17th October 2026 – 23rd October 2026
Contents
- LOCAL NEWS
- 1.Hadjimanolis takes Cyprus’ shipping ambitions to China’s biggest maritime players
- INTERNATIONAL NEWS
- 2.BIMCO updates RECYCLECON – the global standard contract for sustainable ship recycling
- 3.BIMCO Energy Saving Device Retrofit Addendum available to support vessel efficiency investments
- 4.Joint press release on the 19th implementation meeting of the EU–China Maritime Transport Agreement
- 5.NATO to send planes and drones to Black Sea after attacks on shipping
- 6.IMO Net-Zero Framework: Japan’s proposal sparks debate over climate finance
- 7. EU responds to Trump deal with new Russia energy sanctions
- 8. US TREASURY REPORT
- 9.PIRACY REPORT
LOCAL NEWS
1.Hadjimanolis takes Cyprus’ shipping ambitions to China’s biggest maritime players
Further to our Union’s last weeks’ report on the trip of Cyprus Deputy Shipping Minister Marina Hadjimanolis to Japan, China and Korea, at the 10th Annual Capital Link International Shipping Forum in Pudong on Tuesday, 20th October 2026, Ms. Hadjimanolis joined Greek Maritime Affairs Minister Vassilis Kikilias for a ministerial discussion on the challenges facing global shipping, from investment and regulation to decarbonisation.
“In today’s changing maritime landscape, competitiveness depends on stability, predictability and the ability to adapt, “Ms. Hadjimanolis said, adding that “Cyprus is committed to providing a reliable business environment that supports investment and long-term growth.”
She also emphasised Cyprus’ position as an EU member state and member of the International Maritime Organisation (IMO) Council, arguing that shipping regulations should be practical, internationally consistent and capable of supporting the industry’s transition.
Her remarks followed a series of meetings with Chinese shipowners, shipbrokers and shipbuilding companies, during which Cyprus sought to strengthen existing commercial relationships and explore opportunities for further cooperation.
Related Article:
INTERNATIONAL NEWS
2.BIMCO updates RECYCLECON – the global standard contract for sustainable ship recycling
On 21 October, BIMCO announced the publication of the updated global standard contract for sustainable ship recycling, the RECYCLECON 2026, replacing its 2012 edition to reflect the entry into force of the Hong Kong Convention on 26 June 2025 and developments in ship recycling practices.
The revised contract introduces several important updates:
- Regulatory compliance: Incorporates key Hong Kong Convention documentation requirements, including the Inventory of Hazardous Materials, Ship Recycling Plan and authorisation of the Ship Recycling Facility.
- Clearer documentation: Reorganises documentary requirements through greater use of Annex C, clarifying responsibilities and submission timelines.
- Modernised commercial procedures: Updates provisions on deposits, payments, vessel delivery, notices and contractual defaults.
- Enhanced due diligence: Introduces new Know-Your-Client (KYC) provisions and incorporates standard BIMCO clauses covering sanctions, anti-corruption, data protection, confidentiality and electronic signatures.
While preserving the core principles of the previous edition, RECYCLECON 2026 provides a clearer and more up-to-date contractual framework for safe, environmentally sound and compliant ship recycling.
Related Article:
3.BIMCO Energy Saving Device Retrofit Addendum available to support vessel efficiency investments
BIMCO has introduced the Energy Saving Device Retrofit Addendum 2026, a flexible contractual framework enabling shipowners and charterers to agree on the installation of energy-saving devices during a time charter.
BIMCO points out that, as the shipping industry faces increasing pressure to reduce fuel consumption and emissions, energy-saving technologies offer significant opportunities to improve vessel efficiency. However, investment in retrofits can be challenging when owners bear the installation costs while charterers benefit from the resulting fuel savings.
According to BIMCO’s announcement on the 21st October 2026, the Addendum seeks to address this imbalance by allowing parties to agree on the allocation of installation costs, time, maintenance and repair expenses, fuel savings and other performance-related benefits. According to BIMCO, its technology-neutral approach accommodates a wide range of existing and future energy-saving solutions. An optional Performance Assessment Protocol also allows parties to establish appropriate methods for measuring performance and determining how benefits should be shared.
Furthermore, the Addendum provides a framework for allocating environmental attributes, including relevant credits, allowances and certificates generated under environmental schemes. This enables parties to account for the growing commercial value of emissions reductions and improved environmental performance.
By clarifying responsibilities and aligning commercial interests, the BIMCO Energy Saving Device Retrofit Addendum 2026 aims to facilitate investment in vessel efficiency improvements. It provides owners and charterers with a practical basis for negotiating retrofit arrangements tailored to their respective commercial needs, while supporting the shipping industry's broader decarbonisation objectives.
