24th October 2026 – 30th October 2026
Contents
- LOCAL NEWS
- 1.Cyprus was elected for the first time to the Joint Audit Body of the IOPC Funds of the International Maritime Organisation
- 2.Cyprus pushes for fairer global shipping rules at South Korea talks
- INTERNATIONAL NEWS
- 3.BIMCO UPDATES:
- 4.Greek PM calls for global truce after Black Sea attacks, while EU Parliament adopts Resolution for naval operation in the Black Sea
- 5.Strait of Hormuz Tensions: Despite Diplomatic Efforts, Uncertainty Raises Shipping Risks for Shipowners
- 6.Parliament’s priorities for the COP 31 climate talks in Turkey
- 7.EU sanctions against ISIL/Da’esh and Al-Qaeda
- 8.ECSA sets out European shipowners’ priorities as EU ETS revision talks gather pace in Brussels
- 9.Panama moves to deregister seven OFAC-sanctioned ships, announces tighter pre-registration screening procedures
- 10.US TREASURY REPORT
- 11.PIRACY REPORT
LOCAL NEWS
1.Cyprus was elected for the first time to the Joint Audit Body of the IOPC Funds of the International Maritime Organisation
Cyprus has further strengthened its representation and standing in international maritime affairs following the election of Mr Nicolas Ioannou, Counsellor in Maritime Affairs and Alternate Permanent Representative of the Republic of Cyprus, to the Joint Audit Body of the International Oil Pollution Compensation Funds (IOPC Funds), within the framework of the International Maritime Organisation (IMO).
Elected among eight candidates, Mr Ioannou secured one of the six available seats in a vote involving 71 member states, reflecting the confidence placed in Cyprus and its maritime administration by the international community. This election, which was announced by the Cyprus Shipping Deputy Ministry on the 23rd October 2026, marks another important milestone in Cyprus’ engagement with international maritime affairs, recognising its active participation and contribution to the work of international maritime organisations. Through its representation in the Joint Audit Body, Cyprus will contribute to strengthening transparency, accountability, and effective governance within the IOPC Funds, further reinforcing its role, and standing in the international maritime sector.
Related Articles:
Naftika Chronika 23/10 - Η Κύπρος για πρώτη φορά στο Ελεγκτικό Σώμα IOPC Funds του ΙΜΟ
Cyprus Mail 26/10 - Cyprus secures first seat on international oil pollution audit body
2.Cyprus pushes for fairer global shipping rules at South Korea talks
On the 26th October 2026, Cyprus Shipping Deputy Minister, Marina Hadjimanolis met Norway’s Minister of Fisheries and Ocean Policy, Marianne Sivertsen Næss, in Busan, South Korea, during the 2026 World Maritime Day Parallel Event, held on 26–27 October 2026. The ministers reviewed developments in shipping, with a particular focus on negotiations under way at the European Union and the International Maritime Organisation (IMO). Their exchanges highlighted international cooperation and the need to recognise national differences when drafting maritime rules and putting them into effect.
Prior to the bilateral meeting, Mrs. Hadjimanolis participated in a ministerial roundtable with representatives from South Korea, Norway and India, alongside the IMO Secretary-General, focusing on the implementation of international maritime regulations and the challenges facing shipping administrations. Cyprus emphasised the importance of ensuring that global shipping rules take national circumstances into account while promoting greater international cooperation. For Cyprus, these discussions provide an opportunity to strengthen its voice in shaping future IMO regulations and ensure that new environmental and operational requirements take into consideration the realities facing its shipping industry. They also reinforce the country's efforts to promote the Cyprus flag, attract international shipowners and reinforce its position as a leading maritime centre. This comes as the Cyprus Ship Registry has recorded 27% growth since September 2023, reaching its highest level in 25 years, according to the Shipping Deputy Minister.
Related Articles:
CyprusMail 26/10 - Cyprus pushes for fairer global shipping rules at South Korea talks
IMO 28/10 - Maritime leaders push for stronger action on global shipping rules in Busan
Cyprus Inform 26/10 - Cyprus calls for shipping regulations to account for national circumstances
INTERNATIONAL NEWS
3.BIMCO UPDATES:
a. New industry frameworks set out to cut duplicated emissions reporting
On 27 October 2026, BIMCO announced the release of two voluntary industry frameworks: the Operational Vessel Data (OVD) and Vessel Emissions Reporting (VER). These two frameworks aim to establish a common approach for exchanging vessel operational, fuel-consumption and emissions data across the maritime industry.
The two frameworks have complementary functions:
- Operational Vessel Data (OVD): Establishes a standardised structure for sharing operational vessel and fuel-consumption data. It defines common data elements, terminology, units and formats, allowing different organisations and software systems to interpret and use the information consistently.
- Vessel Emissions Reporting (VER): Provides a standardised format for exchanging vessel emissions information, including its verification status and reporting period. It is designed to support both regulatory and commercial emissions reporting, including charter-party performance, EU ETS cost allocation and FuelEU Maritime pooling.
