CUS NEWS REPORT FOR WEEK 42 OF 2026

In Tokyo, Ms Hadjimanolis participated in the 5th Capital Link Japan Maritime Forum, where she discussed leadership, policy, competitiveness and international cooperation. She also took part in a dedicated event organized by the Deputy Ministry of Shipping to showcase the Cyprus Flag and Cyprus as an international shipping centre, while promoting new partnerships with the Japanese shipping and business communities. At the same event, the President of Cyprus Union of Shipowners, Mr Polys V. Hajioannou, delivered the opening address at the “Cyprus Ship Registry” reception. During her speech, Ms. Hadjimanolis emphasized that the close cooperation between the Shipping Deputy Ministry and the wider shipping community is one of the foundations of the strength and continued development of the Cyprus Ship Registry.

In Shanghai, she participated in the North Bund International Shipping Forum, the 10th Annual Capital Link International Shipping Forum and the opening of Shanghai Pudong International Shipping Week. She also held contacts with shipowners, shipping companies, shipyards and business representatives, seeking to deepen cooperation and strengthen Cyprus’ presence in one of the world’s leading maritime markets.

Next week, Mrs Hadjimanolis will visit the Republic of Korea to participate in the 2026 World Maritime Day Parallel Event and Korea Maritime Week.

These visits form part of Cyprus’ broader strategy to expand its presence in key Asian markets, foster new business opportunities and international partnerships, enhance the competitiveness of the Cyprus Registry, and reinforce the country’s position as a leading international shipping centre.

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• Shipowners and charterers to agree on the allocation of costs, time and benefits associated with installing energy-saving equipment during a time charter.

Beyond these two newly adopted solutions, BIMCO is also advancing work on several other contractual documents to address emerging regulatory, operational and commercial needs across the shipping industry.

These include a proposed EU Tanker Sale and Resale Restrictions Clause, developed in response to sanctions affecting tanker sales, and a proposed Clause for the Carriage of Electric Vehicles, which addresses the growing safety, operational and commercial considerations associated with transporting electric vehicles by sea.

BIMCO is also revising HEAVYLIFTVOY, its voyage charter party for the mid-sized heavy-lift sector. The revision focuses on loading and discharge, notice of readiness, laytime, detention and waiting time, while updates are also underway for the accompanying bill of lading and a new sea waybill is being developed to provide greater flexibility.

According to BIMCO, digitalisation remains another priority. BIMCO is reviewing the Electronic Bills of Lading Clause 2014 to reflect current legislation and market practices, support the wider adoption of electronic documentation and accommodate future technological developments. In parallel, the committee is developing a Just in Time Arrival and Virtual Notice of Readiness Clause to improve voyage planning, reduce unnecessary waiting at ports and help lower fuel consumption and emissions.

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Iran’s new tactics include targeting vessels it considers in violation of its restrictions, changing the type and frequency of its attacks. In particular, the Islamic Revolutionary Guard Corps (IRGC) began using unarmed spotters in small boats to identify potential targets, including US naval vessels. US forces reportedly destroyed a vessel used by Iranian spotters in a recent incident. Tehran is also extending its operations beyond the Strait of Hormuz into the Gulf of Oman and waters off Qatar and the United Arab Emirates. On Tuesday, 13^th October 2026 Iran’s Navy said it has deployed operational units in a new formation “east of the Strait of Hormuz and across the Sea of Oman and the Arabian Sea, after identifying a tanker that sustained damage and caught fire”. The navy said these units would maintain “real time surveillance of enemy activities and maritime traffic in the region”. It also warned vessels not to switch off their transponders and urged them to coordinate with Iranian armed forces for safe passage through the area. Ships remain exposed to "indiscriminate attacks" in the Strait of Hormuz, even if they try to hide their movements by switching off tracking systems, a maritime monitor warned Thursday 15^th October 2026, confirming three strikes on vessels in the waterway this week.

Iranian officials have warned that the strait could soon face a complete closure, with the aim of preventing vessels that violate Iran’s restrictions from passing through. On Friday, 16 October 2026, a spokesman for Iran's army said that the Strait of Hormuz will reopen if the U.S. leaves the Middle East,

In response, Washington is pursuing a combination of military and economic pressure. The US has maintained its naval blockade of Iranian ports and extended sanctions to force Tehran towards an agreement to end the conflict. President Donald Trump has also been considering further action against Iran, while signalling that he would not launch another attack before the midterm elections. The Strait of Hormuz remains a critical vulnerability for global energy supplies. Attacks on commercial vessels, elevated war-risk insurance premiums and restrictions on maritime movements have reduced shipping capacity and driven up freight costs. The US Navy-led Joint Maritime Information Centre continues to classify the threat to merchant shipping in the strait as severe.

