09th May 2026 – 15th May 2026
LOCAL NEWS
1. EU Trade Policy Retreat in Geneva
CUS President and CEO of Safe Bulkers, Mr. Polys V. Hajioannou, highlights shipping’s role in Europe’s strategic autonomy
On Wednesday, 13 May 2026, the Permanent Mission of the Republic of Cyprus to the United Nations and the World Trade Organisation (WTO) hosted an EU Trade Policy Retreat in Geneva, in the context of Cyprus’s Presidency of the Council of the European Union for the first semester of 2026. The retreat brought together EU Member States representatives , academics, and industry representatives to discuss the future of global trade, supply chain resilience, and Europe’s strategic role in an increasingly fragmented international environment.
The President of the Cyprus Union of Shipowners (CUS) and CEO of Safe Bulkers, Inc., Mr. Polys V. Hajioannou, participated as a keynote speaker in the programme’ s second working session, which was dedicated to “Resilient and Open Supply Chains in a Fragmenting World.” The session also featured contributions from Mr. Andrew Wilson, Deputy Secretary General for Policy at the International Chamber of Commerce (ICC), and Dr. Nicolas Maystre, Senior Economic Affairs Officer at UNCTAD’s Macroeconomic and Development Policies Branch.
The first working session of the retreat addressed “The Future of the World Trade Organization After MC14: Reform, Fragmentation, and the Rise of Plurilateralism,” with contributions from H.E. Ms. Maria Martin-Prat, Ambassador of the European Union to the WTO, and Mr. Petros C. Mavroidis, Edwin B. Parker Professor of Foreign and Comparative Law at Columbia Law School.
Speaking during the second working session, Mr. Hajioannou emphasised that shipping should be treated as a structural foundation of Europe’s resilience agenda, not as a peripheral consideration. He noted that the European Union is being asked to “rethink how it trades, secures supply chains, competes, and decarbonizes – all at once,” and that, at a time of unprecedented disruption, resilience has emerged as the organising principle of global trade and a key driver of the EU’s future choices.
Linking his remarks to the Cyprus Presidency motto, “An Autonomous Union, Open to the World,” Mr. Hajioannou underlined that strategic autonomy and openness are complementary rather than conflicting principles. As he stated: “Europe today speaks about strategic autonomy, reducing dependencies, protecting the single market, and advancing the green and digital transitions. These are the right priorities, and the Cyprus Presidency has rightly placed them in the heart of its programme. But these ambitions need ships to be delivered. They need ships to carry European energy, European food, European raw materials, and European exports. Without ships, strategic autonomy risks remaining an ambition. Shipping is not a side issue to Europe’s resilience agenda. Shipping is one of its foundations.”
Mr. Hajioannou concluded that the combination of autonomy, openness, and resilience makes the case for “healthy oceans, safe and motivated crews, and open seas” as essential pillars of the future EU trade and transport framework, reaffirming the industry’s commitment to deliver the shipping Europe needs.
Related Articles:
Safe Bulkers, Inc.13/5 - Corporate LinkedIn statement
Cyprus Mail 14/5 - European strategic autonomy unattainable without shipping, says Safe Bulkers CEO
2. Deputy Minister of Shipping Ms. Marina Hadjimanolis conducts working visit to Brussels
Further to our Union’s last week’s article on the working visit of the Cyprus Shipping Deputy Minister Ms. Hadjimanolis in Chios and Brussels, Ms. Hadjimanolis attended the conference “Shaping Policy, Driving Change: Equality and Inclusion in the Maritime Sector”, which took place in Brussels on the 12th May 2026. Organised by the Deputy Ministry of Shipping within the framework of the Cypriot Presidency of the Council of the European Union, the conference brought together senior representatives of EU institutions, international organisations and key maritime stakeholders, with the objective of advancing diversity, equality and inclusive participation within the maritime industry. In this context, the Deputy Ministry of Shipping, in collaboration with WISTA Cyprus, WISTA International and the European Commission’s Platform for Women in Transport, presented the “Honours for Diversity and Inclusion” awards.
In her keynote address for the Conference, Ms. Hadjimanolis stated that equality and inclusion are not peripheral issues, but key European priorities that must remain at the forefront of institutional and industry agendas, stressing that the challenge is no longer simply discussing equality but translating these principles into meaningful and measurable action. The Deputy Minister reaffirmed Cyprus’ commitment to strengthening equality and inclusion within shipping through its national maritime strategy, concluding that real progress requires persistence, cooperation and decisive action.
In parallel with the conference proceedings, the Deputy Minister held a series of bilateral meetings with representatives of EU institutions and maritime organisations. Furthermore, on the 11th May 2026, the Deputy Ministry of Shipping hosted an official dinner in connection with the conference programme.
