14th February 2026 - 20th February 2026
LOCAL NEWS
1. 9th Annual Capital Link Cyprus Shipping Forum
On Tuesday, 17 February 2026, the 9th Annual Capital Link Cyprus Shipping Forum was held at Columbia Plaza in Limassol. The forum was organised by Capital Link under the auspices of the Shipping Deputy Ministry of Cyprus and the Shipping Deputy Minister to the President, with the Cyprus Union of Shipowners (CUS) serving as the event’s Lead Sponsor for the 9th time in a row.
The event highlighted Cyprus’s strategic role as a hub for maritime, energy, and logistics, as well as its increasing importance as a destination for investment and business. The forum brought together renowned international speakers, delegates, and local industry leaders to discuss critical topics, including global shipping trends, financial and capital markets, geopolitical and regulatory developments, technological transformation, the management of technical and commercial fleets, and Energy developments in the Eastern Med area. The attendance in a panel of the Minister of Energy, Commerce and Industry, Mr. Michael Damianos, offered the audience the chance of an insightful update on the Energy priorities of the Republic of Cyprus and recent developments in key collaborations with major oil companies such as Chevron and ExxonMobil.
The Shipping Deputy Minister to the President, Mrs. Marina Hadjimanolis, expressed in her remarks her gratitude for attending the forum for the fourth consecutive year. She emphasised the importance of such events and reiterated the government’s firm commitment to supporting and strengthening the shipping sector, recognising its vital contribution to the Cypriot economy and to global trade.
A keynote address was delivered by Mrs. Elissavet Vozemberg-Vrionidi, Chair of the European Parliament's Committee on Transport and Tourism (TRAN), who warned that European shipping is at a "turning point" and called for coordinated EU action to safeguard the sector's competitiveness. She outlined three policy priorities – connectivity, competitiveness, and climate neutrality – emphasising the need for a level playing field, reduced bureaucracy, investment in seafarer skills, and realistic decarbonisation targets. Mrs. Vozemberg also expressed confidence that the Cypriot EU Council Presidency will deliver meaningful results for the maritime sector.
Our Union played a central role in the conference, not only as Lead Sponsor but also as key arranger of the panels and the topics discussed.
The highlight of the forum was the closing Shipowners’ Panel, moderated by Mr Leonidas Karystios of DNV Maritime, and featured several prominent members of CUS. The panel addressed the current regulatory framework and its implications for competitiveness, the rapidly evolving maritime landscape, including the impact of Artificial Intelligence, ship management, and access to finance, and crew safety and well-being. In particular:
Mr. Aristides Pittas emphasised that the industry is entering a more complex phase, shaped not only by market cycles but by the simultaneous accumulation of uncertainties – emissions regulations, fuel availability and cost, geopolitical shifts and historically high shipbuilding prices. He underlined the importance of adaptability over prediction, noting that investing in LNG-ready vessels allows companies to manage exposure while preserving strategic optionality. He also stressed financial discipline, warning against overinvestment during a period of elevated newbuilding prices. Drawing on the example of tennis champion Roger Federer – who won only 54% of the points he played – he argued that success in shipping, too, comes from making slightly more right decisions than wrong ones over time.
Mr. Andreas Hadjiyiannis emphasized that the shipping industry operates within an almost perfectly competitive environment, which he described as “the answer to everything the world needs,” including the effort to reduce greenhouse gas emissions. He explained that in the 1970s, a vessel of about 12,500 DWT sailing at 12 knots consumed over 20 tonnes of fuel per day. Today, through competition alone – without any regulatory intervention – a modern Capesize vessel of 182,000 DWT travelling at the same speed consumes roughly the same amount of fuel. This improvement translates into an approximate 90% reduction in emissions per ton mile.
Mr. Hadjiyiannis also noted that the European Parliament’s initiative to include shipping under the EU Emissions Trading System (ETS) originated from the fact that many European factories were still burning coal and needed incentives to transition first to fuel oil, then to electricity, and eventually to renewable energy, or the alternatives already existing, available and in use. Shipping, however, made the shift from coal to fuel oil more than a century ago. The above two facts, he argued, clearly demonstrate that the shipping industry does not require external intervention to improve its environmental performance – its competitive nature already drives continuous efficiency gains unprecedent to any other industry.
