04th July 2026 – 10th July 2026
LOCAL NEWS
1. Shipping Deputy Minister Marina Hadjimanolis promotes the Cyprus flag at the IMO Council session in London
On 8 July 2026, the Cyprus Mail reported that Shipping Deputy Minister to the President, Ms. Marina Hadjimanolis, undertook a working visit to London from 6 to 9 July 2026, centred on a reception hosted by the Shipping Deputy Ministry at the headquarters of the International Maritime Organization (IMO), on the sidelines of the Organization's 137th Council session (London, 6–10 July 2026). Further to our Union's last week's report on Cyprus's recently completed six-month Presidency of the Council of the European Union, the Deputy Minister used the occasion to underline the country's standing as one of the world's leading maritime nations.
The reception was attended by IMO Secretary-General, Mr. Arsenio Dominguez, and representatives of IMO member States. Speaking to the Cyprus News Agency (CNA), Ms. Hadjimanolis said the event "was an opportunity to highlight the essential role of Cyprus in the international maritime community."
In her reception speech of 7 July 2026, the Deputy Minister placed particular and unwavering emphasis on the human element of shipping and noted that securing re-election in Category C of the IMO Council this coming November remains a key national priority. She also paid tribute to Mr Spyros Miltiades, Deputy High Commissioner of Cyprus in the United Kingdom and Alternate Representative of the Republic of Cyprus to the IMO.
On the sidelines of the Council, Ms. Hadjimanolis held a bilateral meeting with the President of Saudi Arabia's Transport General Authority, H.E. Eng. Fawaz Al-Sahli, discussing shipping competitiveness, the green transition, maritime safety and protection of the marine environment, with a view to the early finalisation and signing of a Memorandum of Understanding (MoU) on maritime cooperation between the two countries. This visit is a further demonstration of the active maritime diplomacy through which the Cyprus administration continues to strengthen the flag's international profile.
Related Articles:
Cyprus Mail 8/7 – Cyprus reaffirms global shipping role during London visit
CyprusMail 9/7 – Cyprus strengthens maritime diplomacy at IMO reception in London
Speech of the Shipping Deputy Minister at the Cyprus Reception of the IMO Council, 7 July 2026
2. Cyprus estimated to receive €73 million annually from shipping carbon revenue
On 9 July 2026, the Cyprus Mail reported that Cyprus is estimated to receive €73 million a year in national carbon-market revenue linked to shipping – around €62 million under the lower €85-per-tonne scenario – according to a new study published by the European Community Shipowners' Associations(ECSA) on the maritime EU ETS. The estimates reflect the additional national auction revenue associated with shipping's inclusion in the EU ETS and underline the significant contribution of the maritime sector to Cyprus' public revenues, befitting the country's standing as one of the EU's leading maritime nations.
The ECSA study, "Maritime EU ETS: Shipping's contribution & national revenues," published on 6 July 2026 ahead of the European Commission's EU ETS review due 15 July 2026, estimates that — assuming a carbon allowance price of EUR 100 per tonne of CO2 — shipping contributes around EUR 9 billion a year in total to EU and Member States' revenues, of which national (Member State) revenues alone amount to EUR 7.7 billion (about $8 billion). Citing the Commission's 2025 Carbon Market Report, ECSA found that Member States have allocated only around 5% of total EU ETS revenues to support the wider decarbonisation of the economy, with dedicated maritime funding "remaining the exception rather than the rule."
Significantly, the study shows that these revenues are not distributed according to a country's shipping industry, merchant fleet or port activity: landlocked Czechia is projected to receive €376 million – more than the €229 million allocated to Cyprus, Malta and Denmark combined. For Cyprus, home to one of Europe's foremost maritime clusters in Limassol, the findings strengthen the case for maritime ETS revenues to be reinvested in shipping's decarbonisation.
