CUS NEWS REPORT FOR WEEK 40 OF 2026

As part of the event, on 29 September, Mrs Hadjimanolis participated as a speaker in the high-level plenary session entitled “Gateways to Europe and the World: Ports and the Maritime Sector in Transition.” The session provided an opportunity to address the key challenges and opportunities facing the European maritime sector amid evolving geopolitical developments and the ongoing energy transition, with particular emphasis on competitiveness, resilience and decarbonisation.

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The Cyprus Union of Shipowners (CUS) actively participated in the discussions, contributing the shipowners’ perspective on strengthening practical and commercial maritime cooperation between Cyprus and India. Discussions covered investment opportunities, maritime education and training, exchange of best practices and cooperation within the IMO. The Indian delegation also presented to CUS members opportunities for the construction of new vessels in Indian shipyards under favourable terms, opening potential new avenues for cooperation in shipbuilding and maritime investment.

As part of our Union’s ongoing efforts to address practical issues affecting our members, our CEO, Mr Michael Filippou, held a separate meeting with Mr Deependra Singh Bisen, Director General of Ports, Shipping and Waterways of India, together with the First Secretary of the Embassy of India in Cyprus.

During the meeting, our Union raised specific operational challenges encountered by Cyprus-flagged vessels calling at Indian ports, particularly at certain private ports where disproportionate fees and penalties may be imposed. The impact of such practices on our member vessels was highlighted, and the assistance of the Indian authorities was sought in addressing these concerns. The discussions focused on improving cooperation with the relevant Indian authorities and promoting smoother, fairer and more predictable port calls for Cyprus-flagged vessels trading with India.

CUS will continue to follow up on these matters with the relevant Indian authorities and promote opportunities that can benefit its members and further strengthen Cyprus–India shipping relations.

The Shipping Deputy Minister is expected to visit India in November accompanied by a Cyprus maritime business delegation. A Cyprus–India Maritime Business Forum will also be held in Mumbai. CUS members interested in participating have been informed through the relevant circular.

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Attachment 1: Circular - Maritime Business Delegation and Maritime Business Forum, Mumbai, India, 21 - 26 November 2026

The process concerns companies that have failed to pay the Annual Fee required under Article 391 of the Companies Law, Cap. 113, as amended by Law 25(I)/2024, for any year in which they were required to do so. Irrespective of the fact that the Annual Fee has been abolished from the 2024 tax year and onwards, the payment of previous annual fees for 2011 through 2023 remain legally mandatory. Therefore, companies with outstanding Annual Fees for any year between 2012 and 2023 will be published in the Official Gazette of the Republic for a period of three months, in accordance with Article 327(3)(c) of the Companies Law, Cap. 113. Following this period, the companies concerned may be struck off the Register, unless grounds to the contrary are established in the meantime.

Companies are therefore advised to review their Annual Fee payment status and take any necessary action without delay, where applicable, in order to avoid the potential consequences of deregistration.

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Discussions covered the security situation in the Strait of Hormuz, the Black Sea and the Red Sea, as well as digitalisation and cybersecurity, including the impact of new technologies on operational safety and seafarers. Members also examined the safe adoption of alternative fuels, including ammonia, hydrogen and methanol, developments relating to the IMO Net-Zero Framework and EU ETS, and future safety considerations for advanced modular nuclear reactors.

Operational and human factors were also addressed, including enclosed-space incidents, fatigue, crew welfare, hydrogen sulphide exposure, criminalisation of seafarers and suicide prevention. Environmental discussions focused on ballast water management, biofouling, marine plastics and plastic pellet transportation, alongside the implementation of the Hong Kong Convention on Ship Recycling.

Other topics included search and rescue and mixed migration and underwater radiated noise. Overall, the discussions highlighted the importance of ensuring that new regulatory and technological developments enhance safety and environmental performance while remaining practical for ships, crews and the wider maritime industry.