He further stressed that when the European Union finally decided to include shipping in the ETS, it rightly recognized that the scheme should apply to the commercial operator, who is the only party capable of influencing emissions. A charterer transporting, for example, grain to Germany can choose whether to source it from nearby France or Ukraine, or from farther away suppliers such as Canada, the U.S. Gulf, Argentina, or even Australia. That operator also decides the vessel’s route—via the Cape of Good Hope, the Panama Canal, or the Suez Canal—as well as the speed and type of fuel used. These decisions, determining voyage distance and operational parameters, account for roughly 99% of the total emissions associated with the transport of that cargo.
On these clear and logical grounds, Mr. Hadjiyiannis said, the EU rightly identified the commercial operator – not the ship or the shipowner—as the true “polluter.” Any attempt to place this responsibility on the vessel or the owner, he warned, is misguided and reflects lobbying interests unrelated to shipping. He concluded by urging policymakers to take into account the true facts and not to undermine European shipping’s competitiveness or burden European consumers, who ultimately will bear the cost of such misguided policies.
Mr. George Mouskas described the current environment as a structural transition and pointed out the risks associated with high newbuilding prices and long delivery timelines, particularly in an environment marked by geopolitical uncertainty and fuel transition. He advocated for financial prudence and selective participation in the second-hand market, while emphasising that improvements in energy efficiency – through design, engines and operational optimisation – remain the most realistic path forward. He further noted that some environmental levies may serve primarily as a revenue-raising mechanism for heavily indebted European governments and called for a pragmatic rethink by policymakers. He stressed that maintaining strong liquidity is essential in times of heightened uncertainty and that crew safety and well-being must remain at the core of operational decision-making.
Mr. Polys Hajioannou reflected on the strong markets of the past five years but acknowledged that the current environment involves increased commercial and geopolitical risk. Referring to security developments affecting key sea lanes, he highlighted the importance of managing risk exposure, noting that Safebulkers diverted seven vessels from the Red Sea area back in Dec/2023, even at the cost of displeasing charterers at the time. Regarding investments in alternative fuel vessels, he described his company's measured approach to methanol dual-fuel vessels, explaining that the company has ordered two dual-fuel units at a modest premium, significantly less than the cost of LNG dual-fuel option. He noted that two Chinese green methanol mega projects are being built in Shenzen area and one in Inner Mongolia, for bio and green methanol production, with China targeting domestic shipping carbon neutrality by 2030. He added that manageable exposure in dual-fuel vessels allows the company to benefit as soon as the fuel matures without risking its financial position if the process delays further.
Moreover, the discussion touched on the transformative potential of Artificial Intelligence in ship management and operational efficiency, as well as the broader structural transition facing global shipping. Participants agreed that regulatory complexity, technological change, and fuel uncertainty are redefining the competitive landscape. From different perspectives, all four shipowners converged on a shared conclusion: the sector is entering a period where strategic flexibility, capital discipline, and careful risk management will determine competitiveness.
In conclusion, the 9th Annual Capital Link Cyprus Shipping Forum successfully showcased the evolving dynamics of the global shipping industry, providing valuable insights into both its challenges and opportunities. Through its sponsorship and the substantive participation of its members, the Cyprus Union of Shipowners reaffirmed its leading role in shaping strategic dialogue and supporting the sustainable and competitive development of the sector.
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BureauVeritas 18/2 - 9TH ANNUAL CAPITAL LINK CYPRUS SHIPPING FORUM
INTERNATIONAL NEWS
2. U.S. Considers Port Fees on Foreign-Built Vessels
The United States is evaluating a proposal to introduce port fees on foreign-built ships, as part of a broader strategy to support domestic shipbuilding and strengthen maritime capabilities. According to America's Maritime Action Plan, which was released on the 13th February 2026 by the White House, the measure could take the form of a cargo-based fee applied to vessels constructed outside the U.S.
Preliminary figures suggest a potential range of $0.01 to $0.25 per kilogram of cargo, with revenues directed toward a proposed maritime security fund.
Industry stakeholders have raised questions regarding the potential impact of the policy on shipping costs and trade flows.
Shipping associations note that a large share of vessels calling at U.S. ports are foreign-built, meaning the measure could apply broadly across multiple segments, including container, bulk, and tanker trades. The International Chamber of Shipping (ICS) voiced its opposition to the proposed fees saying they “would represent a substantial additional cost burden on maritime transport”.