The study further notes that sustainable fuels for shipping remain on average four times more expensive than current fuels, that Europe's shipping energy-transition investment needs are estimated at around EUR 40 billion annually, and that European shipowners represent 44% of the global orderbook for sustainable fuel-powered ships while Europe produces only 10% of sustainable fuels globally. ECSA calls for the review of the EU ETS Directive to introduce a legal requirement for Member States to earmark at least part of their ETS revenues for the uptake of sustainable fuels and clean technologies, ahead of the Commission's review scheduled for 15 July 2026.
Related Articles:
CyprusMail 10/7 - Cyprus estimated to receive €73 million annually from shipping carbon revenue
Maritime Cyprus 9/7 – Who gets shipping's ETS carbon billions?
Safety4Sea 6/7 - European Shipowners (ECSA): shipping generates €9 billion in EU ETS revenues
ECSA 6/7 – Maritime EU ETS: Shipping's contribution and national revenues
INTERNATIONAL NEWS
3. IMO Council convenes its 137th session in London
On 6 July 2026, the 137th session of the IMO Council (C 137) opened at IMO Headquarters in London, running from 6 to 10 July 2026, with the agenda covering strategy and planning, resource and financial management, the reports of the IMO Committees (MSC, MEPC, LEG, FAL and TC), the IMO Awards, and the vital shipping lanes.
In his opening address, IMO Secretary General, Mr. Arsenio Dominguez, reflected on the human cost to the maritime sector of the tensions around the Strait of Hormuz, stating that "seafarers have tragically lost their lives in connection with this conflict." He flagged the growing threat of piracy and armed robbery against ships off Somalia and Yemen and in the Gulf of Aden, noting that "in the past three months we have seen 24 incidents of piracy and attempted piracy in that region," and reiterated concern for the seafarers held captive aboard the vessels MT Honour 25, Eureka and Sward.
The Secretary General announced that both the 2012 Cape Town Agreement and the 2010 HNS Protocol have met the requirements for entry into force, and said the Council would consider a proposed resolution on the protection of vital shipping lanes, reaffirming navigational rights and freedoms for commercial ships transiting straits used for international navigation.
During the session, Iran strongly condemned US military attacks on its ports and maritime infrastructure, describing the attacks as a clear violation of international law and a direct threat to the lives of sailors, commercial shipping, and the marine environment, The Iranian delegation declared that Iran remains fully committed to the safe and orderly conduct of maritime navigation, emphasizing that it will firmly safeguard its sovereignty, security, sovereign rights, and legitimate interests against any attempts to distort the legal and objective realities of the region.”
Furthermore, Oman reaffirmed its commitment to freedom of maritime navigation in accordance with the principles of international law. In a statement delivered at the meeting, Khamis bin Mohammed Al Shamakhi, Undersecretary of Transport at the Ministry of Transport, Communications and Information Technology, reaffirmed Oman’s commitment to the security and safety of international sea lanes, the protection of lives and the uninterrupted flow of global trade.
Related Articles:
IMO – Council 137th session opening remarks
gCaptain 6/7 – IMO Council opens with maritime security, Hormuz and piracy high on agenda
Oman in meeting with International Maritime Organization | fm.gov.om
Iran condemns US attacks on its maritime infrastructure at UN body meeting - DAWN.COM
Iran condemns US attacks on its maritime infrastructure - IRNA English
4. New onboard familiarisation guidance launched for UK Maritime Safety Week 2026
On 6 July 2026, at the start of UK Maritime Safety Week 2026 (6–10 July), a new onboard familiarisation guidance was released to help shipping companies strengthen crew safety familiarisation and compliance. Developed jointly by Nautilus International, the UK Chamber of Shipping and the RMT union, and unveiled at the UK's National Maritime Occupational Health and Safety Committee, the guidance provides a practical framework for designing, delivering and assessing onboard familiarisation programmes, drawing on international requirements including STCW, the Maritime Labour Convention (MLC) 2006 and the ILO Maritime Occupational Safety and Health Guide. The guidance aligns with the theme of Maritime Safety Week 2026, "Every day, everyone: Making maritime safety routine."
