21st February 2026 - 27th February 2026
LOCAL NEWS
1. Interview with Mrs. Hadjimanolis: The New European Industrial Strategy for Shipping as a Priority
On 21st February 2026, New Money published an interview with Mrs. Marina Hadjimanolis, highlighting key themes including industrial competitiveness, a realistic and global green transition, human capital and seafarers, EU cohesion at the IMO, and Cyprus’ role as a strategic maritime hub. The interview portrays Cyprus as a proactive and strategically positioned maritime state, seeking to integrate competitiveness, sustainability, digital innovation, and diplomatic influence within both the EU and the global shipping sector.
In the interview, Mrs. Hadjimanolis underscored that shipping policy is conceived as strategic, industrial, and geopolitical, rather than solely regulatory. She further emphasized that the green transition extends beyond fuels and emissions to encompass workforce development and broader industrial policy. Cyprus is actively positioning itself as a diplomatic maritime bridge between the EU and emerging maritime regions, while digital transformation is regarded as a central pillar of competitiveness, not merely operational efficiency. The interview also highlights Cyprus’ measurable growth, strengthened institutional credibility, and growing international recognition in the maritime domain.
Related Article:
INTERNATIONAL NEWS
2. The Norwegian Shipbrokers’ Association and BIMCO adopt SALEFORM 2025
On the 26th February 2026, BIMCO announced that the Norwegian Shipbrokers’ Association and BIMCO have adopted SALEFORM 2025, updating the widely used SALEFORM 2012 Memorandum of Agreement for ship sale and purchase. The revision aims to reflect current industry realities, especially around banking, escrow and compliance.
Changes include updated deposit/payment mechanisms, multiple payment execution options, clearer escrow safeguards (including delays linked to KYC/AML) and more defined rules around inspections, delivery procedures, documentation exchange, and vessel readiness (with enhanced notice-of-readiness language and termination windows). The form also incorporates stronger compliance provisions, anti-bribery/corruption, sanctions, confidentiality and references to emerging environmental requirements (e.g., FuelEU/ETS clauses for MOAs).
Main points:
- SALEFORM 2025 modernizes payment/escrow and KYC/AML protections;
- Clearer allocation of obligations around delivery, inspections, and docs;
- Expanded compliance language and alignment with emerging regulation.
Related Article:
BIMCO 26/02 - The Norwegian Shipbrokers’ Association and BIMCO adopt SALEFORM 2025
3. EU fails to agree on new sanctions on Russia
Further to our Union’s previous reports on this issue, the European Council was unable to approve the 20th package of sanctions against Russia by the fourth anniversary of the invasion of Ukraine, after Hungary maintained its veto on Monday, 23rd February 2025, on new EU sanctions on Russia amid a dispute over oil supplies.
"We will not consent to the adoption of the 20th package of sanctions, because we have previously made it clear that until the Ukrainians resume oil shipments to Hungary, we will not allow decisions that are important to them to be approved," Hungarian Foreign Affairs Minister Péter Szijjártósaid.
Since, for the sanctions to pass, the 27-nation bloc needs to reach a unanimous decision, European foreign ministers tried unsuccessfully to persuade Budapest not to punish Ukraine for delays restarting the flow of Russian oil to Hungary via a Soviet-era pipeline. "We have not reached an agreement on the 20th sanctions package," EU foreign policy chief Kaja Kallas told reporters. "This is a setback and a message we didn't want to send today, but the work continues". Ms. Kallas stated adding that outreach is ongoing with Hungarian and Slovak authorities, who opposed the package.
If adopted, it seems likely that the 20th sanctions package, will include maritime service ban, which is strongly opposed by Greece and other maritime nations. In statements to the press by M. Jean-Noël Barrot, Minister for Europe and Foreign Affairs, Mr. Barrot said “we are pleading in favour of a full maritime service ban in the context of our fight against the shadow fleet. This fight against the shadow fleet is multi-dimensional. It starts with sanctions, which we have taken repeatedly and, as you know now, those designations of vessels of the shadow fleet do not wait for the 20th, the 21st, the 22nd package. They are taken along the line. The second pillar of this strategy is what we've done on the operational level by hindering, using our military means, the vessels that were illegally travelling in our seas. This happened two times in the recent months, where French military means were used to hinder the travels of shadow fleet vessels. The third step is indeed a full maritime service ban, and this is a topic we are discussing both here in Brussels but also with our G7 members. When we convened 10 days ago in Munich we had this discussion, and I'm hopeful that we can make progress this year”.
