16th March 2024 – 22nd March 2024
- LOCAL NEWS
1. Abolishment of the Annual Levy from 2024 onwards
On 21 March 2024, the Cyprus Registrar of Companies announced that in accordance with the Companies (Amending) Law 2024, N.25(I)/2024, which was published in the Official Gazette of the Republic on 15 March 2024, the Annual Levy for Cyprus companies, is officially abolished from 2024 onwards. However, it is clarified that the annual fees for the period between 2011 – 2023 are still due to be paid.
According to the Amending Law, companies which have already paid their annual fees for 2024, are entitled to a refund.
Please tab the link below for the official announcement of the Registrar.
Relevant Article:
RoC 21/3 - Κατάργηση ετήσιου τέλους εταιρειών για το έτος 2024 κι έπειτα
- INTERNATIONAL NEWS
2. SAC LAC - French Law on seafarers' wages - Signature of implementing Decree
On 19 March, the French Minister of the Sea signed the implementing decree of the law concerning seafarers' wages and working conditions.
The text has not yet been published, but reports confirm that the law's scope will be limited to passenger vessels operating in the English Channel, which make at least 120 calls to a French port.
According to reports, the new law mandates French minimum wages for all seafarers, irrespective of the vessels' flag and nationality, which must be equivalent to those of shore workers. Additionally, it imposes restrictions on onboard working hours, which should not exceed the rest time ashore. Companies failing to comply may face substantial fines, as well as criminal penalties.
The information received indicates that the text is expected to be published in the Official Journal in the coming days, and both the decrees and the law will take effect three months later.
Relevant Link:
Attachment 1:ECSA C-13510 SAC LAC - French Law on seafarers' wages - Signature of implementing Decree
3. MEPC 81: IMO inches closer to agreeing world’s first emissions levy as momentum shifts
The Marine Environment Protection Committee (MEPC), 81st session, took place at IMO Headquarters in London (with hybrid participation) from 18-22 March 2024.
Amongst other key agenda items, MEPC 81 discussed the implementation of the 2023 IMO GHG Strategy.
IMO Secretary-General Arsenio Dominguez opened MEPC81 urging for a united effort to align the international shipping sector with global climate change targets and sustainability commitments.
The MEPC meeting has closed with a clear majority of the participating countries supporting efforts to adopt decarbonisation efforts, including a global fuel standard and a GHG pricing regulation by April 2024. A majority of countries supported a global GHG Levy.
This is the first time the organisation has agreed a draft outline of the legislative framework needed for an economic measure like GHG pricing and a fuel standard that mandates a growing share of green energy used in ships.
Sandra Chiri, shipping manager at Ocean Conservancy, believes the IMO is on the edge of adopting the world’s first-ever global emissions price.
However, while an economic measure in the form of a universal price on greenhouse gas emissions has been agreed, country delegates must now develop the right policy details.
Related Articles:
Attachment 2: Tradewinds 22/3 - IMO inches closes to emission levy
Safety4sea 19/3 - ZESTAs’ four required outcomes from MEPC81
Bunkerspot 22/03 - MEPC 81 Environmental Defense Fund
Ship and Bunker 22/3 - IMO One Step Closer To Global Bunker GHG Taxation
4. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 3: US Treasury Report for week 16/3/2024 - 22/03/2024
5. 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 21 February - 20 March 2024
Nothing important to report from ILO and Parliament of Representatives.