16th May 2026 – 22nd May 2026
LOCAL NEWS
1. European Maritime Day 2026 in Limassol – CUS President Calls for “Clear Language” and Pragmatic Decarbonisation Policies
The European Maritime Day 2026 Conference took place on 21–22 May 2026 at the Carob Mill in Limassol, organised by the European Commission in cooperation with the Shipping Deputy Ministry of Cyprus and the Limassol Municipality.
Recognised as the European Union’s flagship annual maritime event, EMD2026 gathered policymakers, industry leaders, researchers and maritime stakeholders from across Europe, reinforcing a shared commitment to a sustainable and resilient maritime future.
The President of the Cyprus Union of Shipowners (CUS), Mr. Polys V. Hajioannou, participated as a speaker on Thursday, 21 May 2026, in the panel discussion titled “Blue Industrial Leadership”. During his intervention, he presented the position of the Cypriot shipping industry on Europe’s decarbonisation agenda.
Mr. Hajioannou stressed that Europe is right to lead global decarbonisation efforts and reaffirmed that Greek and Cypriot shipowners fully support the transition but same has to be pursued in a realistic framework and at a sustainable cost. He underlined that European shipping should not be viewed merely as another industry, but as a strategic pillar of the European economy and a safeguard of the Union’s autonomy and energy security.
Referring to the Russian invasion of Ukraine in 2022, he noted that Europe would have problems to secure LNG imports from the United States without the European fleet, at a time when Russian energy supplies were being phased out. As the United States does not maintain any significant commercial fleet, dependence on non-European tonnage would have been a major strategic mistake for the Union.
Addressing the practical challenges of decarbonisation, Mr. Hajioannou highlighted the significant cost and infrastructure gap surrounding green fuels. He noted that many shipowners have already invested in green assets and in the fuel transition with limited success so far.
He explained that green methanol currently costs approximately USD 1,200 per ton and requiring to burn double the volume compared to conventional fuel, effectively making fuel cost nearly four times higher, than Vlsfo, a price that no industry can support.
Mr. Hajioannou remarked that the delay in implementing the IMO Net-Zero Framework (NZF) has effectively provided the industry with temporary breathing space.
The central message of his intervention focused on the need for regulatory clarity and a practical implementation model. He pointed to the absence of clear commitments regarding how revenues generated through the EU ETS, FuelEU Maritime and future IMO measures will be allocated. Shipowners, he said, need “clear language” and firm assurances that a substantial share of these revenues – at least in the region of 30–40 per cent – will be reinvested not in subsidising vessel acquisitions, but in reducing the fuel cost gap and improving the availability of green fuels.
According to Mr. Hajioannou, once green fuels become commercially viable and widely available , shipowners will move ahead rapidly with dual-fuel vessel orders.
He recalled that the shipping industry has already demonstrated its ability to adapt swiftly when practical conditions exist. The transition to Very Low Sulphur Fuel Oil (VLSFO) in January 2020 was implemented immediately because the fuel was both reasonably priced and readily available. Initially priced around USD 200 above Heavy Fuel Oil (HFO), the premium later stabilised at USD 60–80, allowing the market to adapt efficiently. By contrast, green fuels and the corresponding bunkering infrastructure are still not available at any meaningful scale.
“Shipowners are not the negative part of the equation,” he stressed. “What the industry is asking from Europe is a pragmatic, clear and workable framework.”
Mr. Hajioannou further noted that since October 2025, new orders for dual-fuel vessels have effectively come to a standstill, following a broader easing of decarbonisation by United States of America based on the recognition that the transition can only succeed once fuels become affordable. Europe, he argued, must adopt a realistic and competitive approach.
He underlined the strategic importance of commercial shipping for Europe to safeguard the Union’s economic resilience, energy security and supply chain stability.
Concluding his intervention, Mr. Hajioannou highlighted the importance of European solidarity through a practical example involving green ship recycling. He explained that if a European Shipowner attempts to recycle an ageing Cyprus-flagged vessel at a certified green recycling facility in Turkey the facilities of which have been subsidised by European funding — this is refused as Turkey does not recognise the Republic of Cyprus as a flag state.