Related Articles:
BIMCO Sets Out Contractual Framework for Energy-Saving Retrofits - Ship & Bunker
4.Joint press release on the 19th implementation meeting of the EU–China Maritime Transport Agreement
On 19 October 2026, representatives of China and the European Union met to discuss key developments and challenges affecting international maritime transport, reaffirming the importance of continued cooperation between the two sides. According to a joint statement published by the European Commission, the discussions took place during the 19th implementation meeting of the EU-China Maritime Transport Agreement.
The Chinese delegation was led by Mr Yang Huaxiong, Director-General of the Water Transport Bureau of China's Ministry of Transport, while the EU delegation was led by Ms Fotini Ioannidou, Director for Waterborne Transport at the European Commission's Directorate-General for Mobility and Transport. Representatives of the European Commission, EU Member States, Chinese authorities and the maritime industry also participated.
The meeting provided a platform for exchanging views on several issues of strategic importance to international shipping, including the green transition of the maritime sector, developments in the international container shipping market, and the respective shipping policies of China and the EU. Particular attention was also given to the resilience and smooth functioning of maritime supply chains between the two economies.
The meeting was significant in reaffirming the role of the EU-China maritime dialogue as a means of addressing shared challenges and maintaining communication between two major participants in global trade. In a changing regulatory and commercial environment, cooperation is important to promote predictable operating conditions, support supply chain stability and address the environmental challenges facing international shipping.
Both sides expressed their willingness to continue dialogue on matters of common interest, with the shared objective of supporting safe, efficient, resilient and sustainable maritime transport.
Related Articles:
The BrusselsTimes 20/10 - EU–China maritime talks tackle market shifts and green shipping challenges
CyprusMail 20/10 - Global maritime talks highlight supply chain resilience and cleaner fuels
Politis 20/10 - EU–China Talks Focus on Green Shipping and Maritime Supply Chains
TheBrusselsTime 20/10 - EU–China maritime talks tackle market shifts and green shipping challenges
5.NATO to send planes and drones to Black Sea after attacks on shipping
On the 20th October 2026 NATO announced plans to reinforce maritime surveillance in the Black Sea by deploying additional patrol aircraft, radar systems, intelligence personnel and drones following a series of attacks on commercial vessels. NATO’s spokesperson, Allison Hart, said: “Today, NATO ambassadors met in the North Atlantic Council to discuss security in the Black Sea. Nato has alreadystrengthened our posture along the eastern flank, including with counter-drone capabilities. NATO will be sending additional assets to the region, including support for surveillance, reconnaissance, and forensics.” Specialist teams also being deployed to examine explosives recovered in connection with the incidents.
Concerns over the safety of shipping routes near Ukraine, Romania and Bulgaria have been growing after alleged Russian attacks that have increasingly edged into the territorial waters and exclusive economic zones of Bulgaria and Romania. Romania deployed jets over the weekend to shoot down two suspected Russian drones over its territory. The attacks come as Moscow and Kyiv intensify strikes against each other, further increasing regional security concerns.
Meanwhile, diplomatic efforts to end the war continue, with Russia indicating readiness to resume US-mediated talks in November. However, major disagreements over territory and security guarantees remain unresolved.
The maritime insurer and risk analyst Ambrey has said there is no end in sight to the threats to Black Sea cargo shipping, including grain and oil, and that insurance prices for passage of the waters have rocketed.
Tomas Alexa, a senior analyst at Ambrey, said last week his company had noted a sharp increase in the tempo of attacks beginning in July
Further developments are expected as NATO assesses the maritime threat and considers additional measures to protect commercial shipping in the Black Sea.
Related Articles:
Attachment 1: Reuters 20/10 - NATO to send planes and drones to Black Sea after attacks on shipping
Attachment 2:Reuters 22/10 - Russia bombs Kyiv and Ukraine fires drones towards Moscow, despite talk of renewing negotiations
The Guardian 20/10 - Nato increases Black Sea deployment amid escalating deadly Russian attacks
6.IMO Net-Zero Framework: Japan’s proposal sparks debate over climate finance
Japan’s proposed amendments to the International Maritime Organization’s (IMO) Net-Zero Framework (NZF) have triggered concerns about their potential impact on shipping’s decarbonisation efforts and financial support for climate-vulnerable developing countries. In its latest briefing, the environmental organisation Opportunity Green warns that the proposed changes could reshape the framework agreed in principle in April 2025, potentially weakening emissions-reduction incentives and undermining the equitable distribution of climate finance.
What is Japan proposing?
Japan’s proposal would introduce several changes to the framework’s compliance and financing arrangements:
- Abolish the IMO Net-Zero Fund: Remove the dedicated fund designed to channel revenues from the framework’s emissions-pricing mechanism towards cleaner fuels, technologies and a just and equitable maritime transition.
