14th December 2024 – 20th December 2024
LOCAL NEWS
1. Significant Changes to the Cyprus UBO Register: Extension of Deadlines and Withdrawal of Monetary Penalties
On 16 December 2024, the Department of Registrar of Companies announced significant changes to the framework governing the Beneficial Ownership Register. These changes follow the publication of The Prevention and Suppression of Money Laundering Activities (Amending) (No.2) Law of 2024, Law No. 141(I)/2024, on 6 December 2024.
Under the revised framework, monetary penalties will now be imposed exclusively on companies or legal entities that fail to fulfill their obligations to submit beneficial ownership information. Directors and secretaries will no longer face direct penalties for non-compliance. However, directors or managing directors of non-compliant companies may still be held jointly or separately liable for the payment of monetary penalties imposed on their companies.
In addition to this shift in responsibility, monetary penalties for non-compliance have been updated. Companies will now face a fine of €100 for the first day of a violation, with an additional €50 fine for each subsequent day the violation continues. The total penalty is capped at €5,000 per company or legal entity.
The amended law also introduces new enforcement mechanisms. The Registrar of Companies is now empowered to establish an administrative review process to allow appeals against monetary penalty decisions. Furthermore, the Registrar may strike off non-compliant companies or legal entities from the Beneficial Ownership Register if they fail to update their beneficial ownership details. This measure is aligned with the procedures outlined in the Companies Law and the Partnerships and Business Names Law. The amendments also grant the Registrar the authority to apply to the courts for compliance orders, requiring individuals or entities to meet their obligations under the law.
Recognizing the need for practical adjustments, the government, in consultation with the House of Representatives, has announced an extension to the deadlines for submitting beneficial ownership information. The new deadline for all companies and legal entities to submit their details is now set for 31 January 2025. Additionally, the verification process for 2024 must be completed by 31 March 2025, as per the updated Directive ΚΔΠ 423/2024 issued on 16 December 2024.
From 1 February 2025, non-compliance with these requirements will result in administrative and legal penalties under the provisions of Law 188(I)/2007, as amended.
As part of these reforms, the Registrar has also decided to revoke all monetary penalties imposed since 1 April 2024. Refunds will be issued to those who have already paid penalties.
Related Articles:
RoC 16/12 - Σημαντικές αλλαγές στο πλαίσιο εφαρμογής του Μητρώου Πραγματικών Δικαιούχων
Baker Tilly 19/12 - Important & Substantial Changes to the UBO Registry Framework Implementation
INTERNATIONAL NEWS
2. AMVER AWARDS Ceremony 2024
The AMVER Awards Ceremony took place on Tuesday, 17 December 2024, organized by the International Propeller Club of the United States, Port of Piraeus, in collaboration with the U.S. Embassy in Athens and the U.S. Coast Guard. Held in a festive atmosphere, the event recognized the remarkable contributions of 216 shipping companies and 1,830 vessels to the AMVER (Automated Mutual Assistance Vessel Rescue) program.
Mr. Costis Frangoulis, President of the Propeller Club, Port of Piraeus, underscored the critical importance of the AMVER rescue system in safeguarding lives at sea. He praised the commitment of Greek shipping crews and executives, especially during an era defined by global challenges such as conflicts and climate-related crises. Mr. Frangoulis also highlighted this year’s AMVER Awards motto: “All for one and one for all”.
The ceremony was attended by notable figures, including the Minister of Maritime Affairs and Insular Policy of the Hellenic Republic Mr. Christos Stylianides, the Shipping Deputy Minister of Cyprus, Ms. Marina Hadjimanoli, the US Ambassador to Greece, Mr. George Tsunis, the President of the Hellenic Chamber of Shipping, Dr. George D. Pateras, the President of the Propeller Club, Port of Limassol and Vice President of our Union, Mr. Polys Hajioannou as well as other prominent shipowners, including Capt. Panagiotis Tsakos.
Nine companies were awarded for their outstanding efforts, collectively rescuing 297 people at sea. These companies were: Navarone S.A., Alma Shipmanagement, Star Bulk, Sea Pioneer Shipping, Capital Shipmanagement, Athemar Maritime, Enterprises Shipping & Trading, Bright Navigation, Seagate Navigation.
The Fidelity Award was presented to companies with the most substantial contributions to the AMVER program. The recipients were: TMS Group (110 vessels), Angelicoussis Group (98 vessels), Capital Shipmanagement (86 vessels), Technomar Shipping (82 vessels), V. Ships Greece (81 vessels), Laskaridis Shipping Company (69 vessels), Tsakos Group (66 vessels), Danaos Shipping (64 vessels), Starbulk (63 vessels), Thenamaris Shipmanagement (55 vessels).
The International Propeller Club Maritime Person of the Year Award was presented to Cyprus’ Shipping Deputy Minister, Ms. Hadjimanoli in recognition of her contribution to the maritime industry, while a special honor, the Alfonse R. Sasseville President’s Award, was presented to the U.S. Ambassador Mr. Tsunis for his exceptional efforts in strengthening Greece–U.S. relations during his tenure. Ambassador Tsunis is set to complete his term shortly after the New Year.
An honorary plaque was awarded to the USCG representative, Rear Admiral Mark J. Fedor.