Related Article:
SDM 13/05 - Deputy Minister of Shipping Ms. Marina Hadjimanoli visited Chios and Brussels
INTERNATIONAL NEWS
3. BIMCO Chartering Network addressing energy saving, GHG, and issues related to the Strait of Hormuz
On 8 May 2026, BIMCO held a session of its Chartering Network to examine current developments relevant to the chartering sector and the wider maritime industry. Among the matters discussed was the preparation of the proposed BIMCO Energy Saving Device Retrofit Addendum, which is intended to provide a contractual framework addressing issues relating to performance obligations and the allocation of operational risks associated with retrofit arrangements. BIMCO confirmed that work on the draft text remains ongoing.
Participants also reviewed recent developments arising from the IMO MEPC negotiations concerning greenhouse gas emissions and the implementation of the Net Zero Framework (NZF). In this context, BIMCO referred members to its latest Brief video publication summarising the principal outcomes of the discussions.
The meeting further addressed concerns relating to war risk and sanctions clauses, particularly in light of the continuing instability affecting the Strait of Hormuz and the Persian Gulf region. Consideration was given to the scope and practical application of such clauses under present market conditions, including issues associated with the detention, trapping or obstruction of vessels operating in affected areas. BIMCO indicated that, following the exchange of views within the Network, additional consideration may be given to these matters in the context of future contractual guidance.
Related Articles:
4. The Strait of Hormuz Crisis Continues with No Clear Resolution
Expanding Sanctions and Unresolved Negotiations
The five-week ceasefire in the Middle East has come under renewed strain following the rejection by the United States of a proposal submitted by Iran in relation to the resolution of the ongoing conflict. U.S. President Donald Trump characterised the proposal as unacceptable, thereby underscoring the uncertain nature of the present truce.
U.S. authorities have confirmed their intention to continue the implementation of the “maximum pressure” policy, including measures directed at Iran’s financial infrastructure, projected oil revenues, cryptocurrency-related assets, and networks allegedly associated with sanctions evasion. In addition, the U.S. Treasury Department has indicated that further restrictive measures may be adopted against Iran’s defence industrial sector and against foreign entities accused of facilitating prohibited Iranian trade activities, including airlines, shipping operators, and financial institutions. The possibility of secondary sanctions against foreign banks involved in Iranian transactions, including institutions linked to independent Chinese refineries, has also been expressly raised.
China does not agree to take active role in the de-escalation in the Iran–U.S. Conflict
The United States has reportedly sought to involve China in facilitating de-escalation, arguing that Beijing’s economic dependence on uninterrupted energy flows and its status as a major purchaser of Iranian oil give it potential influence over Tehran. Washington has suggested that China could play a constructive role in encouraging Iran to return to negotiations and in supporting the reopening of the Strait of Hormuz. China, however, has not agreed to take an active mediating role, reiterating its opposition to unilateral sanctions and avoiding any commitment to pressure Iran in a manner that would significantly affect its strategic and economic relationship with Tehran.
Coinciding with the visit to Beijing by President Trump, who held talks with China’s leader, Xi Jinping on the role of China in facilitating deescalation, on Thursday 14th May 2026, semiofficial Iranian news agencies reported that Iran has allowed some Chinese vessels to pass through the Strait of Hormuz. The agencies said that Iran had approved the passage of some Chinese vessels under rules set by Tehran for managing traffic in the waterway.
However, according to Tomer Raanan, a maritime risk analyst at Lloyd’s List, it was too early to say whether this move meant there would be an easing of restrictions by Iran through the Strait of Hormuz. The bigger issue is that Iran gets to dictate who goes through the strait, he said, and as long as that is the case, it is “not really open.”
Escalation of tension as ships are attacked
The deteriorating security environment continues to adversely affect maritime operations throughout the Gulf region, with thousands of seafarers reportedly remaining stranded due to ongoing threats to navigation and vessel safety. Reports further indicate an increased Iranian naval presence within the Strait of Hormuz, including the deployment of smaller submarine units aimed at strengthening maritime control and surveillance capabilities.
On Thursday, 14th May 2026, the British Military reported that a ship anchored off the east coast of the United Arab Emirates has been seized and is heading toward Iranian waters. The United Kingdom Maritime Trade Operations center said it received reports that the vessel was taken by unauthorized personnel while anchored 44 miles northeast of the UAE port of Fujairah, near the Strait of Hormuz.
Indian authorities also announced Thursday that an Indian-flagged cargo ship sank off the coast of Oman after an attack sparked a fire aboard the vessel while it was en route from Somalia to Sharjah on Wednesday, without identifying who attacked the ship.
