and listed companies with a combined market value of approximately USD 140 billion, formally called on IMO Member States to adopt the Net-Zero Framework in 2026.
The coalition described the Framework as a decisive step toward eliminating greenhouse gas emissions from shipping by or around 2050. The call follows the IMO's decision in October 2025 to delay the planned adoption by one year. "Action now will create the market conditions necessary for new fuels and technologies," the statement said.
Related Articles:
Safety4Sea 04/03 – Organisations urge swift adoption of IMO net-zero framework in 2026
Maritime Carbon Intelligence 05/03 - Shipping groups urge IMO to approve net-zero framework in 2026
7. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 1: US Treasury Report for week 28/02/2026 – 06/03/2026
8. EU SANCTIONS LIST
Please note that no updates have been published this week regarding the EU Consolidated List or the EU Sanctions Map.
9. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 2: Worldwide Threat to Shipping (WTS) Report For the period between 4 February – 4 March 2026
Nothing important to report from ILO and the House of Representatives.