Related Articles:
Naftemporiki 20/12 - Βραβεία Amver σε 216 ελληνικές ναυτιλιακές και τα 1.830 πλοία τους
3. Mandate of EU NAVFOR ATALANTA renewed for two years
On 16 December 2024, the European Council decided to prolong the mandate of the EU Naval Force Operation ATALANTA and of the EU's military training mission in Somalia (EUTM Somalia) until 28 February 2027, adding to its decision of 5 December to prolong the mandate of the EU's civilian capacity-building mission (EUCAP Somalia) until the same date. According to the announcement, these decisions were taken following the holistic strategic review of the Common Security and Defence Policy (CSDP) engagement in Somalia and the Horn of Africa, with the aim to strengthen the EU’s response to an evolving security context and to enhance its role as a maritime security provider.
At the same time, the Council updated the mandate of Operation ATALANTA to enhance maritime security off the coast of Somalia, in the Gulf of Aden, the West Indian Ocean and parts of the Red Sea, and better support building a wider regional maritime security architecture. With the new mandate, the Operation will continue to fight piracy and reduce illicit trafficking at sea. Synergies with the maritime Operation ASPIDES, currently protecting merchant shipping in the Red Sea, will be enhanced. In parallel, the Maritime Security Center (MSC) Horn of Africa, supporting both ATALANTA and ASPIDES, is being rebranded as MSC Indian Ocean and its role is being reinforced.
For more details on this action, please tab the links below.
Related Articles:
Council Decision (CFSP) 2024/3186 of 16 December 2024
4. FuelEU delayed in Norway and Iceland
On 18 December 2024, DG MOVE announced the delayed implementation of FuelEU in Norway and Iceland. In particular:
“Due to delays in the process of incorporating the FuelEU Maritime Regulation into the EEA Agreement, the application of the Regulation will be delayed in Norway and Iceland. This means that Norwegian and Icelandic ports will be regarded as third-country ports in a FuelEU context from 1 January 2025 until the incorporation of FuelEU in the EEA Agreement. See also the announcement of the Norwegian Maritime Authority”.
Prior this announcement, on 16 December 2024, the Norwegian Maritime Directorate affirmed that Norway will not finalise the implementation of FuelEU Maritime by 1 January 2025. According to the announcement, the delay is due to the ongoing process of incorporating the regulations into the EEA Agreement. Under this Agreement, Iceland, Liechtenstein and Norway have to implement the EU legislation at the same time, but there have been some delays in the Icelandic process.
As a consequence, from the 1st of January 2025 until the regulation is incorporated into the EEA Agreement, Norwegian and Icelandic ports will be considered third-country ports in the context of FuelEU Maritime. In practice, this means that:
- Journeys within Norway or between Norway and non-EU countries during this period will not be counted towards the FuelEU Maritime obligations.
- Regarding journeys between Norway and EU countries, only 50% of the voyage will be counted.
The timeline for implementation has not been published yet.
Related Articles:
European Commission 18/12 - Decarbonising maritime transport – FuelEU Maritime
Norwegian Maritime Authority 16/12 - FuelEU delayed in Norway
5. AMSA: New SMS requirements starting June 2025
The Australian Maritime Safety Authority (AMSA) informs that from 1 June 2025, new safety management system (SMS) requirements will come into effect.
According to AMSA, the recent updates were carefully developed in close collaboration with various industry stakeholders. This collaborative approach was undertaken to ensure that the changes are both practical for implementation and effective in achieving their intended outcomes. These updates specifically address domestic commercial vessels, with a primary focus on enhancing safety standards. Key changes include:
Simplified SMS: Owners of some vessels under 7.5 metres will be eligible for a simplified SMS. Use our online simplified SMS tool to find out if the simplified SMS applies to you.
Fatigue management: Vessel owners will need to identify and address the risk of master and crew fatigue in the vessel’s risk assessment. This does not apply to Class 4 vessels.
Drug and alcohol policy: Vessel owners will need to have a drug and alcohol policy in the vessel’s SMS to manage the risks associated with drug and alcohol use.
Cargo and dangerous goods: Vessels undertaking cargo operations, including the carriage of dangerous goods, will need to include a procedure in their SMS outlining how they manage the specific risks.
Key operational procedures to be covered in every SMS: Class 1, 2 and 3 vessel owners will need to have procedures covering the key vessel operations in their SMS, if relevant.
Vessel emergency plans: Loss of propulsion and oil or fuel spills will need to be covered in the vessel’s emergency plan, if relevant.
Master and designated person responsibility statement: The master’s responsibility and authority statement has been clarified to better outline their authority and there is now a requirement to set out a designated person’s responsibility statement. Different rules may apply to vessels eligible to operate under a simplified SMS in certain circumstances.
Assembly station requirements: Alternative assembly stations will only be required if reasonably practicable based on the vessel’s layout, characteristics and risk assessment. Different rules may apply to vessels eligible to operate under a simplified SMS.
Record of vessel modifications: Vessel owners will need to identify risks to vessel stability in the vessel’s risk assessment and maintain a record of vessel modifications impacting stability. This does not apply to Class 4 vessels and different rules may apply to vessels eligible to operate under a simplified SMS.
Related Articles:
AMSA 18/12 - Upcoming changes to SMS requirements - What you need to know
Safety4Sea 20/12 - AMSA: New SMS requirements starting June 2025
6. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 1: US Treasury Report for week 14/12/2024 – 20/12/2024
7. 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 20/11/2024 – 18/12/2024
Nothing important to report from the IMO and the ILO.