23rd August 2025 – 29th August 2025
LOCAL NEWS
1. Verification of Beneficial Ownership Information in the Beneficial Ownership Registry System for the Year 2025 and Campaign for Updating Company Registry Information
On August 25 and 27, 2025, the Department of Registrar of Companies and Intellectual Property (DRCIP) announced that, from October 1 to December 31, 2025, all companies incorporated or registered under the Companies Law (Cap. 113), European Public Limited Companies (SE), and Cooperatives (collectively referred to as "Organizations") must update and confirm the details of their Ultimate Beneficial Owners (UBOs), senior management, or conduct due diligence as applicable, in the Register of Ultimate Beneficial Owners (RUBO) system. Failure to comply with this requirement may result in fines up to €5,000. Special attention is required for public companies, which, while not obligated to submit the share transfer and shareholder information update form (HE57), must still file their annual reports to ensure the shareholders' registry is up to date. Updating company details aims to maintain transparency and the effective functioning of the corporate system. Any failure to meet these obligations will lead to enforcement actions under the Companies Law, Cap. 113.
Any initial registration, change, or action in the UBO system between October 1 and December 31, 2025, must be confirmed by December 31, 2025. Note that confirmation is required only once during this period. If any changes occur after confirmation, no additional confirmation is necessary. For any questions or further information, please visit:
Related Articles:
ROC 27/08 - Campaign for Updating Company Registry Information
INTERNATIONAL NEWS
2. EU Commission: 19th Package of Sanctions against Russia is coming
On the 28th August 2025, the European Commission published a Statement of President von der Leyen condemning the previous day’s attacks on Kiev and reiterating the Union’s intension to exercise maxim pressure on Russia.
“That means tightening our sanction regime. We will come forward soon with our 19th package of hard-biting sanctions. In parallel, we are advancing the work on the Russian frozen assets to contribute to Ukraine's defence and reconstruction”, Ms. von der Leyen stated.
Ahead of the Meeting of the EU Ministers of Foreign Affairs, which will take place on Saturday, 30th August 2025, the Danish presidency of the EU Council prepared a four-page document with several questions to stimulate the nascent debate and send political signals on where to go next.
The paper, seen by Euronews, name-checks Russia's oil, gas, financial and cryptocurrency sectors as potential targets, together with the "shadow fleet" that Russia employs to bypass the G7 price cap and the use of tariffs to stifle bilateral trade.
Its most notable suggestion, though, is the activation of the "Anti-Circumvention Tool" that the bloc introduced two years ago to punish countries that help Russia get hold of the critical goods and materials forbidden by the West.
Officials in Brussels have also shown interest in Washington’s push for a joint front against Chinese and Indian entities. Beijing and New Delhi, the two largest consumers of Russian oil, have been a lifeline for Moscow during the war.
According to Vladyslav Vlasuk, the Ukrainian President’s commissioner for sanctions policy, the new package should also target the vessels themselves – and their frequent ports of call, including, for instance, those in Turkey and India. The same applies to captains and brokers who facilitate circumvention.
However, it seems that what Brussels will include (and exclude) in the 19th package is far from clear.
Related Articles:
European Commission 25/8 - Statement by the President: Russia's strikes on Kyiv
Euractiv 29/8 - Europe’s sanctions on Russia don’t bite
BBC 29/8 - European leaders outraged after Russian strikes kill 23 and damage EU's HQ
Euronews 29/8 - Will the EU finally dare to trigger its nuclear option to sanction Russia's allies?
BSt Europe 22/8 - EU Prepares 19th Sanctions Package Against Russia’s War Economy
3. How to prepare for PSC Inspections on Ballast Water Management
From 1 September to 30 November 2025, Port State Control (PSC) authorities under the Paris MoU and Tokyo MoU will conduct a joint Concentrated Inspection Campaign (CIC) focused on Ballast Water Management (BWM). This particular CIC will focus on verifying ships' compliance with the Ballast Water Management Convention (BWMC), specifically the D-2 discharge standard, which mandates that ships treat ballast water to prevent the spread of invasive aquatic species.
Key Areas of Inspection:
- Compliance with the International Ballast Water Management requirements;
- Validity and adequacy of the Ballast Water Management Plan;
- Accuracy and maintenance of the Ballast Water Record Book;
- Proper functioning of the Ballast Water Management System (BWMS);
- Implementation of Ballast Water Sediment Management practices;
- Crew familiarisation with BWM procedures;
- Review of any applicable exemptions.
As of September 2024, all vessels engaged in international trade are required to operate type-approved BWMS capable of removing or neutralising harmful aquatic organisms and pathogens. Despite regulatory compliance on paper, operational effectiveness of BWMS remains a challenge in practice, even when systems are installed, maintained, and operated as per official guidance. The CIC aims to identify and address deficiencies at an early stage, promote enforcement consistency, and ensure that ships meet mandatory BWM requirements to safeguard marine ecosystems.
Related Articles:
BIMCO 22/08 - CIC 2025: How to prepare for PSC inspections on Ballast Water Management
BIMCO 25/08 - How to prepare for PSC inspections on Ballast Water Management
4. First-Time Payments for CO₂ Emissions Under the EU ETS: The First EU ETS ‘Bill’ for Shipping Reaches $2.9 Billion - Surge to $7.5 Billion in 2026
The shipping industry’s participation in the European Union Emissions Trading System (EU ETS) is now being fully implemented, as the industry prepares for its first carbon allowance payments under the EU ETS, which are due in September 2025.
Under the EU ETS, shipping companies must surrender emission allowances (EUAs) covering 40% of their 2024 CO₂ emissions by September 30, 2025. With allowance prices set at €70 per tonne, the total financial burden is estimated at $2.9 billion. When the system is fully implemented by the end of 2026, annual costs are estimated to rise sharply to $7.5 billion.
Total recorded CO₂ emissions for 2024 amount to 90 million tonnes, a 14% increase from the previous year. This increase is largely due to geopolitical factors, as several vessels chose to bypass the Suez Canal and instead navigate around the Cape of Good Hope, a longer route resulting in significantly higher fuel consumption. Containerships, while accounting for only 16% of the total fleet and 21% of transport capacity by deadweight tonnage, are responsible for 34% of CO₂ emissions within the EU ETS scope in 2024. The average compliance cost per containership is estimated at approximately $500,000.
Related Articles:
Newmoney 24/08 - The First EU ETS ‘Bill’ for Shipping Reaches $2.9 Billion
Drewry 20/8 - Browse Recent Opinion Articles - First EU ETS shipping payment due 30 Sept
Safety4Sea 21/8 - Drewry: Emissions data in the EU as allowance payments loom
5. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 1: US Treasury Report for week 23/08/2025 – 29/08/2025
6. 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 30/07/2025 – 27/08/2025
Nothing important to report from the IMO, ILO and the House of Representatives.