In simple terms, this means that shipowners will be able to collect their vessel and fuel-consumption data once and use the same information for different reporting and verification purposes, instead of repeatedly submitting it in different formats to different organisations. This will help save time, reduce paperwork and minimise errors.
Importantly, the frameworks are voluntary, do not introduce any new reporting requirements and do not require shipowners to change their existing systems or software. They provide a common way of sharing data, which companies can choose to adopt within their existing operations.
For more information, please see the relevant article.
Related Article:
BIMCO 27/10 - New industry frameworks set out to cut duplicated emissions reporting
b. Ballast Water: BIMCO seeks clearer guidance for ships facing challenging water quality
On the 27th October 2026, BIMCO announced that, together with the Republic of Korea, the Marshall Islands and INTERTANKO, they have submitted a proposal to the IMO's MEPC 85 seeking improvements to the guidance on ballast water management for ships operating in challenging water quality conditions.
The proposal aims to provide clearer and more practical procedures for ships facing difficulties such as filter blockages, reduced treatment capacity and system alarms when operating in ports and rivers with high sediment levels. The proposed measures include revised procedures for system bypass, decontamination and port State control inspections. For shipowners, this is important as it seeks to reduce operational disruptions, provide greater clarity on when contingency measures may be used and promote more consistent treatment of such situations by port State control authorities. Ultimately, the objective is to ensure that ballast water management requirements can be implemented more practically, while maintaining environmental protection and compliance with the BWM Convention.
Related Articles:
BIMCO 27/10 - Ballast Water: BIMCO seeks clearer guidance for ships facing challenging water quality
Safety4Sea 29/10 - IMO urged to clarify ballast water rules for challenging water conditions
Wisevoter 29/10 - BIMCO Proposes New Ballast Water Guidance for Ships
4.Greek PM calls for global truce after Black Sea attacks, while EU Parliament adopts Resolution for naval operation in the Black Sea
On the 29th October 2026, Greek Prime Minister Kyriakos Mitsotakis called for stronger international action to safeguard commercial shipping amid renewed attacks on merchant vessels in the Black Sea and continued instability in the Red Sea. He urged an international truce to protect freedom of navigation in the Black Sea and called for a stronger European naval presence in the Red Sea through Operation Aspides.
These concerns were also reflected in the European Parliament’s resolution of 22 October, adopted by 432 votes, calling on the EU to consider establishing a dedicated naval operation in the Black Sea, strengthening cooperation with NATO and supporting Bulgaria and Romania in protecting merchant shipping and critical maritime infrastructure.
Both developments highlight growing international concern over maritime security and the need for stronger protection of key shipping routes. For shipowners, the situation has direct implications for vessel and crew safety, insurance costs, freight rates and voyage planning, reinforcing the importance of monitoring security developments in both regions.
Related Articles:
Attachment 1: Reuters 29/10 - Greek PM calls Turkey-Libya maritime deal 'void;' calls for global truce after Black Sea attacks
Attachment 2: Reuters 29/10 - Greek PM calls for global maritime truce after Greek ship sunk in drone attack
5.Strait of Hormuz Tensions: Despite Diplomatic Efforts, Uncertainty Raises Shipping Risks for Shipowners
According to Reuters, diplomatic efforts between Iran and the United States remain uncertain, with the Strait of Hormuz at the centre of negotiations and growing concern for the global shipping industry. Mediation continues after a visit to Tehran, where Saudi Arabia, Pakistan and Turkey held talks with Iranian leaders. On Tuesday, 27th October 2026, Qatar and Pakistan, urged Iran to “show goodwill” by stopping threats against countries in the region and reopening the Strait of Hormuz, However, Iran has linked the reopening of Hormuz to conditions including the lifting of sanctions and an end to the US blockade of its ports, while Washington insists that Iran's nuclear programme must be addressed.
A new Qatari-backed seven-day proposal is reportedly under consideration, although Tehran has questioned its terms, leaving hopes of a breakthrough uncertain. According to officials briefed on the negotiations, the draft sets out a seven-day timeline to address concerns on both sides, requiring each side to take daily confidence-building steps. The process could begin early next week, while several countries would act as guarantors of the agreement.
Meanwhile, renewed Houthi attacks against Saudi Arabia and threats of further US and Israeli strikes have heightened security concerns across the region, including around the Bab el-Mandeb Strait.
For shipowners, continued instability could mean restricted or uncertain transit through Hormuz, higher war-risk insurance premiums, vessel delays, increased freight costs and possible route diversions. The threat of disruption to both Hormuz and Bab el-Mandeb also raises wider concerns for vessels trading between Asia, the Middle East and Europe. Until a credible agreement is reached and maritime security improves, shipowners should maintain heightened vigilance, monitor security advisories and reassess voyage and insurance arrangements.