Related Articles:
UK Chamber of Shipping 6/7 – Making safety routine: new onboard familiarisation guidance released
Nautilus International 7/7 – Nautilus teams up with industry partners on new crew safety guidance
Safety4Sea 8/7 – New guidance aims to improve safety through better crew familiarisation
5. Renewed attacks on tankers in the Strait of Hormuz trigger US strikes and a collapse in transit traffic
Further to our Union's last week's report on the developments in the Strait of Hormuz, on 6 July 2026, Lloyd's List reported that tanker rates had surged as flows temporarily returned through the Strait of Hormuz following the US-Iran peace framework, with the Baltic Exchange's West Africa–China VLCC index at $127,708 per day and the MEG–China TD3C benchmark assessed at $296,175 per day on Monday 6 July — more than double the Atlantic-basin indexes. According to Vortex a data cited in the report, an average of 2.8 outbound laden VLCCs transited the Strait per day from 1 to 5 July, close to June's 3.0 per day and well above 0.9 in May.
However, these gains preceded the events of 6–7 July, after which the Strait of Hormuz returned to the centre of global maritime concern, as a series of attacks on commercial vessels prompted renewed US military action against Iran and brought tanker traffic through the waterway to a near standstill.
On 6–7 July 2026, three commercial vessels were attacked in separate incidents in and around the Strait of Hormuz over 24 hours. The United Kingdom Maritime Trade Operations (UKMTO) centre reported that a tanker travelling southbound about 8 nautical miles east of Limah, Oman, was struck on its port side by a projectile, igniting a fire, with no casualties or environmental impact. The vessel’s crew was reported safe and evacuated. A Saudi-flagged crude tanker was also struck, and a third Liberian – flagged vessel was hit by an unmanned aerial vehicle, sustaining minor damage. The US Navy-led Joint Maritime Information Center (JMIC) raised the Strait of Hormuz threat level from "Substantial" to "Severe." Qatar and Saudi Arabia held Iran responsible; Iran made no official claim of responsibility.
As a result of the above developments, on 7–8 July 2026, US Central Command said it struck about 80 Iranian military targets — including air-defence systems, coastal radar and surveillance sites and dozens of IRGC small boats — and a further set of targets the following night, to degrade Iran's ability to attack commercial shipping. Speaking on the sidelines of the NATO summit in Ankara on 8 July, US President Donald Trump declared the ceasefire "over" while indicating that talks could continue. Iran retaliated against US-allied Gulf states, with missile alerts sounding in Bahrain and Kuwait.
On 8 July 2026, IMO Secretary-General Mr Arsenio Dominguez issued a statement condemning the attacks and calling for "maximum restraint and de-escalation." Noting that hundreds of ships with around 6,000 seafarers remained stranded in the Persian Gulf, he stated: "The safety of seafarers must remain our foremost priority."
Amid the renewed fighting between the United States and Iran, by 9 July 2026, oil tanker traffic through the Strait was at a near standstill. Reuters reported that just two tankers sailed through in the early hours of Thursday, against a two-week average of about 40 ships and a pre-conflict average of 125 to 140 daily sailings; vessels were increasingly switching off their AIS transponders, and some war underwriters had advised shipping companies to pause voyages. Ship broker Clarksons said, "The Hormuz reopening story looks more fragile after the latest escalation."
United Kingdom Maritime Trade Operations said in its latest threat assessment released on Thursday, 9 July 2026, that traffic levels reflected the “cautious posture” of shipping lines amid an “elevated threat environment”.
“The great risk is that as the crisis prolongs and start-stop dynamics become the perceived norm, shipping may begin to make more sustained decisions to prioritise other ports and routes,” John Bradford, executive director of the Yokosuka Council on Asia Pacific Studies. “Iran has the ability to strike ships across the Persian Gulf, through the Strait of Hormuz, and out into the Gulf of Oman,” Bradford said. “That exposes all regional shipping to risk.”