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b) An urgent appeal to help shape the future IMO Biofouling Convention

On the 1^st October 2026, BIMCO requested from its members to complete its biofouling survey as IMO Member States negotiate a proposed legally binding global Convention on biofouling management.

BIMCO emphasized the importance of the members complete its biofouling survey, since future requirements could affect how ships are inspected, cleaned, maintained and operated, including through potential obligations on assessments, cleaning, certification and enforcement. On this note, the survey seeks practical industry experience on biofouling management, inspections, cleaning, coatings, service availability and operational challenges.

Finally, BIMCO will use the responses as evidence in the IMO negotiations, helping to ensure that any future requirements are environmentally effective while remaining practical and workable for ships and crews. Therefore, its encourages its members to complete the survey as soon as possible.

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c) Remember the special BIMCO clauses for US and China port fees

Recent reports suggest that the US and Chinese reciprocal port fee measures may remain suspended until 10 January 2027, potentially avoiding their reintroduction in November 2026. However, according to BIMCO in an article dated 30^th September 2026, the longer-term position remains uncertain, as the underlying legislation and regulatory frameworks are still in place.

Therefore, BIMCO points out that, to help owners and charterers manage the potential contractual exposure, it has already developed two standard clauses, covering the respective US and Chinese port fee measures. The clauses are designed to:

• Allocate responsibility between owners and charterers if the relevant port fees become payable during the charter period.
• Clarify who bears the financial cost of any applicable port fees.
• Provide a contractual mechanism that can be incorporated into new or existing charter parties.
• Help parties manage the risk even while the measures remain suspended and their future status is uncertain.

What should members consider?

BIMCO advises owners and charterers with vessels trading between the US and China, particularly under charter parties extending beyond January 2027,  to review their contractual arrangements and consider how any future port fee liability will be allocated. The reported extension of the suspension provides short-term certainty, but the issue remains subject to further developments. BIMCO will continue to monitor the situation and provide updates as necessary.

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On 1 October 2026, the European Commission announced that, on the previous day (30.09.2026) the European Energy Exchange (EEX) published the revised 2027 EU ETS1 and the first 2027 EU ETS2 auction calendars.

The revised ETS1 calendar includes an additional 25 million allowances allocated to the Greek Decarbonisation Fund. The ETS2 calendar provides for the early auctioning of 2028 allowances and currently includes 140 million allowances allocated to the Social Climate Fund. Further adjustments to the 2027 ETS2 auction volumes are expected later this year as additional Member States finalise the implementation of the relevant surrender obligations and penalties in their national legislation.

In 2027, auctions under the common auction platform will take place as follows:

• ETS1: Starting 7 January 2027, on Mondays, Tuesdays and Thursdays, from 09:00 to 11:00.
• ETS2: Starting 18 January 2027, on Mondays, Tuesdays and Thursdays, from 13:00 to 15:00.

Members are advised to take note of the revised auction arrangements and monitor further updates to the 2027 auction volumes.

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According to reports issued by the United Kingdom Maritime Trade Operations (UKMTO), four vessels were struck by unknown projectiles on 28 and 29 September, with one incident resulting in a fire onboard, however, the crew members involved were reported safe. A further incident was reported on 1 October, when a tanker was struck by an unknown projectile while transiting the Strait, resulting in a fire. The crew was reported safe, while the extent of any damage and potential environmental impact remains under assessment. Despite the continuing security concerns, commercial shipping continues to transit the Strait, as recent data indicates that crude oil and LNG flows have increased, although certain refined-product movements remain constrained.

Iran’s Fars News Agency reported that warning shots were fired on Tuesday at vessels violating the Strait of Hormuz. It did not provide details on the incidents, however it said they accounted for the reports of explosions near Qeshm Island and other points along the coast. At the same time, an IRGC spokesperson, Brigadier General Hossein Mohebbi, repeated that Iran controls the Strait. The Wana News Agency quotes him saying vessels attempting to transit the Strait without Iran’s permission either will be targeted or will hit a mine.