“Europe must stand firmly behind its own principles and show solidarity,” he concluded. “What is currently missing is clear language and a realistic pathway. Once that exists, shipowners will do their part — as they have already demonstrated in the past.
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European Maritime Day 2026, 21-22 May 2026, Limassol
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2. Shipping Deputy Ministry honors women’s role in shaping maritime future
On 18th May 2026, an event organized by the Cyprus Shipping Deputy Ministry brought together members of the maritime community to celebrate the International Day for Women in Maritime, which was established by the International Maritime Organisation to recognise the contribution of women working at sea and ashore.
At the event, the Shipping Deputy Minister, Ms. Marina Hadjimanolis presented the “Gender Equality Award in Cyprus Shipping 2026” to Mr. Andreas Chrysostomou, in recognition of his long-standing and significant contribution to advancing gender equality and inclusion within the maritime sector, both in Cyprus and internationally.
Ms. Hadjimanolis noted Mr Chrysostomou’s distinguished and influential career, marked by an active presence in leading international maritime organisations and institutions, through which he has earned significant international recognition and respect, emphasizing that his contribution through the IMO, the World Maritime University, IMarEST and CLIA Europe has been truly remarkable.
The Minister also made special reference to Mr. Chrysostomou’s longstanding support towards WISTA Cyprus and WISTA International, as well as to his consistent efforts in promoting women into positions of responsibility and decision-making throughout his professional journey. Ms. Hadjimanolis pointed out that the Selection Committee recognized that Mr. Chrysostomou’s contribution extends beyond national borders and has played a meaningful role in shaping the international maritime dialogue on inclusion, diversity and equal opportunities.
In her address, the Minister also stated that equality and inclusion were not simply social goals, but important factors for the sustainability, resilience and future competitiveness of shipping, reaffirming Cyprus’ commitment to strengthening women’s participation and leadership in maritime, at a time when the sector is being reshaped by decarbonisation, digitalisation and wider geopolitical challenges.
The Cyprus Union of Shipowners was represented at the event by the General Manager of Safe Bulkers Management Ltd, Mr. Nikos Kratimenos.
Related Article:
Shipping ministry honours women’s role in shaping maritime future | Cyprus Mail
3. Parliamentary Elections 2026
On Sunday, 24 May 2026, the Republic of Cyprus held Parliamentary Elections for the appointment of members to the House of Representatives for the 2026–2031 parliamentary term.
The results were as follows:
- DISY – 27.1% (17 seats)
- AKEL – 23.9% (15 seats)
- ELAM – 10.9% (8 seats)
- DIKO – 10% (8 seats)
- ALMA – 5,8% (4 seats)
- DIRECT DEMOCRACY CYPRUS – 5,4% (4 seats)
The detailed election results are available at the bolded link below, while the elected candidates are set out in Attachment 4, categorised by city and political party.
Related Article:
GOVCY - Parliamentary Elections 2026
Attachment 4: Kathimerini 25/05 - Το who is who των 56 της νέας βουλής
CBN 25/05 - The 56 members of the new Parliament have been chosen
CYPRUSMAIL 24/05 - Disy and Akel retain all seats, Elam rises to third
CYPRUSMAIL 24/05 - Live: 2026 Parliamentary Election
Philenews 24/05 - DISY wins Cyprus election as six parties enter new parliament
INTERNATIONAL NEWS
4. BIMCO:
- Guidance for Vessel Transit through the Strait of Hormuz
On the 20th May 2026, leading maritime organisations published the Industry Guidance on the Safe Management of Vessel Transit through the Strait of Hormuz to assist in the planning and management of voyages for vessels transiting the Strait of Hormuz, warning that even if the waterway remains technically open, conditions inside the chokepoint may still be too dangerous for safe navigation.
The 22-page guidance, issued jointly by major industry groups including BIMCO, International Chamber of Shipping, INTERTANKO, OCIMF, INTERCARGO, and IMCA, complements the Best Management Practices for Maritime Security (BMP MS) and should be read in conjunction with it. A structured decision process has been developed, with the intention to support voyage-specific threat and risk assessments and to enhance both onboard and shore-based operational planning activities.