French president Emmanuel Macron also stated that the EU should work toward “a total ban on maritime services for Russian oil exports” and intensify coordinated action against Moscow’s so-called “shadow fleet,” while reaffirming Europe’s determination to sustain financial and military support for Kyiv.
Cypriot, Greek and Maltese shipping operators stand to be among the hardest hit by a proposed European Union ban on maritime services supporting Russia’s seaborne crude oil exports, as Brussels says it will not act without first securing backing from G7 partners. “I think the European Union has made clear that for the moment we are applying the oil price cap, which has just recently been reduced to $44 a barrel. Russia’s revenue from oil and gas is down dramatically in recent months, and we will continue that policy,” EU sanctions envoy David O’Sullivan told a news conference in Bishkek on Thursday, 26th February 2026. He said the EU supports the ban in principle but must coordinate with G7 partners before any decision is taken, with talks expected in the coming days and weeks. Diplomats say Washington’s support is the critical missing piece, as the United States declined to join last year’s coalition that lowered the price cap on Russian crude to $44.10 a barrel.
Speaking at a joint briefing with European Council President Antonio Costa and European Commission President Ursula von der Leyen on Tuesday, 24th February 2026, Ukrainian President Volodymyr Zelenskyy said he is “counting” on the package, which he expects to be “powerful and effective, despite “various challenges.”
EU Ambassador to Ukraine Katarina Maternova also expressed the belief that the 20th Sanctions Package will eventually be adopted.
Related Articles:
Reuters 23/02 - Hungary blocks Russia sanctions, EU cash for Kyiv on eve of Ukraine war anniversary
EEAS 23/02 - Foreign Affairs Council: Press conference by High Representative Kaja Kallas
The Guardian 23/02 - EU fails to agree on new sanctions on Russia ahead of fourth anniversary of war
Euronews 22/02 - Hungary blocks adoption of EU sanctions package until transit oil supplies resume
The New Voice of Ukraine 23/02 - EU fails to adopt 20th Russia sanctions package
23/02 - Hungary threatens veto on EU's 20th Russia sanctions package over halted oil shipments
AA 24/02 - Zelenskyy expects new EU sanctions against Russia to be ‘powerful and effective’
AA 23/02 - Macron pushes EU to advance 20th Russia sanctions package 'in coming days'
REFORM.NEWS 23/02 - Kallas Does Not Expect Progress on 20th Sanctions Package
4. UK announces biggest sanctions package against Russia, backs maritime services ban on crude oil
On the 24th February 2026, UK has announced a landmark sanctions package, cutting off critical Russian oil revenues.
Nearly 300 new sanctions were announced as UK cracks down on critical Russian energy revenues, including oil exports, and key suppliers of military equipment fuelling war efforts.
UK’s action targets one of the world’s largest oil pipeline companies, PJSC Transneft, responsible for transporting over 80% of Russian oil exports.
New measures also hit Russia’s dark web of illicit oil traders, sanctioning 175 companies in the ‘2Rivers’ oil network, one of the largest shadow fleet operators globally and a major trader of Russian crude oil.
Deterring, disrupting and degrading the Russian shadow fleet remains a priority for this government, and this latest swathe of sanctions includes 48 oil tankers transporting oil.
UK’s action also clamps down on:
- 49 entities and individuals, including international suppliers that are providing the vital goods, components and technology in Russian drones and other weapons.
- 3 civil nuclear energy companies and 2 individuals involved in trying to secure contracts for new Russian nuclear installations overseas, opening up additional energy revenue streams to make up for plummeting oil revenues.
- 6 targets in Russia’s Liquified Natural Gas (LNG) industry including ships, traders and Russia’s Portovaya and Vysotsk terminals responsible for exporting Russian LNG.
- 9 Russian banks which process cross-border payments vital to Russia’s attempts to cling on to access to international markets and help finance the Kremlin’s war effort.
The full list of Russian sanction targets can be found below:
List of Russia sanctions targets, 24 February 2026 - GOV.UK
The UK has now sanctioned over 3,000 individuals, businesses and ships under its Russia regime.
Furthermore, a UK minister and a senior government official confirmed that the U.K. backs a ban on maritime services for Russian oil shipments and could act alongside the European Union in a future crackdown even without U.S. support.