In view of the latest incidents, members operating vessels in or near the Strait of Hormuz are advised to maintain heightened vigilance, conduct appropriate risk assessments and closely monitor the latest navigational and security guidance issued by UKMTO and other relevant authorities. The situation remains subject to change and members are encouraged to ensure that their vessels and crews remain appropriately prepared for any further developments affecting navigation and maritime operations in the region.

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UKMTO

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The listings also include the President of the Republic of Tatarstan, Rustam Minnikhanov, for facilitating the illegal deportation of Ukrainian children to camps located in his region, the Minister and deputy Ministers of Education and Science of certain occupied territories and the Minister of Sports and Tourism of the self-proclaimed Donetsk People's Republic.

The list of persons and entities added to the list can seen in the Annex of the Council Implementing Regulation (EU) 2026/2184.

Furthermore, on the same day, the Council adopted restrictive measures against ten individuals for supporting the repression of democratic opposition and seriously undermining democracy and the rule of law in Russia.

The list of persons and entities added to the list can be found in the Annex of the Council Implementing Regulation (EU) 2026/2195.

The listed individuals and entities are subject to an asset freeze and EU citizens and companies are forbidden from making funds, financial assets or economic resources available to them.

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The Minister for Europe Lord Wood of Anfield said “we are targeting both the revenues that help sustain Russia’s aggression and perpetrators of horrendous crimes against Ukrainian civilians, including children. The UK will not flinch in our support for Ukraine.”

As part of the UK’s work with international partners to support their transition away from Russian energy, existing licensing arrangements have been extended to cover LNG, on a targeted and time-limited basis, to support the Republic of Korea’s and Japan’s energy security.

The vessels sanctioned include three shadow fleet vessels, two vessels providing them with bunkering services and three Russian-owned ice-class vessels.

The sanctioned vessels can be seen in the Sanctions Notice of 1^st October 2026 (link below).

The eight ships will be subject to shipping and trade sanctions. 

Furthermore, on the same day, UK issued a General Trade License for the maritime transport of Liquefied Natural Gas (LNG) to South Korea, which authorises UK businesses to carry out certain activities prohibited under Russia (Sanctions) (EU Exit) Regulations 2019 (‘the Russia Regulations’). With this general licence, UK aims to ensure the continued energy security of South Korea while it reduces its reliance on Russian energy.

The licence only authorises UK involvement in South Korean imports of Russian LNG if: 

• the imports are from the Sakhalin-2 Project 
• they take place under a contract for the supply of LNG concluded before 17 June 2025 
• they take place between 1 January 2027, when the relevant regulations take effect, and 31 March 2028 

Users must notify the Office of Trade Sanctions Implementation (OTSI) and keep records of each act done under the authority of the licence. 

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Sanctions Notice

UK announces 31 new sanctions against Russia

The proposed cuts would bring relief to a wide range of goods, however, the White House has not yet specified the size of tariff reductions or when the cuts will be implemented. On the other hand, the Chinese Commerce Ministry said tariffs on around 90% of the products on each list would return to “most favored nation” levels, referring to ordinary baseline tariff rates that vary based on product.

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The Court found that the Commission had failed to set down an adequate threshold for methane slip emissions for international shipping and annulled the Commission’s refusal to review that part of the TSC.

The ruling means the Commission must revisit the relevant criteria and establish a measurable threshold for methane emissions from vessels. The decision places limits on the Commission’s discretion when setting environmental criteria under the EU Taxonomy Regulation, which defines which economic activities can qualify as environmentally sustainable.

The ruling does not remove shipping from the EU Taxonomy or establish that all LNG-fuelled vessels are automatically ineligible for sustainable investment, but requires the Commission to address a specific gap identified by the court concerning methane emissions.

The next step will therefore be for the European Commission to determine how the methane threshold is defined and incorporated into the Taxonomy framework and to set a quantifiable limit for methane slippage emissions from ships.

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