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BIMCO 20/05 - Guidance for Vessel Transit through the Strait of Hormuz
Industry issues Strait of Hormuz transit guidance
Industry releases Strait of Hormuz navigational guidance — SMI DIGITAL
Hormuz Guidance for Safe Vessel Navigation
Major shipping organizations issue guidance for safe Hormuz transits - SAFETY4SEA
Attachment 1: Guidance-strait-of-hormuz-final
- CO2TIME 2026 published – a dedicated time charter party for liquefied CO₂ transport
On the 21st May 2026, BIMCO announced the publication of CO2TIME 2026 , which is a BIMCO time charter party developed for the maritime transport of liquefied carbon dioxide (LCO₂), in response to the growing carbon capture, utilisation and storage (CCUS) and CO₂ shipping sectors. It establishes a standardised contractual framework for this emerging trade by adapting established gas tanker time charter principles to CO₂-specific operational, technical and regulatory requirements.
The charterparty was developed by a BIMCO drafting subcommittee with experience from across the industry, including owners, charterers, technical experts, insurers and legal advisers and is structured to allocate risk and liability clearly between owners and charterers, including tailored provisions covering technical vessel requirements, cargo handling, emissions, performance assessment, and terminal compatibility. A central feature is the vessel-specific Technical Annex, which defines key technical parameters including cargo containment systems, operating limits, and permitted cargoes. Many of the charter party’s risk allocation mechanisms rely directly on these technical descriptions, underlining the importance of accuracy and clarity when completing the “Technical Annex” to be attached to the charter party.
The contract also includes a dedicated “Cargo Emissions Clause” that distinguishes between emissions arising from the cargo itself and emissions resulting from vessel propulsion and operation, providing contractual clarity alongside existing regulatory regimes, including the EU Emissions Trading System, while maintaining flexibility to adapt to future regulatory developments.
Overall, CO2TIME 2026 intends to support the safe, efficient, and commercially viable development of CO₂ transport and to reduce contractual uncertainty by combining established time charter structures with CO₂-specific provisions. According to BIMCO, the contract may be used for other liquefied gases where expressly agreed between the parties.
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BIMCO 21/05 - CO2TIME 2026 published – a dedicated time charter party for liquefied CO₂ transport
5. MSC 111: The adoption of first ever MASS Code
Further to our last week’s report on IMO MSC 111 (13 – 22 May 2026), the 111 Session of the Safety Committee concluded on the 22nd May 2026, delivering a range of important and concrete outcomes.
The IMO General Secretary emphasized three achievements: the adoption of the MASS code as a ‘historic milestone’ boosting innovation while keeping the human element at the core of maritime navigation, the development of the GHG Safety regulatory framework and the full integration of the one ship one code policy, and the financial architecture of the LRIT which will benefit from a more robust framework.
According to various reports, some of the key outcomes from MSC 111 were:
- The non-mandatory International Code for Maritime Autonomous Surface Ships (MASS Code) was adopted and is effective from 1 July 2026. The IMO non-mandatory MASS Code serves as a baseline global regulatory framework designed to ensure the safe, secure, and environmentally sound operation of MASS. Its primary function is to address operational and safety gaps not fully covered by existing international treaties, such as SOLAS, while remaining technologyneutral to encourage commercial maritime innovation. Furthermore, work will continue and the non - mandatory MASS Code will form the basis for a mandatory MASS Code which is expected to be in force 1 January 2032, following an experience building phase (EBP).
- The IGC Code amendments have been finalised and approved. The latest updates were around the application of the Code, with a three-date application being agreed, based on the contract, keel laying or delivery date of the gas carrier. The amendments are expected to enter force from 1st July 2028. In addition, the associated guidelines for the use of ammonia cargo as fuel on gas carriers were approved.
- The IGF Code amendments and associated SOLAS II-1 amendments were approved , with a view to adoption at MSC 112 (“one ship, one code policy” applied to the use of alternative fuels).
- Amendments to SOLAS V and the HSC Codes which permit the carriage of VHF Data Exchange Systems were adopted. The amendment are expected to enter into force from 1st January 2028.