Iran’s Plan to Charge for Strait of Hormuz Transits Could Spread to Other Regions, Experts Warn
According to maritime experts, Iran’s push to charge merchant shippers for passage through the Strait of Hormuz under threat of violence could spread to other parts of the world. On Thursday, 14th May 2026, Ian Ralby, a non-resident senior fellow at the Center for Maritime Security, said during a Lloyd’s List webinar that the problem arises if there is any normalization of Iran’s actions in creating a passageway that requires ships to provide their information, including ownerships, and a potential fee to cross. If Iran maintains its so-called Tehran tollbooth model, there is potential for other countries to be “copycats,” Ralby said. Indonesia made statements about possibly tolling the Strait of Malacca, although the country has since walked those comments back, he said.
Richard Meade, editor of the Lloyd’s List expressed the belief that what is happening in the Strait of Hormuz will not be isolated to the Middle East.
The economic challenges around gas and oil in the strait are expanding to other countries, whether or not they rely on the Middle East for its supply, Ralby said. “What we’re looking at is any kind of change, in terms of the movement of our goods and our energy supplies affects everyone and everything, and if we start to see an imposition of some kind of impediment to the freedom of navigation, a principle on which our entire maritime system is based, we’re going to feel it, and that’s where we have a real challenge,” Ralby stated.
UAE to accelerate oil pipeline project to bypass Strait of Hormuz
With the blockade on the Strait of Hormuz and Iran’s new maritime protocol in the waterway, as well as attacks on energy infrastructure, Gulf nations have been forced to find alternative trade routes to maintain oil and gas exports. As a result, the United Arab Emirates is fast-tracking the construction of a new pipeline, which will double the export capacity through Fujairah, a port city in the country’s east, as Gulf nations seek to bypass the Strait of Hormuz.
On Friday, 15th May 2026, Crown Prince Sheikh Khaled bin Mohamed bin Zayed announced the acceleration of the West-East Pipeline project to “meet global demands”, at an executive meeting held by the Abu Dhabi National Oil Company (ADNOC).
The pipeline should be operational by 2027, the government’s Abu Dhabi Media Office said.
Given the continuing escalation and the failure of the opposing sides to reach an agreement, the ongoing risks to seafarers, disruptions to maritime trade, and resulting pressures on global supply chains and inflation continue to raise concerns regarding the broader economic and humanitarian consequences of the conflict.
Related Articles:
Attachment 1: TradeWinds 12/05 - Middle East ceasefire threatened as US rejects Iran peace offer
SAFETY4SEA 12/05 - New US sanctions aim to disrupt networks supplying weapons to Iran
Attachment 2: Reuters 13/05 - Iran war looms over Trump's China visit, shifts alliances
Attachment 3: Reuters 13/05 - Trump wants China's help on Iran. Beijing may have other ideas
Attachment 4: Reuters 14/05 - China will do what it can to reopen Strait of Hormuz, Bessent says
Attachment 5: Reuters 14/05 - Iran war, inflation weaken Trump's hand as he meets Xi
Attachment 6: Reuters 14/05 - Trump says he is losing patience with Iran after talks with China's Xi
SAFETY4SEA 15/05 - China wants Strait of Hormuz completely open and unrestricted
SAFETY4SEA 15/05 - US-China high-stakes talks focus on Iran and trade truce
Attachment 7: Reuters 15/05 - China wants Strait of Hormuz open free of curbs, USTR Greer tells Bloomberg News
Attachment 8: Reuters 15/05 - Trump says US and China are aligned on Iran, Tehran must make a deal soon
Attachment 9: Reuters 15/05 - Iran has 'no trust' in US, will negotiate only if it is serious, Araqchi says
SAFETY4SEA 14/05 - ING: Hormuz oil shock makes alternative fuels more attractive
Top Commander Dismisses Reports of Civilian Deaths in Iran - The New York Times
Cargo ship is seized, another is sunk in Strait of Hormuz – Times News Online
Ship reported seized and another attacked near Strait of Hormuz
5. Trump’s 10% global tariffs are still firmly in place as appeals court halts judges’ ruling
On Tuesday, 12th May 2026, a federal appeals court in the United States has temporarily paused a lower court decision to block President Donald Trump’s 10 percent global tariff.
The Court issued a short-term administrative stay as the court case continues. The ongoing court case examines whether the 10 percent import tax under Section 122 of the 1974 Trade Act falls within the scope of Trump’s presidential authority.
Therefore, Section 122 tariffs remain in force for the majority of importers pending final adjudication, with enforcement continuing in the interim subject to ongoing appeals and potential further legal challenge. While not automatically unlawful under international law, the measure remains subject to technical interpretation under domestic statutory limits and the framework of the World Trade Organization and may therefore give rise to formal disputes and potential retaliatory action by affected trading partners.