In a further escalation on 11 July 2026, a Cyprus-flagged container ship was attacked while transiting the Strait of Hormuz, leaving a crew member missing and the vessel disabled by fire. Iran subsequently declared the Strait closed until further notice, prompting a further round of US strikes against Iranian targets.
Operators are advised to:
- Avoid transiting the Strait of Hormuz while the safety and security of crews cannot be assured, in line with the IMO Secretary-General's 8 July advisory.
- Note the elevated JMIC threat level ("Severe") and the reported war-underwriter guidance to pause voyages, and review war-risk insurance terms accordingly.
- Factor in the revocation of OFAC General License X and the 17 July 2026wind-down deadline for previously authorised Iranian oil transactions.
- Maintain heightened vigilance and follow UKMTO reporting and routing guidance for any transit of the Strait and adjacent waters.
Related Articles:
PhileNews 12/7 - Το Ιράν έπληξε εμπορικό πλοίο με κυπριακή σημαία και έκλεισε τα Στενά του Ορμούζ
Politis 12/7 - Iran Fires on Cyprus-Flagged Ship and Closes Strait of Hormuz, US Retaliates
SigmaLive 12/7 - Το Ιράν έπληξε πλοίο με κυπριακή σημαία και έκλεισε το Ορμούζ - Απάντησαν οι ΗΠΑ
Al Jazeera 7/7 – Tanker on fire off the coast of Oman after being hit by a projectile
IMO 8/7 – IMO Secretary-General condemns new attacks on ships in the Strait of Hormuz
Attachment 1: Reuters 9/7 – Oil tanker traffic through Hormuz at near standstill as attacks strain Iran truce
OFAC 7/7 – Issuance of Amended Iran-related General License
Strait of Hormuz traffic plunges as US, Iran resume fighting | Shipping | Al Jazeera
Attachment 2: Lloyd's List 6/7 – VLCCs and suezmaxes riding high as peace deal hikes Hormuz flows
6. EU races to finalise its 21st Russia sanctions package and the oil price-cap revision by 15 July, with Cyprus among maritime States seeking changes. Proposal for new sanctions against Russian
Negotiations on 21st package of sanctions against Russia
Further to our Union's last week's report on the issue, EU member States entered the final stretch of negotiations this week on the bloc's 21st package of sanctions against Russia, which the European Commission wants adopted by 15 July 2026 — the deadline for the six-monthly revision of the price cap on Russian oil, currently set at US$44.10 per barrel.
The Irish Presidency of the Council would seek to finalise negotiations on Friday 10 July with a view to a decision by 15 July, keeping the package as a single block. Greece, Cyprus and Malta were expressly named as the Member States reluctant to accept a ban on certain ancillary maritime services — including the sale of oil tankers to third countries and the EU transit of LNG intended for third countries — and as having difficulties with the revised price-cap mechanism, with discussions focusing on whether the suspension of the automatic revision should run for three, four or six months.
Because the automatic formula requires the cap to remain 15% below the average market price, the 15 July revision would otherwise raise it substantially — European Pravda reporting a projected increase to around US$75 per barrel and Euronews to around US$58 per barrel — prompting the Commission to propose freezing the cap at US$44.10. However, according to a report of Euroactiv on the 10th July 2026, it remains unclear whether EU envoys will agree to a six-month freeze of the price cap, as originally proposed by the European Commission. Shipping-dependent countries, including Greece, are pushing for a shorter freeze of three months.
According to Euroactiv’s report, in exchange for its support for a proposed freeze, Greece has demanded a concession that will allow it to continue to ship Russian liquefied natural gas to non-EU member states. The move would effectively undercut a European Commission claim last month that a ban on purchases of Russian LNG, set to enter into force in January, would apply to the resale of the super-chilled fuel to countries outside the bloc.
There is consensus, however, that sales of LNG tankers to Russia will be prohibited, as the Commission proposed.