- Revised emergency response procedures for ships carrying dangerous goods (EmS Guide).
MSC 111 was also marked by extensive discussions on maritime safety and security in the Strait of Hormuz, leading to a vote on the adoption of a resolution condemning the actions of the Islamic Republic of Iran.
Related Articles:
Maritime Safety committee - 111
IMO reaches milestone with the adoption of first ever MASS Code during MSC 111 - SAFETY4SEA
6. Iran asserts jurisdiction over UAE and Oman waters in new Strait of Hormuz map
On Wednesday, 20th May 2026, Iran's newly-created Persian Gulf Strait Authority ( PGSA) published a map defining its claimed management zone as running from Kuh-e Mobarak in Iran to the south of Fujairah in the UAE at the strait's eastern entrance, and from the end of Qeshm Island in Iran to Umm al-Quwain in the UAE at its western entrance.
Iran's new authority claims "Iranian armed forces oversight" across more than 22,000 sq km and emphasizes that all transit through the strait "requires coordination with and authorization from the Persian Gulf Strait Authority".
Under the United Nations Convention on the Law of the Sea ships are guaranteed safe passage through another country's waters, however, Iran has not ratified this convention.
The zone covers waters that the UAE and Oman regard as their own sovereign territory.
As a result, on Friday, 22nd May 2026, Bahrain, Kuwait, Qatar, Saudi Arabia and the UAE sent a joint letter to the IMO, warning commercial and merchant vessels not to engage with the PGSA or transit the waterway using Iran's designated route. The letter was distributed by the IMO.
Furthermore, during IMO MSC 111, a new resolution was adopted by the International Maritime Organisation's (IMO) Maritime Safety Committee condemning threats to shipping safety in and around the Strait of Hormuz. The resolution, backed by several member states, raises serious concern over Iran’s use of drones, missiles and sea mines in the region.
It also stresses the importance of keeping commercial shipping routes in the Arabian Sea and Sea of Oman open and secure, while calling on countries to coordinate efforts to protect navigation through one of the world’s busiest waterways.
The resolution requests States to support the efforts of the IMO Secretary-General to facilitate the safe evacuation of merchant ships trapped within the Gulf to a safe place, using the IMO-recognised maritime route.
On Friday, 22nd May 2026, US Secretary of State Marco Rubio also stressed that proposed plans for a tolling system in the Strait of Hormuz should be rejected by all countries.
Related Articles:
Iran asserts jurisdiction over UAE and Oman waters in new Strait of Hormuz map | Euronews
Strait of Hormuz: Iran steps up claim to control Middle East waterway
Iran tightens grip on Strait of Hormuz with new transit regime - ABC News
UAE, 4 Gulf states reject Iran's new authority to manage traffic in Hormuz | Khaleej Times
US warns against proposed toll system in the Strait of Hormuz - SAFETY4SEA
7. EU advancing sanctions on Iranians involved in Hormuz blockade
On the 22nd May 2026, the European Council decided to extend the scope of EU’s restrictive measures originally established to address Tehran’s military support for Russia’s war of aggression against Ukraine and various armed groups in the Middle East and the Red Sea region. The amended sanctions framework will now also target individuals and entities involved in Iran’s actions and policies threatening the freedom of navigation in the Middle East.
According to the Council’s Press Release, Iran’s actions against vessels transiting through the Strait of Hormuz are contrary to international law, since such actions infringe upon established rights of both transit and innocent passage through international straits.
With the amendment to the legal framework, the EU will now be able to introduce further restrictive measures in response to Iran’s actions undermining the freedom of navigation in the Strait of Hormuz. Such restrictive measures consist of travel restrictions that prohibit listed individual and entities from entering or transiting through EU territories, and an asset freeze. In addition, EU citizens and companies are forbidden from making funds, financial assets or economic resources available to listed individual and entities.
While this decision means that European Union nations moved towards imposing sanctions on Iranian officials and others responsible for blocking the Strait of Hormuz, the EU did not immediately name any individual or entities that would be targeted by the new sanctions.