These disruptions are also affecting oil markets and trade flows beyond the region. Higher transportation costs have made US crude exports less competitive, while uncertainty over supply has increased pressure on global energy prices. Although some vessels continue to transit the strait, the threat of further attacks and a potential closure make a return to normal shipping increasingly uncertain. The economic consequences are also spreading beyond the energy sector, with higher fuel and transport costs  adding to inflationary pressures.

Finally, the immediate outlook depends on whether Iran continues to expand its maritime campaign and whether US military and economic pressure can bring Tehran to the negotiating table. For now, the combination of attacks, restricted shipping, higher insurance costs and limited tanker availability is sustaining uncertainty across global energy markets. Even if Washington eases sanctions on selected vessels, the measure is unlikely to restore shipping capacity quickly. According to experts, a prolonged disruption in the Strait of Hormuz would risk keeping oil and freight prices elevated, intensifying inflation and extending the economic impact of the conflict from energy markets to food production and global trade.

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Attachment 1: Reuters 14/10 - Iran shifting tactics to step up attacks on shipping before US vote, officials say

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Attachment 4: Reuters 15/10 - US plan to ease shadow fleet sanctions unlikely to free up many tankers, analysts say

Attachment 5: Reuters 15/10 - US plan to ease shadow fleet sanctions unlikely to free up many tankers, analysts say

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The package specifically targets mid-level suppliers that represent the “core” of the Russian military industry. The listed companies are suppliers of key components to some of Russia’s most advanced weapons systems including missiles, UAVs and aircrafts. Such key components include: electronics, including semiconductors, microcircuits and computers; communication equipment including radars, antennas and transceivers; aviation, satellite and missile systems; explosives and ammunition and optics and navigation systems.

Those listed under this sanctions’ regime are subject to an asset freeze and the provision of funds or economic resources, directly or indirectly, to them or for their benefit is prohibited.

On a separate note, on Thursday, 15^th October 2026, the European Council adopted additional restrictive measures against three individuals and nine entities involved in the import of sanctioned goods to Russia, and in the circumvention of EU sanctions related to oil and financial transactions.

The list of the sanctioned persons can be found in the Annex of Council Implementing Regulation (EU) 2026/2333 of 15 October 2026 implementing Regulation (EU) No 269/2014 concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (including the list of sanctioned individuals and entities).

Kaja Kallas, High Representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council stated “circumventing EU sanctions is akin to aiding and abetting Russia’s illegal war of aggression. Today we are taking further action against individuals and companies who are doing this. Sanctions have already denied Moscow over one trillion euro, but they can be even more effective when we fully enforce them. We will continue to make it harder and more expensive for Russia to continue its war”.

It should be noted that the Council targeted the circumvention of oil-related EU sanctions, by imposing sanctions on entities based in the United Arab Emirates, India and the Seychelles.

Those listed under this sanctions regime are subject to an asset freeze, and the provision of funds or economic resources, directly or indirectly, to them or for their benefit is prohibited.

The Cyprus Union of Shipowners will continuously monitor in close cooperation with the Cyprus Authorities how these developments will affect European and national laws and regulations.

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Meanwhile, according to media reports, the US is considering easing sanctions on shadow fleet vessels. These vessels have carried oil and petroleum products from countries including Russia, Iran and Venezuela. On Wednesday, 14^th October 12026, a US official said the Trump administration is considering easing sanctions on so-called shadow fleet vessels that have transported oil and petroleum products from countries including Russia, Iran and Venezuela, in an effort to reduce record-high global freight rates. The proposal would allow previously sanctioned vessels to carry oil that the US has not sanctioned. Russian and Iranian oil would remain under sanctions. Companies would have to apply to the US Treasury Department to use the vessels.

The talks follow the US’s decision to issue a general licence authorising the supply of Russian diesel fuel until 7 April 2027.

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According to the signatories, securing such agreements is essential to unlocking investment in e-fuel production, which remains capital-intensive and will need to scale up significantly to meet the maritime sector’s long-term greenhouse gas (GHG) reduction targets.

The letter calls on EU lawmakers to introduce two changes:

1. Earmark a significant share of allowances for e-fuels

The signatories recommend reserving a substantial portion of SMAP allowances specifically for e-fuels. This would help direct financial support towards long-term decarbonisation solutions, including e-fuels produced in Europe, rather than allowing the mechanism to focus predominantly on alternative fuels and technologies already available on the market.

2. Introduce a book-in-advance mechanism

The letter also calls for a mechanism allowing shipping companies to book support in advance for e-fuel use. Such a provision would provide greater certainty to both fuel buyers and producers, helping shipping companies commit to long-term offtake agreements and improving the financial viability of production projects.

The appeal comes as negotiations on the ETS file continue, with industry stakeholders urging EU lawmakers to strengthen SMAP’s provisions to ensure the mechanism supports fuels capable of delivering long-term decarbonisation.

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