On 9 July 2026, European Pravda reported the package could be adopted at the EU Foreign Affairs Council on Monday, 13 July, possibly in a compromise form that omits Patriarch Kirill of the Russian Orthodox Church and softens the proposed entry ban on Russian combatants.
On 9 July 2026, Bulgaria's Council of Ministers approved a national position reaffirming the reservations of Prime Minister Rumen Radev: Sofia will not impose a full veto but maintains objections to listing Patriarch Kirill and Lukoil founder Vagit Alekperov — warning the latter would have significant adverse consequences for Lukoil Group companies key to Bulgaria's economy.
“The aim is to bring the package to conclusion,” said one senior EU diplomat, adding that negotiations are ongoing and that the package could still fail to be approved.
Proposal for new sanctions
Additionally, European Pravda reported that the EU is expected to approve a new package of sanctions against Russia on Monday 13th July 2026 in response to Moscow’s recent large-scale missile and drone attacks on Ukraine.
The measures are expected to be adopted during a meeting of the EU Foreign Affairs Council, according to the outlet’s EU sources. According to a report of European Pravda on Thursday 9th July 2026, the sanctions proposal was introduced on Friday, July 3, following Russia’s massive overnight attack on Kyiv a day prior and has received broad support among EU member states.
On Wednesday, 8th July 2026, the Committee of Permanent Representatives (Coreper) discussed the proposed measures and referred them to the Working Party of Foreign Relations Counsellors (RELEX) for final preparations ahead of Monday’s approval. The package is expected to target five legal entities and one individual involved in developing and manufacturing components that enhance the combat capabilities of Russia’s Shahed and Geran attack 12
Related Articles:
Euronews 10/7 – EU countries rush to avoid disastrous revision of Russian oil price cap
EUalive 10/7 – Bulgaria backs down on Russia sanctions veto threat
BTA 9/7 – Government approves Bulgaria's position on EU's 21st sanctions package
Capitals gut next EU sanctions package against Russia | Euractiv
EU to Approve New Russia Sanctions After Deadly Attacks
7. DNV publishes the July 2026 edition of its class rules and standards
On 6 July 2026, DNV announced the July 2026 edition of its rules and standards for the classification of ships and offshore units, which will enter into force on 1 January 2027, with 92 documents published following a hearing (consultation) process. New class notations include "Shore power ready" and "Battery ready," alongside qualifiers to existing notations such as "ER (ULEV)" and the "FL" notation specifying design fatigue life.
Notable changes to the DNV ship rules (DNV-RU-SHIP) include "Battery ready" for vessels prepared for batteries as part of the main energy onboard installation, "Shore power ready" for vessels prepared for shore-power installations, and a modified, reduced calculation scope for the direct analysis of ship structures. DNV publishes one main rule edition annually, with the next edition scheduled for July 2027.
Related Articles:
DNV 6/7 – Now available: the July 2026 edition of the DNV class rules and standards
8. Ukraine intensifies drone strikes on Russia's "shadow fleet" tankers supplying Crimea
On 7 July 2026, Kyiv's military said Ukrainian drones had attacked a dozen tankers from Russia's "shadow fleet" over the previous two days, as it sought to isolate the Russian-occupied Crimean peninsula. Ukraine's drone forces said they had struck eight sanctioned vessels in the Sea of Azov, each with a deadweight of around 7,000 metric tons, with two more tankers hit later in the day. The Sea of Azov is a key supply route for Russian forces in Crimea, where fuel shortages have prompted authorities to declare a state of emergency.
The campaign escalated through the week. On 9 July 2026, gCaptain, republishing a Bloomberg report, said Ukraine had hit 12 more tankers, with Robert Brovdi, Ukraine's commander of unmanned forces, stating that 25 tankers had been hit in total during the week, two of them struck twice; the strikes were deepening a nationwide Russian gasoline shortage. Also on 9 July, The Maritime Executive reported that Ukraine had struck a total of 35 vessels in the Sea of Azov over 96 hours, and that two large tankers had been hit in the Black Sea.