Concerns highlighted include:
- Possible increase in transportation costs
- Implications for supply chain efficiency
- Potential responses from international trading partners
If implemented, the proposal could influence several areas of the shipping market:
- Freight rates: Additional costs may be reflected in pricing structures
- Routing decisions: Operators may assess network adjustments depending on cost exposure
- Investment signals: The policy may support domestic shipbuilding over time
The release of the US Maritime Action Plan floated port fees would impact virtually international shipping calling America. Plan proposes a new set of fees which would be of much wider impact than the USTR port fees as they would cover all internationally built vessels calling the US ports. These fees would impact the vast majority of ships calling with the only exceptions being those built under the Jones Act; however, those operate mainly on domestic trades.
In its weekly newsletter container shipping analyst Alphaliner said that at the low end the charges add several hundred thousand dollars per string, and several millions at the high end. “The latter would far exceed the USTR fees,” it noted.
At this stage, the proposal remains under discussion and its final structure and timeline are yet to be confirmed.
Related Articles:
Trump administration releases Maritime Action Plan aimed at resurrecting US shipbuilding | Reuters
Argus 17/02 - US proposes wide-ranging foreign vessel fees
Ship & Bunker 17/02 - Proposed US port fees could reshape shipping costs
Seatrade Maritime 17/02 - ICS opposes proposed US port fees
Riviera 16/02 - Maritime Action Plan overview and implications
Hellenic Shipping News 18/02 - US plans new port fees – industry concerns
Seatrade Maritime 20/02 - Trump’s Maritime Golden Age could prove costly for shipping
3. BIMCO ETS Clause for MOAs 2025: Key Takeaways
On the 16th February 2026, BIMCO published an overview of the newly adopted Emissions Trading Scheme (ETS) Clause for Memoranda of Agreement (MOAs) 2025.
As stated in the overview, the Clause addresses the allocation of responsibilities between buyers and sellers in ship sale and purchase transactions and is intended for use in connection with emissions trading schemes and applies on a global basis, including but not limited to the EU ETS.
Under the clause, responsibility for emissions is divided based on the timing of delivery:
- The seller is responsible for emissions, reporting, and surrender of allowances up to the point of delivery
- The buyer assumes responsibility for emissions and compliance obligations from delivery onwards
BIMCO points out that the clause also includes provisions relating to the calculation and verification of emissions, as well as the handling of allowances and associated liabilities between the parties.
Related Articles:
BIMCO 16/02 - An overview of BIMCO’s Emissions Trading Scheme Clause for Memoranda of Agreement 2025
4. IMO welcomes entry into force of the Beijing Convention
The IMO announced the entry into force of the the United Nations Convention on the International Effects of Judicial Sales of Ships, known as the Beijing Convention on the Judicial Sale of Ships, which establishes a framework for the cross-border recognition of judicial sales.
The convention, which was developed by the United Nations Commission on International Trade Law (UNCITRAL) and entered into force on the 17th February, provides that a ship sold through judicial proceedings in one State Party will be recognised in other participating countries.
It also introduces provisions for the transfer of ownership with a “clean title”, meaning the vessel is free from prior claims, mortgages or liens.
Information on judicial sales, including notices and certificates, will be made available through the IMO’s GISIS platform.
The convention has entered into force for Barbados, El Salvador and Spain, with additional States expected to join over time.
Related Articles:
IMO 17/02 - IMO welcomes entry into force of the Beijing Convention
UN 17/02 - The Beijing Convention on the Judicial Sale of Ships Enters into Force
Containers News 18/02 - IMO welcomes entry into force of Beijing Convention
Safety4Sea 17/02 - Beijing Convention on the Judicial Sale of Ships enters into force
5. BIMCO Documentary Committee to convene on 25 February for adoption of key contracts and clauses
On Friday, 20th February 2026, BIMCO announced on its website that BIMCO’s Documentary Committee is scheduled to meet online on 25 February 2026 to review and potentially adopt a series of new and updated biofuel and ETS clauses and a revised shipping contract form.
According to BIMCO’s statement, the agenda reflects ongoing efforts to align contractual frameworks with regulatory developments and operational changes across the industry.
