15th February 2025 – 21st February 2025
LOCAL NEWS
1. 8th Annual Capital Link Cyprus Shipping Forum
On Tuesday, 18 February 2025, the 8th Annual Capital Link Cyprus Shipping Forum took place at the Columbia Plaza in Limassol. The forum was held under the auspices of the Shipping Deputy Ministry of Cyprus and the Shipping Deputy Minister to the President, with the Cyprus Union of Shipowners (CUS) serving as the event’s Lead Sponsor.
The event highlighted Cyprus's strategic role as a hub for maritime, energy and logistics, as well as its increasing importance as a destination for investment and business. The forum brought together renowned international speakers, delegates, and local industry leaders who engaged in discussions on critical topics, including global shipping trends, financial and capital markets, geopolitical and regulatory developments, and the management of technical and commercial fleets.
In her opening remarks, the Shipping Deputy Minister Mrs. Marina Hadjimanolis expressed her gratitude for attending the forum for the third consecutive year. She emphasized the significance of such events and reiterated the government's commitment to supporting the shipping sector.
The final panel of the forum, titled "Navigating the Global Shipping Landscape – Shipowners' Insights," was dedicated to shipowners. Moderated by Mr. George Teriakidis of DNV Maritime, the panel featured several prominent members of CUS, including Capt. Stefanos Angelakos – CEO, Angelakos (Hellas) S.A., Mrs. Semiramis Paliou – CEO, Diana Shipping Inc. and Chairperson of HELMEPA & INTERMEPA, Mr. George Mouskas – CEO, Olympia Ocean Carriers Ltd and Vice President of CUS, Mrs. Nicole Mylona – CEO, Transmed Shipping Co. and Vice President of CUS, and Mr. Polys V. Hajioannou – CEO, Safe Bulkers Inc. and Vice President of CUS.
The panellists agreed that the shipping industry is facing unprecedented challenges due to market volatility, increasing competition and changing global dynamics.
To highlight these challenges, Capt. Stefanos Angelakos stressed the importance of strengthening financial profiles, noting that traditional financing models have evolved significantly over the past two decades, while Mrs. Semiramis Paliou highlighted the need to remain competitive, comply with new regulations and foster talent to support the industry's transition toward sustainability.
Mr. George Mouskas pointed out the complexities of fleet modernization, particularly the challenge of balancing older vessels with the introduction of new ships. Mrs. Nicole Mylona emphasized that shipping investments require long-term commitment, adaptability, resilience, and continuity. Mr. Polys V. Hajioannou reflected on the market struggles between 2012 and 2020, the impact of COVID-19, and the importance of building strong relationships with financial institutions during economic downturns.
The panellists stressed the significance of financial discipline by implementing risk-hedging strategies and adopting a cautious approach to chartering. Collaboration, setting realistic market expectations, and maintaining low leverage were identified as key elements for long-term success.
Moreover, all panellists acknowledged the growing threat of cyberattacks, particularly with the rise of AI-driven fraud. Mrs. Paliou shared a real-life incident where her company was targeted by AI-related fraud. All participants agreed with Mrs. Mylona on the need for continuous crew training, raising awareness within organizations, and investing in staff development to mitigate such risks.
The panel also discussed the global shortage of seafarers and the importance of improving crew welfare.
The panellists highlighted the importance of maintaining strong relationships with crew members through scholarship programs, partnerships with maritime academies, and fostering a sense of family within the workforce. Measures such as ensuring seafarers' connectivity with their families, providing online medical support, and offering welfare allowances were emphasized as essential for crew well-being. Mr. Mouskas and Mr. Hajioannou underscored the importance of avoiding high-risk regions, such as the Black Sea and Red Sea, due to geopolitical tensions, even if it leads to financial losses. Mr. Hajioannou notably stated that he would not send crews to areas where he himself would not go.
In conclusion, the 8th Annual Capital Link Cyprus Shipping Forum successfully showcased the evolving landscape of the global shipping industry, providing valuable insights into its challenges and opportunities.
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Attachment 1: Proto Thema 23/02 - Η Ναυτιλία εισέρχεται σε περίοδο Αβεβαιότητας και Αναταράξεων
8th Annual Capital Link Cyprus Shipping Forum.html
INTERNATIONAL NEWS
2. 18th meeting of the Intersessional Working Group on Reduction of GHG Emissions from Ships (ISWG-GHG 18)
The 18th meeting of the Intersessional Working Group on Reduction of GHG Emissions from Ships (ISWG-GHG 18) took place from 17–21 February 2025.
With only five weeks remaining for IMO Member States to agree on policy measures at the 83rd session of the Marine Environment Protection Committee (MEPC) in April, reports from the intensive negotiations at the organization’s London headquarters show that, despite growing support for two key proposals – a levy on emissions and a global fuel standard for the shipping sector – there are still substantial objections, preventing consensus from being reached. Observers of the negotiations have noted that considerable progress is still needed before a final agreement can be reached at the IMO.
The IMO plans to hold another intersessional working group negotiation before MEPC 83 convenes in April 2025. However, the UN organization will need to approve both technical and economic measures under the International Convention for the Prevention of Pollution from Ships (MARPOL) to adhere to its established timeline.
Environmental NGOs present at the negotiations highlighted that “hundreds of details” remain unresolved within the technical and economic policies under development. They also expressed disappointment at the lack of decisive action and called for greater ambition from participating countries.
The IMO has not yet issued an official statement following the Intersessional Working Group Meeting.
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3. Commission publication of EU Ship Recycling Regulation evaluation and list of facilities
On the 19th February 2025, the European Commission has published the EU Ship Recycling Regulation (SRR) evaluation and the 14th edition of the European List of Ship Recycling facilities.
According to the European Council announcement, the assessment concludes that the Regulation has largely achieved its objectives.
However, the evaluation notes a significant challenge: “The Regulation’s effectiveness has been significantly undermined by shipowners reflagging vessels from an EU Member State to a non-EU flag shortly before recycling. This practice is driven by the financial incentives of selling end-of-life vessels to South Asian yards”. The report also highlights ongoing issues with hazardous materials inventories, which are often incomplete or absent during a vessel’s operational life. Even at the recycling stage, the quality of these inventories frequently falls short of requirements.
This evaluation comes ahead of the Hong Kong Convention’s entry into force in June 2025. However, according to European Commission officials, in order for the Hong Kong Convention to be effective, its standards should align more closely with the EU's, or a stricter framework should be established for monitoring EU-approved ship recycling yards.
Finally, the European Commission has updated the European List, adding two new yards, one in the Netherlands and one in Türkiye. Simultaneously, three facilities (located in Latvia, Lithuania, and Türkiye) have been removed.
The European List now contains 43 facilities: 31 yards located in Europe (EU, Norway and UK), 11 in Türkiye, and 1 in the United States.
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European Commission 19/02 - EU Ship Recycling Regulation: Evaluation and list update
14th edition of the European List of ship recycling facilities
4. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
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Attachment 2: US Treasury Report for week 15/02/2025 – 21/02/2025
5. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
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Attachment 3:Worldwide Threat to Shipping (WTS) Report, for the period between 22/01/2025 – 19/02/2025
Nothing important to report from the House of Representative and the ILO.