Related Articles:
Attachment 3: Reuters 27/10 - Qatar says Iran needs to show good intentions for mediation efforts to succeed
The Jerusalem Post 27/10 - Qatar urges Iran to reopen Strait of Hormuz amid US mediation efforts
Attachment 4: Reuters 28/10 - Iran sees only unacceptable ideas in latest mediation to end war, official says
Iran International 28/10 - Iran rejects Qatari peace ideas as Trump leaves door open to new strikes
Qatar Tribune 28/10 - Qatar urges Iran to end Gulf threats, keep Strait of Hormuz open
Attachment 5: Reuters 29/10 - Iran’s hidden web of military agencies is slipping hardware past the US blockade
6.Parliament’s priorities for the COP 31 climate talks in Turkey
On Thursday, 22nd October 2026, the European Parliament has adopted its negotiating position for COP31, which will take place in Antalya, Turkey, from 9–20 November 2026, calling for faster action to phase out fossil fuels, increase climate finance and support countries most vulnerable to climate change. MEPs want the EU to take a leading role in accelerating the energy transition and ensuring climate commitments translate into practical action. For shipowners, these discussions are important as they could influence future regulations on shipping emissions, fuel standards and the transition towards cleaner energy sources. Increased pressure to reduce fossil fuel dependence could also accelerate investment in alternative fuels and greener vessels. The outcome of COP31 could therefore shape the shipping industry's environmental obligations, operating costs and long-term investment decisions.
7.EU sanctions against ISIL/Da’esh and Al-Qaeda
On the 26th October 2026, the European Council renewed the EU autonomous restrictive measures against ISIL/Da'esh and Al-Qaeda and persons, groups, undertakings and entities associated with them, prolonging their duration for a further year, until 31 October 2027. The autonomous list currently in place applies to 15 persons and 8 groups. All those designated are subject to an asset freeze, while EU persons and entities are forbidden from making funds, financial assets or economic resources available to them.
The list of the designated persons can be found in Annex 1 of Council Decision (CFSP) 2016/1693.
Related Articles:
8.ECSA sets out European shipowners’ priorities as EU ETS revision talks gather pace in Brussels
As the European Parliament and the Council advance their work on the Commission proposal for the EU ETS revision, on the 27th October 2026 the European Community Shipowners’ Association (ECSA) called for key amendments needed for the revision to deliver on shipping’s energy transition while safeguarding the competitiveness of European shipping.
In particular, ECSA called on policy makers to:
- Reinvest ETS revenues in shipping’s decarbonisation. Shipping generates EUR 9 billion a year in national and EU ETS revenues. A recent study found that SMAP should be tripled from 110 million to 330 million allowances to help build a market for sustainable fuels and technologies.
- Support all technologies. SMAP’s scope should be extended and cover all technologies that deliver carbon savings, including energy efficiency projects.
- Make SMAP predictable. Predictability is essential: companies need certainty, before they take investment decisions, that the price gap between sustainable and conventional fuels and technologies will be partly covered. Companies should be able to apply for support for fuels and technologies in advance.
- Reward EU production. SMAP should incentivise the production of fuels and technologies in Europe through bonus points rather than made-in-Europe requirements.
- Earmark a dedicated envelope for shipping. The general earmarking of Member States’ ETS revenues should include a specific percentage or envelope for shipping.
- Apply one system to offshore vessels. The Commission has rightly recognised the need to change the rules applicable to offshore vessels, including the port call definition, to address unfair competition from non-EU offshore companies. However, applying one system from 2027 to 2030 and a different one from 2031 creates an unnecessary administrative burden. Only the new rules should apply.
- Support port competitiveness without distorting competition. National ETS revenues should support port infrastructure upgrades.
- Simplify the EU MRV Regulation. Simplifying the EU Monitoring, Reporting and Verification (MRV) Regulation is key to aligning the EU ETS, MRV and FuelEU Maritime, and to limiting the administrative burden on companies.
Related Articles:
SeaNews 28/10 - European Shipowners Want EU ETS Revenues Reinvested into Decarbonisation
Ferry Shipping News 30/10 - European Shipowners Set Out Priorities for EU ETS Revision
9.Panama moves to deregister seven OFAC-sanctioned ships, announces tighter pre-registration screening procedures
In a statement on the 22nd October 2026, the Panama Maritime Authority (PMA) confirmed that it has initiated proceedings to remove seven vessels from its ship registry following new U.S. sanctions, continuing its efforts to exclude sanctioned vessels and companies from the Panamanian flag.
PMA confirmed that it had begun the cancellation process for all seven vessels under Executive Decree No. 512 of October 18, 2024, while also taking enforcement measures against a sanctioned Panamanian company.
The PMA also announced tighter pre-registration screening procedures to prevent sanctioned entities from entering the Panama Ship Registry. These measures require comprehensive due diligence covering vessels, registered owners, operators and charterers.
Related Articles:
Newsroom Panama 13/10 - Panama Deregisters Three United States Sanctioned Tankers
Safety4Sea 27/10 - Panama moves to deregister seven OFAC-sanctioned ships
10.US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 6: US Treasury Report for week 24/10/2026 – 30/10/2026
11.PIRACY REPORT
The Piracy Report for all actions reported in the releavnt link below.
Related Article:
Worldwide Threat to Shipping (WTS) - Current Issue: 21/10/2026
Nothing important to report from IMO, ILO and the House of Representatives.