Among the main topics to be reviewed:
- Biofuel Clause for Time Charter Parties
Designed to support the use of alternative fuels, the clause includes provisions on fuel standards, testing, storage, and operational handling, as well as adjustments to performance warranties when biofuels are used, including mechanisms to adjust speed in such cases - ETS Clause for BARECON (bareboat charters)
This clause provides a framework for allocating responsibilities related to emissions compliance under schemes such as the EU Emissions Trading System (EU ETS), with flexibility for parties to define responsibility between owners and charterers. - Updated Norwegian Sale Form (NSF)
A revised version of one of the most widely used ship sale agreements will also be presented for adoption.
The developments form part of BIMCO’s broader work to update standard contracts in response to decarbonisation requirements and evolving regulatory frameworks. Recent initiatives include clauses addressing emissions trading schemes and FuelEU Maritime regulations, reflecting the growing need for clear allocation of responsibilities and compliance obligations in commercial agreements.
The outcome of the upcoming meeting may therefore provide further clarity on how the industry is adapting contractual structures to support energy transition and regulatory compliance.
Related Articles:
Ship & Bunker 20/02 - BIMCO to Consider Adoption of Biofuel Clause for Time Charters
6. Legal, operational and safety risks for shipping in the Strait of Hormuz, as tensions between the United States and Iran continue to escalate
On the 17th February 2026, Iranian state media reported a partial closure of the Strait of Hormuz. Despite recurring rhetoric from Tehran about the ability to close Hormuz, a sustained blockade remains unlikely in the near term. Analysts say Iran continues to rely on calibrated disruption, warnings and temporary restrictions, to remind global markets of its leverage and exaggerate the threat it poses to the free flow of traffic through the Straits of Hormuz, however, not only do the IRGC hardliners not follow through, but it is significant that the regular Iranian Navy is not playing a part in these effort.
Despite the fact that no complete closure has occurred to date and ongoing diplomatic efforts, tensions between the United States and Iran continue to escalate. The tension, caused regional naval monitoring to intensify as both sides sought to signal resolve without crossing into open conflict. For commercial shipping, the real impact lies not in a dramatic stoppage of traffic but in the accumulation of uncertainty. A few hours of restricted navigation may not halt flows, but it sharpens scrutiny from underwriters, raises the prospect of higher premiums and encourages charterers to reassess routing risk.
As tensions are rising, tankers are speeding up to leave the Persian Gulf. The US Department of Transportation Maritime Administration has already issued guidelines to US-flagged commercial ships to keep distance from Iran’s territorial waters and reject Iranian forces’ permission to board ship.
While Iran closed the Strait of Hormuz for a few hours on Tuesday, 17th February 2026, the Greek Ministry of Maritime Affairs and Insular Policy sent recommendations to Greek ships transiting the Strait of Hormuz to be particularly careful of misleading instructions via VHF, increased electromagnetic interference and serious incidents of GPS jamming.
According to information from Naftemporiki, in the context of the constant and responsible information of the Greek shipping community for any incident or development that may affect the safety of navigation, the Ministry of Maritime Affairs and Insular Policy is on constant operational alert. The ministry collects data from local operational centers, international bodies, ships operating in the region, as well as from the international press, which it evaluates and transmits in a timely manner to the shipping community, accompanied by targeted recommendations. The aim of this process is to provide timely warning to ships and enhance operational readiness, with the main priority being the protection of seafarers and the safe conduct of navigation in areas of increased risk.
Furthermore, according to Marine Insurer Skuld, the ongoing tension and hostilities in the region has considerable charterparty implications, including potential closure of the Strait and risks posed by AIS and GPS jamming and spoofing. Skuld points out that many charterparties contain express war risks clauses, most commonly versions of the BIMCO CONWARTIME and VOYWAR clauses.
If Iran were to blockade the Strait, this action would fall under the definition of “war risks” in the CONWARTIME clause, triggering associated consequences, while Iran’s threats to attack US-connected vessels transiting the Strait would similarly constitute a “war risk.”
Certain charterparty clauses grant owners the right to refuse to proceed to or through any area where, in the reasonable judgement of the master or owners, the vessel, crew, or cargo may be exposed to war risks. The CONWARTIME 2004 clause permits refusal if, in the reasonable judgement of the master or owners, the vessel, cargo, or crew may be exposed to war risks. Owners should undertake necessary enquiries, such as independent voyage risk assessments and liaising with flag state representatives and enquiries with relevant agents.