- Prioritise Surplus Units: Make the purchase of Surplus Units (SUs), generated by ships that outperform the required greenhouse gas fuel-intensity targets, the main mechanism for addressing compliance deficits.
- Permit direct contributions to approved projects: Where sufficient Surplus Units are unavailable, allow shipping companies to contribute directly to IMO-approved projects as an alternative means of meeting their obligations.
- Give companies greater influence over funding: Shift away from the centralised distribution of revenues through the Net-Zero Fund towards an approach that gives shipping companies more discretion over which eligible projects receive financial support.
- Adjust compliance incentives and costs: The proposed changes could affect demand for Surplus Units and the incentives for ships to outperform emissions targets. Opportunity Green also highlights concerns about potential changes to Remedial Unit pricing.
Four risks identified by Opportunity Green:
Opportunity Green identifies four principal concerns arising from Japan’s proposal.
Ι. Reduced financial support for vulnerable countries
Removing the Net-Zero Fund could make climate finance less predictable for developing countries, particularly Small Island Developing States (SIDS) and Least Developed Countries (LDCs). These countries often face disproportionate climate impacts while having limited access to the investment needed to decarbonise their maritime infrastructure.
ΙΙ. Greater private-sector control over funding priorities
Allowing shipping companies to direct contributions towards individual projects could shift funding decisions away from collective oversight by IMO Member States. Opportunity Green warns that companies might favour projects linked to their own operations or supply chains rather than countries requiring assistance with port infrastructure, alternative fuels and climate resilience.
ΙΙΙ. Greater uncertainty for clean-fuel investment
The removal of the Fund could weaken financial support for developing and deploying zero- and near-zero-emission fuels and technologies. Without a predictable funding mechanism, investors could face greater uncertainty over the development of alternative-fuel production facilities and the infrastructure required for their use.
IV. Potentially weaker emissions-reduction incentives
Opportunity Green argues that allowing direct project contributions as an alternative to purchasing Surplus Units could reduce demand for those units, weakening incentives for ships to outperform their emissions-intensity targets. Potential changes to Remedial Unit pricing could also make future compliance costs less predictable.
IMO negotiations ahead
Opportunity Green supports retaining the framework agreed in principle in April 2025, arguing that its existing architecture offers a more structured approach to combining emissions reductions with predictable climate finance. The organisation is urging IMO Member States to preserve the mandatory economic mechanism, maintain collective oversight of revenue distribution and safeguard the Surplus Unit market. The proposal is expected to be part of discussions at the 23rd meeting of the Intersessional Working Group on Reduction of GHG Emissions from Ships (ISWG-GHG 23), scheduled for 23–27 November 2026, followed by the 85th session of the Marine Environment Protection Committee (MEPC 85) on 30 November–4 December 2026.
The outcome of these negotiations will help determine how the IMO balances flexibility in meeting emissions obligations with incentives for decarbonisation and financial assistance for developing countries. The debate over Japan’s proposal therefore extends beyond compliance mechanisms to a broader question: how should the costs and financial benefits of shipping’s transition to net zero be distributed?
Related Article:
Safety4Sea 20/10 - IMO Net-Zero Framework: Japan's proposal sparks debate over climate finance
7. EU responds to Trump deal with new Russia energy sanctions
On Wednesday, 21st October 2026, European Commission President Ursula von der Leyen said that the European Union’s energy sanctions on Russia will remain in place until Moscow ends its war in Ukraine, in contrast to the U.S. easing sanctions on Russian energy.
Furthermore, on the 21st October 2026, the EU Ambassadors with a new set of EU draft sanctions listings, according to Kyiv Independent, which has seen the new draft.
An Irish Council Presidency spokesperson told journalists that the EU's diplomatic arm, the EEAS, "proposed 117 additional listings targeting sectors which raise revenue for Russia's war of aggression against Ukraine, such as the financial sector, energy sector, and the Russian shadow fleet".
The draft document lists 12 individuals and 105 entities, which, if adopted, would subject them to a transaction ban with the EU and a freeze on any assets they hold in the bloc. Being a sanctioned entity can also make it hard to do business with companies in third countries, which don't want to risk their own commercial ties with the EU.
A key focus of the latest proposed sanctions listings is Russia's oil processing, refining, and exporting capacity, with 31 listings spanning the breadth of Russia, from St. Petersburg to Sakhalin.
Related Articles:
Euronews 23/10 - 'It's terrifying': Ukraine and Europe on edge as Trump sides with Putin
The Kyiv Independent 22/10 - EU responds to Trump diesel deal with new Russia energy sanctions
8. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 3: US Treasury Report for week 17/10/2026 – 23/10/2026
9.PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 4: Worldwide Threat to Shipping (WTS) Report, for the period between 23/09/2026 – 21/10/2026
Nothing important to report from ECSA, IMO, ILO and the House of Representatives.