28th September 2024 – 4th October 2024
LOCAL NEWS
1. Cyprus Registrar of Companies – Deadline for Confirmation of the details with the Register of UBOs
The Department of the Registrar of Companies and Intellectual Property informs all companies incorporated or registered under the Companies Law, Cap. 113, as well as European Public Limited Liability Companies (SE) and Partnerships (hereinafter referred to as "Organisations"), that their respective officers or partners are required to log into the Register of Ultimate Beneficial Owners (UBO) portal between 1 October 2024 and 31 December 2024 to confirm the details of their ultimate beneficial owners, senior management, or to conduct due diligence, as applicable.
Failure to comply with this obligation by 31 December 2024 will result in a financial penalty, irrespective of any criminal liability or individual prosecution. The organisation and each of its officers/partners will be subject to a penalty of two hundred euros (€200) on the first day of non-compliance, with an additional one hundred euros (€100) for each subsequent day of violation, up to a maximum total penalty of twenty thousand euros (€20,000).
Related Articles:
RoC - Confirmation of UBO details with the UBO Registry
INTERNATIONAL NEWS
2. MEPC 82 -Confirmed Key Decisions
The Marine Environment Protection Committee (MEPC), 82nd session took place at IMO Headquarters in London from 30 September to 4 October, 2024, to discuss and examine a range of environmental matters, including proposed mid-term measures for the reduction of greenhouse gas (GHG) emissions from ships, enhancing energy efficiency of shipping, tackling marine litter, ballast water management and underwater noise reduction.
IMO Secretary-General, Arsenio Dominguez, addressed key issues impacting international shipping.
Opening the session, he raised concerns about the increasing number of attacks on ships in the Red Sea, highlighting the recent assault on the oil tanker MV Sounion and calling for swift action to protect vessels and their crews. ‘These unacceptable acts not only endanger human lives but also pose a significant environmental threat,’ the Secretary-General stated.
The session's primary focus was on the draft amendments to MARPOL Annex VI, a critical part of the mid-term measures aimed at reducing greenhouse gas (GHG) emissions. ‘I urge you to concentrate on our key objectives,’ the Secretary-General stated, encouraging compromise and collaboration to ensure progress.
A significant agenda item was the ongoing work to refine GHG reduction strategies, including fuel intensity requirements and a GHG pricing mechanism, in line with the 2023 IMO GHG Strategy.
In addition to GHG measures, the review of the Carbon Intensity Indicator (CII) regulations was a focal point. These regulations have improved data transparency and cooperation across the maritime sector, encouraging greater climate action. ‘I urge you all to further improve these measures to ensure they drive energy efficiency,’ he added.
Furthermore, Mr. Dominguez pointed to the draft guidance on the Hong Kong and Basel Conventions concerning ship recycling, urging member states to reinforce the Hong Kong Convention as the primary applicable instrument and to support countries enhancing recycling compliance.
Among this week’s confirmed important agreed milestones has been the agreement to adopt key amendments to MARPOL Annex VI, designating the Canadian Arctic and Norwegian Sea as emission control areas (ECAs) for nitrogen oxides, sulphur oxides, and particulate matter.
“This will have a positive impact on both human health and the environment,” the IMO stated in a social media post.
The topic which created the biggest stir at this 82nd MEPC gathering centres around carbon levies.
In July 2023, the IMO set a series of non-binding targets for cutting emissions. The IMO is working on new rules in pursuit of its emissions goals: a phased reduction in the greenhouse gas (GHG) intensity of ship fuel, and the world’s first global, mandatory charge on GHG emissions, expected to come into force in 2027.
Due significant opposition from a number of countries, MEPC has agreed to hold an additional intersessional working group session to accelerate the development of mid-term measures, including a potential global carbon levy and a global fuel standard, ahead of their planned approval at MEPC 83 in April 2025.
Following a two-hour debate on the final day of MEPC 82, the Committee decided to add an intersessional working group meeting to its calendar for 17-21 February 2025, to focus on proposals for mid-term measures. The working group will meet again on the week preceding MEPC 83, which is scheduled to approve those measures under the timeline of the Revised Strategy adopted last year.
Our Union is closely monitoring the above developments in cooperation with the Cypriot Shipping Deputy Ministry, ECSA and the Union of Greek Shipowners aiming to protect the competitiveness and sustainable operations of our National Fleet.
Related Articles:
Safety4sea 01/10 - Arsenio Dominguez calls for action during MEPC 82 opening
Splash247 04/10 - Arctic emission control areas established at MEPC
Bunkerspot 04/10 - IMO to hold additional talks on GHG measures ahead of MEPC 83
Safety4Sea 04/10 - IMO MEPC 82 designates two new Particularly Sensitive Sea Areas
EDF 04/10 - IMO on the Brink of a Global System to Reduce Emissions from Shipping
3. TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 1: US Treasury Report for week 28/09/2024 – 04/10/2024
4. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 2:Worldwide Threat to Shipping (WTS) Report, for the period between 04/09/2024 – 02/10/2024
Nothing important to report from the ILO and the House of Representatives.