In a session with the House of Commons Business and Trade Sub-Committee on Economic Security, Arms and Export Controls Wednesday, Trade Minister Chris Bryant was asked: “[I]f the EU is up for it, we won’t let American reluctance get in the way of acting?” “That is right. That is correct,” Bryant replied.
Earlier in the session, Esther Blythe, deputy director for Russia and Belarus sanctions at the Foreign, Commonwealth and Development Office, told the committee: “We would support moving to a full maritime services ban on Russian crude oil and refined oil products, working with international partners. We continue to discuss that with Europeans.”
Related Articles:
Reuters 24/02 - UK targets Russia's Transneft in new sanctions on Ukraine war anniversary
POLITICO 26/02 - UK wants to ban firms from insuring Russian oil
WR 26/02 - Four years of war: the UK adopts sweeping sanctions as the EU…
Enerdata 26/02 - The UK launches new sanction package against Russia’s energy sector
TASS 26/02 - UK ready to fully ban maritime services for Russian oil shipments
5. ETS Allowances Clause for BARECON adopted at BIMCO Documentary Committee meeting
Further to last week’s Newsletter, BIMCO’s Documentary Committee has finally adopted a new Emission Trading Scheme (ETS) Allowances Clause for use with BARECON 2017, marking another important step in aligning standard contracts with EU ETS compliance requirements and emerging global carbon pricing regimes.
The clause addresses a key compliance gap by defining which party, i.e. owner, charterer, or manager, is responsible for emissions monitoring, reporting and surrender of allowances. This is particularly important in bareboat structures where operational control and regulatory responsibility may not align.
The clause is also designed with future flexibility, allowing it to be used for other emission trading schemes as carbon regulation expands globally.
The New Clause:
- Reduces risk of disputes over ETS responsibilities;
- Ensures contractual alignment with EU environmental regulation;
- Supports compliance across complex ownership/management structures.
It is suggested that Owners / Managers should:
- Review existing BARECON agreements for ETS exposure;
- Clarify internal responsibility for emissions compliance;
- Consider incorporating the BIMCO ETS clause in new contracts.
Related Article:
BIMCO 26/02 - ETS Allowances Clause for BARECON adopted at BIMCO Documentary Committee meeting
6. International shipping as US – Iran tensions simmer
According to a report by Ambrey Analytics Ltd, dated 23rd February 2026, “as key diplomatic windows near, the US military’s posture has strengthened. Companies operating in the region are advised to consider and rehearse plans for strikes.”
India has also issued a strong maritime security advisory urging shipping companies and crewing agencies not to deploy Indian seafarers to Iran and to exercise heightened caution for vessels operating in or near Iranian waters.
The guidance follows an updated government position advising Indian nationals to leave Iran as soon as possible, reflecting a deterioration in the regional security environment.
According to the advisory, shipping stakeholders, including companies, trade unions, and manning agents, are instructed to closely monitor crew safety, particularly for vessels transiting the Strait of Hormuz, a critical global energy chokepoint.
Seafarers currently in Iran are advised to remain vigilant, limit shore movement, and coordinate with employers to arrange safe repatriation.
Furthermore, Iran has tripled the rate of loading tankers in recent days as Tehran rushes to get its oil out of the Gulf ahead of potential further escalation of the tensions with the United States, according to vessel-tracking data.
Crude oil exports from Iran’s key export hub on the Kharg Island soared to 20.1 million barrels during the period February 15 to 20, according to Kpler data cited by Bloomberg.
As a result of the above developments, the cost of hiring a supertanker from the Middle East to China exceeded $200,000 a day on Thursday, 26th February 2026, for the first time since 2020 as the threat of U.S. attacks on Iran grows and buyers seek to lock in oil cargoes, according to data and market sources.
Furthermore, according to Reuters, traders accelerate charters ahead of potential US-Iran conflict.
Related Articles:
Safety4Sea 25/02 - India urges companies and seafarers to avoid Iranian waters
Ship & Bunker 24/02 - Indian Shipping Regulator Urges Crew to Refrain from Sailing in Iranian Water
Ambrey 23/02 - International Shipping Under US-Iran Escalation
Council on Foreign Relations 23/02 - The Strait of Hormuz: A U.S.-Iran Maritime Flash Point
OilPrice 26/02 - Iran Rushes to Ship Oil Ahead of Possible U.S. Strike
Reuters 26/02 - Mideast-Asia oil tanker rates at highest since 2020 as Iran tensions simmer
7. Industrial Maritime Strategy must earmark national ETS revenues to support the availability of clean fuels for shipping
The Clean Maritime Fuels Platform has called on the European Commission to ensure that revenues generated from the EU Emissions Trading System (ETS) are reinvested into the shipping sector to accelerate the uptake of renewable and low-carbon fuels.