Related Articles:
gCaptain9/7 – Ukraine continues strikes on Russian tankers as shortages worsen
Seatrade Maritime 8/7 – Ukraine hits 21 Russian ships within 72 hours
The Moscow Times 7/7 –Ukraine says it struck 8 shadow-fleet tankers near Crimea
gCaptain 7/7 – Ukraine steps up strikes on Russian shadow fleet tankers
9. BIMCO UPDATES:
- BIMCO updates BMP Maritime Security with guidance on activist boardings
On 6 July 2026, BIMCO announced that the latest edition of BMP Maritime Security (BMP MS) has been updated to include a new section on managing incidents involving activist boardings of ships and offshore installations. The guidance provides practical "Do's and Don'ts" for masters, crews and company security personnel, including incorporating activism into voyage threat assessments, reporting incidents promptly to the company security officer and fl ag-State authorities, securing access points, establishing communication with protesters, and ensuring the safety of everyone on board, including embarked protesters. It advises against physical confrontation, the use of anti-boarding measures such as razor wire or water cannons, and any action that could escalate the situation.
Related Articles:
BIMCO 6/7 – BMP Maritime Security updated with new guidance on managing activism at sea
Safety4Sea 7/7 – BMP Maritime Security guidance updated to include tips for activist boardings
- Progress continues on BIMCO's WINDSEACON offshore wind charter party
On 6 July 2026, BIMCO reported that work on its WINDSEACON contract continues to advance, with the subcommittee recently meeting in person to review feedback and refine the draft. The project aims to create a standard time charter party for the transport and installation of offshore wind turbines, addressing the lack of a targeted, balanced contractual framework in the offshore wind market. Following the consultation phase, the subcommittee will move towards finalising the contract for adoption and publication.
Related Article:
BIMCO 6/7 – Progress continues on WINDSEACON as subcommittee meets in person
- Crude tanker newbuilding contracting hits a record high
On 8 July 2026, BIMCO reported in its Shipping Number of the Week that crude tanker newbuilding contracting has reached 60 million deadweight tonnes (DWT) across 234 ships so far in 2026 — the highest crude tanker contracting year on record — driven by a surge in Very Large Crude Carrier (VLCC)orders. A total of 151 VLCCs have been ordered so far this year, accounting for 79% of contracted crude tanker capacity and more than double the number ordered in all of 2025. The total crude tanker orderbook has reached 130 million DWT, the highest on record and equivalent to 27% of the existing fleet. Filipe Gouveia, BIMCO's Shipping Analysis Manager, said high freight rates and the need to replace an ageing fleet had both encouraged contracting. Chinese shipyards account for 82% of capacity ordered so far this year.
Related Articles:
Safety4Sea 9/7 – BIMCO: crude tanker newbuilding contracts reach record high in 2026
Hellenic Shipping News 10/7 – Crude tanker newbuilding contracting hits record high at 60m DWT
Splash247 9/7 - Crude tanker orders hit record high
10. UK ETS expands to the maritime sector
Further to our Union's last week's report on the issue, on 8 July 2026, BIMCO published an analysis of the expansion of the UK Emissions Trading Scheme (UK ETS) to the maritime sector from 1 July 2026. BIMCO advises that the BIMCO ETS – Emission Trading Scheme Allowances Clause for Time Charter Parties 2022 was drafted primarily with the EU ETS in mind but contains a broad "Emission Scheme" definition covering "any other similar systems," so it does not require comprehensive changes but would need careful review in each charter party rather than being treated as a "set and forget" provision.
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BIMCO 8/7 – UK ETS: Expansion into the maritime sector from 1 July 2026
Lloyd'sRegister – UK ETS scope expansion, maritime sector
11. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 3: US Treasury Report for week 04-10/07/2026
12. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 4: Worldwide Threat to Shipping (WTS) Report 9/7 - for the period between 10 June – 08 July 2026
Nothing important to report from ILO and the House of Representatives.