Related Articles:
EU advancing sanctions on Iranians involved in Hormuz blockade | The Times of Israel
EU moves to sanction Iran over Hormuz blockade - CNA
8. President Christodoulides demands ‘European’ reaction and Cypriot MEP urges EU sanctions if Turkey passes planned maritime jurisdiction law
On Monday, 18th May 2026, Cyprus President Nikos Christodoulides stated that he expects for there to be a “European” reaction should Turkey’s parliament pass the planned “maritime jurisdiction law”, which will codify the country’s maritime claims in the Aegean and Mediterranean seas.
“It affects Cyprus, it affects Greece, it also affects other European states, but it also affects the United States, which has interests in this particular region,” Mr. Christodoulides said, adding that those interests are “based on international law” and “on the 1982 [United Nations] convention on the law of the sea [Unclos]”.
Furthermore, on Monday, 18th May 2026, Cypriot member of the European Parliament Costas Mavrides called on the European Union to impose sanctions on Turkey should the country’s parliament pass the planned “maritime jurisdiction law”.
Turkey’s defence ministry had said last Friday that the bill “will define responsibilities in our maritime jurisdiction areas and address shortcomings in our domestic legal framework”, and that the finishing touches are being put to the bill.
Related Articles:
Christodoulides demands ‘European’ reaction to Turkey’s ‘Blue Homeland’ bill | Cyprus Mail
Cypriot MEP demands sanctions on Turkey over ‘Blue Homeland’ bill | Cyprus Mail
9. EU agrees on US tariff deal
On Wednesday, 20th May 2026, the European Union agreed to implement a trade deal with the United States, avoiding a direct clash with US president Donald Trump.
The European Parliament and the Council of the EU reached a provisional agreement on two regulations aimed at implementing the tariff-related aspects of the EU-US Joint Statement, agreed on 21 August 2025.
According to the Press Release of the European Council, the agreement marks an important step in delivering on the commitments undertaken in the EU-US Joint Statement. It aims at enhancing a stable and predictable transatlantic trade relationship, while ensuring robust safeguards and preserving flexibility to be able to protect the EU’s economic interests, if needed.
The agreed final texts will now be put forward for formal adoption by the European Parliament and the Council over the coming weeks, to ensure their rapid entry into force.
As per the EU – US Joint Statement, the US committed to maintain a maximum tariff ceiling of 15% for most EU exports, including cars and car parts, and to provide exclusions from additional tariffs for a number of important product groups such as unavailable natural resources, aircraft and parts and generic pharmaceuticals, while the EU committed to eliminate tariffs on all industrial goods and improve market access for certain non-sensitive agri-food products.
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Agreement reached to put EU-US trade on a more stable footing | News | European Parliament
EU overcomes internal debate to agree on US tariff deal | Shipping reports | Shipping Telegraph
EU agrees to implement US trade deal struck last summer | European Union | The Guardian
Trump tariffs: EU clears major hurdle to finalize U.S. trade deal
10. UK delays ban on refined fuel made from Russian oil
On Wednesday, 20th May 2026, the United Kingdom announced that it will continue allowing imports of diesel and jet fuel refined from Russian crude in third countries, postponing a planned ban first introduced in October.
The British government said that the move is intended to ease fuel supply pressures caused by the ongoing Iran war and disruptions in global energy markets. The temporary waiver permits imports of fuels refined in countries such as India and Turkey, even if the original crude oil came from Russia. Officials said the measure takes effect immediately and is aimed at protecting fuel supplies as energy prices surge.
The trade licence is of “indefinite duration”, according to the UK’s Department for Business and Trade, and will be periodically reviewed.
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UK eases sanctions on Russian oil imports as fuel prices soar | Russia-Ukraine war News | Al Jazeera
UK delays ban on refined fuel made from Russian oil - SAFETY4SEA
Guidance on third country processed oil product measures - GOV.UK
11. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 2: US Treasury Report for week 16/05/2026 – 22/05/2026
12. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
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Attachment 3: Worldwide Threat to Shipping (WTS) Report, for the period between 22/05/2026 – 20/05/2026
Nothing important to report from ECSA, IMO, ILO and the House of Representatives.