Pursuant to this, shipping remains a cornerstone of the European economy, handling around 76% of EU external trade, but is also one of the most challenging sectors to decarbonise. According to recent estimates, the industry will require approximately €40 billion annually between 2031 and 2050 to meet climate targets. Despite existing EU funding tools, significant barriers remain, including high upfront costs, regulatory complexity, and uncertainty around long-term fuel demand and pricing.
Industry stakeholders highlight that fuel producers require long-term investment certainty, while shipowners often operate under shorter commercial horizons, creating a structural mismatch that slows down project development. As a result, the deployment of clean fuel infrastructure across Europe remains limited.
Against this backdrop, the Platform is advocating for the earmarking of national ETS revenues to directly support maritime decarbonisation. This would help de-risk investments, scale up fuel production, and ensure that the shipping sector has access to the fuels required to comply with EU ETS and FuelEU Maritime regulations.
The proposal also emphasises the need to strengthen the role of ports as energy hubs, improve regulatory alignment, and reduce administrative burden across EU frameworks.
Overall, the upcoming European Industrial Maritime Strategy is expected to play a key role in shaping how Europe balances climate ambition, industrial competitiveness, and energy security with funding allocation likely to be a central issue for the shipping sector.
Related Article:
8. 15th edition of the European List of Ship Recycling Facilities
On the 27th February 2026. the European Commission adopted the 15th edition of the European List of Ship Recycling Facilities, which includes the first shipyard approved in Germany, located in Emden.
The list renews the inclusion of four EU shipyards in Denmark, Estonia, Lithuania and Spain. Another shipyard in Turkey has also been renewed.
Three shipyards have been removed from the list, including a Finnish shipyard that chose not to renew its authorisation, and one in Northern Ireland that failed to provide the necessary information for renewal. The Commission also found that one shipyard in Turkey did not comply with the EU Ship Recycling Regulation, specifically regarding shoreline protection.
The updated European List now contains 41 ship recycling facilities: 30 in Europe (EU, Norway and the UK), 10 in Türkiye and 1 in the United States. Several of these shipyards can recycle large vessels. The full list can be found in the attached Annex to the Commission Decision.
Related Articles:
New EU ship recycling list includes first German facility - Environment
Attachment 1:Commission Implementing Decision as regards updates to the EU shipping recycling facilities
Attachment 2: ANNEX to Commission Implementing Decision as regards updates to the EU shiping recycling facilities
9. Trump’s 10% tariffs come into effect following Supreme Court ruling
Despite prior statements indicating higher rates, President Trump’s global tariffs took effect at a 10 % rate on 24 February 2026. This follows a Supreme Court ruling on 20 February that curtailed presidential authority under the 1977 International Emergency Economic Powers Act (IEEPA), invalidating broad import taxes imposed last year. In response, the administration implemented the 10 % levy under Section 122 of the 1974 Trade Act, which authorizes temporary tariffs for up to 150 days without congressional approval.
The executive order describes the duty as a measure to “address fundamental international payments problems and continue the Administration’s work to rebalance trade relationships in favour of American workers, farmers, and manufacturers.” While the President indicated the rate could rise to 15 %, official records confirm the 10 % rate has been applied. According to official documents, no directive to increase the tariffs’ rate has been issued. However, an unnamed White House official told Reuters Trump had “no change of heart” in his desire for a 15 percent tariff under Section 122 of the Trade Act of 1974, but offered no details on the timing for that increase.
President Trump has maintained that tariffs are necessary to reduce the U.S. trade deficit, which recently widened to approximately $1.2 trillion, a 2.1 % increase from 2024. The U.S. has already collected at least $130 billion in duties under IEEPA. The Supreme Court’s decision may allow affected businesses to seek refunds for previously imposed tariffs, raising potential liability in the billions.