Furthermore, most charterparties include provisions that the vessel will only proceed to safe ports or berths. The assessment of port safety extends beyond physical threats to the vessel and crew to include legal and political risks, such as arbitrary detention, which has recently occurred on several occasions in Iran.
Skuld also points out that if vessels cannot safely transit the Strait of Hormuz for a prolonged period, the charterparty may be frustrated. Frustration arises if circumstances radically alter contractual obligations, making it unjust to enforce them.
Related Articles:
Skuld 20/02 - US and Iranian tensions: Charterparty implications
7. Southern EU nations warn of risks to shipping competitiveness
Further to our Union’s previous reports on this issue, Malta has now joined the Mediterranean alliance led by Greece and Cyprus ahead of crucial talks on maritime decarbonisation, as southern EU shipping powers push for a slower transition at the International Maritime Organisation (IMO), reflecting growing divisions within the bloc.
As per the latest information, two more Mediterranean countries, Italy and Spain, seem to be converging with them, while France is taking a wait-and-see attitude.
According to shipping sources, the group is advocating a more gradual transition, technological neutrality and the avoidance of measures undermining competitiveness of the European fleet.
This places the Mediterranean capitals at odds with northern states such as Germany and Denmark, which favour faster binding measures.
On Wednesday, 18th February 2025, US President Donald Trump lauded Athens for siding with Washington in its opposition to the IMO mandate for clean shipping fuels. “We appreciate Greece’s courage in abstaining on IMO’s adoption of the Net-Zero Framework”, Trump stated.
Related Articles:
Cyprus Mail 17/02 - Southern EU nations warn of risks to shipping competitiveness
Euractiv 18/02 - Trump praises Greece's 'courage' for opposing net-zero shipping deal
Η ΝΑΥΤΕΜΠΟΡΙΚΗ 16/02 - Ευρωπαϊκή Ένωση: Ενώνει τον Νότο έναντι του Βορρά η μάχη για τη ναυτιλία
8. EU countries at odds over new Russia sanctions as deadline for 20th Sanctions Package nears
Further to our Union’s previous reports on this issue, the European Union's new round of sanctions against Russia is still up in the air after ambassadors failed to reach a deal during a meeting on Friday, 20th February 2026.
According to diplomats familiar with the process, the main point of contention is the full ban on maritime services for Russian oil tankers. The said diplomats said that EU maritime powers Malta, Cyprus, Greece, and Spain have been unhappy about plans to introduce a full marine services ban on Russian ‘shadow fleet’ oil tankers, seeking an EU deal with other countries in the G7 club, which also includes Canada, Japan, the UK, and the US, before they gave the green light.
However, the Maltese foreign ministry, indicated on Thursday, 19th February 2026, that there was a looming breakthrough. “Our latest position is that we are fine with the [EU] proposal as it is currently on the table. I confirmed internally just now,” a Maltese diplomat said.
On the other hand, a new obstacle to the approval of the new sanctions package may have appeared, as Hungary and Slovakia are leveraging their vetoes on the EU's 20th sanctions package in order to ensure that Russian oil still flows to them either via the damaged Druzhba pipeline or through Croatia.
Several European diplomats confirmed Hungary and Slovakia have signaled they put in a so-called general reserve on the sanctions package. This means Budapest and Bratislava will require extra information or reassurances that their demands on oil flows will be respected before they give their go-ahead for the package.
It is unclear when ambassadors will meet again to attempt to bridge the outstanding differences. Foreign affairs ministers are set to gather in Brussels on Monday, 23rd February 2026, with Russia's war of aggression as the first item on the agenda.
"Next Monday, we aim to adopt the 20th sanctions package against Russia," High Representative Kaja Kallas said on Friday, 20th February 2026.
Related Articles:
Euronews 20/02 - EU countries still at odds over new Russia sanctions as deadline nears
EUobserver 19/02 - EU racing to agree more Russia sanctions for Ukraine-invasion anniversary
9. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 1: US Treasury Report for week 14/02/2026 – 20/02/2026
10. EU SANCTIONS LIST
Please note that no updates have been published this week regarding the EU Consolidated List or the EU Sanctions Map.
11. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 2: Worldwide Threat to Shipping (WTS) Report 20/2: For the period between 21 January – 18 February 2026
Nothing important to report from ECSA, ILO and the House of Representatives.