Regardless, under Section 122, the 10% tariff is set to expire in July, at which point Trump would need the support of Congress to reimpose them.
However, according to CNN, the administration is gearing up to unleash a slew of other levies under the auspices of a different law that many experts see as less legally dubious than the 10% tariff and the ones the Supreme Court reversed.
Related Articles:
Attachment 10: TradeWinds 12/05 - Trump’s 10% global tariffs are still firmly in place as appeals court halts judges’ ruling
Aljazeera 12/05 - US court pauses decision blocking Trump’s 10 percent global tariff
He fought Trump’s tariffs through the Supreme Court all the way to a refund | CNN Business
How Trump plans to keep tariffs at the center of his economic policy despite stinging court losses
6. IMO MSC 111 convenes amid maritime security tensions and pushes to finalize MASS Code
The Maritime Safety Committee of the International Maritime Organization convened its 111th session (MSC 111), which is taking place in London from 13–22 May 2026, addressing key issues relating to maritime safety and security. In his opening remarks, the Secretary-General, Arsenio Dominguez, expressed continued concern regarding the situation in the Strait of Hormuz, noting that a significant number of seafarers remain stranded on-board vessels due to prevailing security risks.
Mr. Dominguez mandated to facilitate efforts aimed at establishing maritime corridors for the safe evacuation of seafarers, should circumstances require it. The plan is firmly anchored in international law and IMO standards and is intended to be implemented by the relevant countries, with the work to operationalize these arrangements remaining ongoing.
MSC 111 also noted ongoing concerns regarding piracy and armed robbery off Somalia, underscoring persistent maritime security risks.
The Committee is expected to consider and adopt amendments to key safety instruments, including the SOLAS Convention, and will focus on advancing the work on the Code for Maritime Autonomous Surface Ships (MASS Code). The MASS Code is a developing international framework under the IMO intended to regulate autonomous and remotely operated vessels, including issues of safety, cybersecurity, operational responsibility, and liability. It remains non-binding at this stage but is expected to become mandatory upon adoption, subject to phased implementation.
Our Union will continue to monitor the developments in relation MSC 111 for further updates.
Related Articles:
IMO - PREVIEW: Maritime Safety Committee - 111th session (MSC 111), 13-22 May 2026
IMO Maritime Safety Committee Convenes in London to Discuss Safety and Secu
7. Trump and Xi conclude 'very successful' talks but no deals on tariffs confirmed
On Wednesday, 13th May 2026, US President Donald Trump arrived in Beijing for a high-stakes two - day summit with Chinese leader Xi Jinping.
After the summit, Mr. Trump stated that he had struck "fantastic trade deals, great for both countries", but few details have emerged on what the two superpowers agreed. Neither side has announced trade breakthroughs or significant business deals.
There are still questions over the trade truce agreed in October, when Washington suspended steep tariff increases on Chinese goods while Beijing eased back from restricting rare earth exports critical for manufacturing.
Mr. Trump told reporters on Air Force One that he and Xi did not discuss tariffs at all.
Related Articles:
Trump-Xi summit: US and China conclude 'very successful' talks but no deals confirmed
Trump leaves China with no agreement on thorny issues, but cites ‘very good’ talks with Xi
8. 21st Sanctions Package against Russia expected soon
European diplomats and officials recently told POLITICO that Brussels sees the opportunity to prepare another round of sanctions against Russia, and the loose network of aging, opaquely owned tankers used to move Russian oil around the world is likely to be a key target.
The EU Official stated that tightening the screws on the fleet will help choke off one of the Kremlin’s most important revenue streams — and increase pressure on Vladimir Putin.
According to seven EU officials and diplomats with knowledge of the discussions, the 21st sanctions package, which is expected in late June or early July, will also likely target Russian banks, financial institutions and military-industrial companies as well as firms selling stolen Ukrainian grain.
The European Commission may also revive the idea of a ban on maritime services for Russian vessels, which has so far been blocked by Malta and Greece, one of the diplomats argued.
Chief EU diplomat Kaja Kallas told reporters after a recent gathering of ministers in Luxembourg that "following Hungarian elections, there is a new momentum" for sanctions, We should revisit sanctions that have been on the table and not agreed before, but also we should move on with the new sanctions’ package”.
Our Union will continue to monitor the related developments for further updates.
Related Articles:
Putin’s shadow fleet faces fresh EU sanctions blitz – POLITICO
EU prepares 21st sanctions package against Russia - SAFETY4SEA
9. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 11: US Treasury Report for week 09/05//2026 – 15/05/2026
10. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 12: Worldwide Threat to Shipping (WTS) Report, for the period between 15/04/206 – 13/5/2026
Nothing important to report from ECSA, ILO, and the House of Representatives.