Related Articles:
Reuters 24/02 - New US tariff starts at 10%, Trump administration working to hike it to 15%
SAFETY4SEA 24/02 - Trump's 10% tariffs come into effect following Supreme Court ruling
Foreign Policy 20/02 - Trump’s Tariffs Are Unlawful, Supreme Court Rules
POLITICO 27/02 - After Supreme Court ruling, White House does damage control on trade deals
BBC 23/02 - Trump's new global tariff comes into effect at 10%
Aljazeera 24/02 - New US tariff starts at 10% as Trump works to hike it to 15%
POLITICO 24/02 - Trump spares EU and UK from higher tariff rates for now
10. Maritime cyber incidents jumped 103% in 2025
On the 19th February 2026, CYTUR published the ‘2026 Maritime Cyber Threat White Paper’ to address security blind spots in the digital transformation of the maritime industry and to realize the ‘Secure by Design’ philosophy. The CYTUR report identifies rapid digitalization in the maritime industry as creating critical security vulnerabilities. Smart ships and hyper-connected systems, while enabling efficiency, have expanded the sector’s cyber attack surface. Between 2024 and 2025, maritime cyber incidents increased by 103%, with DDoS, ransomware, and malware accounting for the majority.
Regional Threats:
- Middle East (Strait of Hormuz, Persian Gulf): GPS spoofing targeting oil tankers, creating pretexts for seizure.
- Asia (Strait of Malacca, South China Sea): Targeted “cyber piracy,” where attackers exploit network reconnaissance to strike high-value vessels.
- Europe (Baltic Sea, Black Sea): Electronic interference and GPS disruption linked to regional conflicts, contributing to navigational hazards.
- Global Ports (Rotterdam, Los Angeles, Busan): Ransomware attacks on Terminal Operating Systems (TOS) can halt operations and trigger supply chain bottlenecks.
Attack Trends:
- Direct vessel attacks compromising navigation and operational control.
- Supply chain attacks that disrupt global maritime networks.
The report warns that as ship digitization increasingly integrates satellite communications and operational technology (OT), attacks are evolving from data theft to destructive operations capable of physically disrupting navigation or causing catastrophic incidents.
Related Articles:
CYTUR 20/02 - 2026 Maritime Cyber Threat White Paper
SAFETY4SEA 24/02 - Maritime cyber incidents jumped 103% in 2025
Attachment 3: CYTUR Maritime Cyber Threat White Paper 2026
11. FuelEU Maritime: publication of the implementing act on FuelEU database
On the 24th February 2026, the implementing act 2026/394 on the FuelEU Maritime database has been published in the Official Journal of the European Union.
According to ECSA, this implementing act lays down the rules for access rights and the functional and technical specifications of the FuelEU database. This database will be used to keep a record of actions and documents related to the functioning of and compliance with the FuelEU Maritime Regulation.
ECSA points out that they have engaged with DG MOVE regarding the 31 January deadline to upload the FuelEU report in the FuelEU database. DG MOVE interpretation is that FuelEU Article 15(3) requires companies to submit the FuelEU report by 31 January, and Article 10 of the implementing act 2024/2027 on FuelEU verification activities specifies that this submission must be made via the FuelEU database. Around half of companies have already uploaded their reports. The Commission expects a high level of compliance by the 31 March verification deadline, in line with previous experience on monitoring plans.
Concerning potential penalties where reports were submitted to verifiers by 31 January but not uploaded to the database, DG MOVE referred to FuelEU Article 25 on enforcement, which falls under Member State responsibility.
Finally, ECSA informed us that a Commission meeting with Member States on the 10th March 2026 will address the issue of the database submission deadline in the context of FuelEU implementation and Member State enforcement discussions may provide further clarification.
Related Article:
Implementing regulation - EU - 2026/394 - EN - EUR-Lex
12. Council decision extending the mandate of EUNAVFOR ASPIDES
On the 23rd February 2026, the European Council agreed to extend the mandate of Operation ASPIDES, Union’s maritime security operation to safeguard freedom of navigation in relation to the Red sea crisis, until the 28th February 2027.
Related Article:
Ναυτικά Χρονικά 26/02 - Παράταση της επιχείρησης ASPIDES στην Ερυθρά Θάλασσα
13. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 4: US Treasury Report for week 21/02/2026 – 27/02/2026
14. EU SANCTIONS LIST
Please note that no updates have been published this week regarding the EU Consolidated List or the EU Sanctions Map.
15. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 5: Worldwide Threat to Shipping (WTS) Report 20/2: For the period between 26 January – 25 February 2026
Nothing important to report from ILO and the House of Representatives.