AGP Executive Report

Local Disaster Response: The Marshall Islands government has declared a 90-day state of emergency after a fast-moving fire on Ebeye left more than 100 people homeless and destroyed key homes and two major businesses, with President Hilda Heine signing the order to speed recovery and unlock emergency funding. World Bank Support: The World Bank approved an additional US$9 million to help the Marshall Islands manage sharply higher energy costs, bringing total support under an existing development policy operation to US$30 million. Climate Diplomacy: Pacific leaders are pushing a global “Ocean of Peace” message ahead of COP31, while the Pacific Islands Forum formally appointed Marshall Islands climate envoy Kristina Eonemto Stege to help keep 1.5°C within reach. Maritime Security & Shipping Costs: In the wider Gulf shipping crisis, India’s MEA says all crew are safe aboard the Marshall Islands-flagged tanker MT Liaki Freedom after attack claims circulated online. Governance & Accountability: The College of the Marshall Islands’ FY2023 audit was submitted nearly two years late and received a “no-opinion” due to missing records, with a December deadline looming for FY2024. Business/Trade Governance: SBMA attended a regional deep seabed workshop in Fiji focused on state responsibilities, environmental governance, and capacity building. Regional Finance: Cambodia approved 37 investment projects worth US$570 million in May, with the Marshall Islands listed among foreign investors.

Coral & Climate Research: Woods Hole scientists are using an unmanned “Yellowfin” robot guide in Majuro waters to track how reefs are coping after record marine heat waves and mass bleaching. Maritime Security: India’s MEA says all crew on the Marshall Islands-flagged tanker MT Liaki Freedom are safe after attack rumors; separately, India’s navy removed an unexploded missile warhead from the Marshall Islands-flagged MT Olympic Life after it was lodged in a fuel tank. Local Disaster Response: The Marshall Islands declared a 90-day state of emergency after an Ebeye fire left 100+ homeless and destroyed major businesses, with emergency funding and debris-clearing contractors mobilized. Energy Costs Support: The World Bank approved an extra $9m in budget support for the Marshall Islands, lifting total aid to $30m to help families and services hit by higher fuel costs. Governance & Compliance: The College of the Marshall Islands’ delayed FY2023 audit was submitted with major accountability concerns, and the school faces a December deadline to complete FY2024 reporting. Business/Finance: World Bank and regional climate talks also feature the Marshall Islands in pushing for a continuing global roadmap away from fossil fuels.

Maritime Security: India’s MEA says all crew are safe aboard the Marshall Islands-flagged tanker MT Liaki Freedom after social media claimed an Oman attack—urging people not to share unverified reports. Explosive Safety: India’s Navy removed an unexploded missile warhead from the Marshall Islands-flagged MT Olympic Life after it was lodged in a fuel tank following a strike near Oman, highlighting rising risks and insurance pressure for shipping through the Gulf. Disaster Response: The Marshall Islands declared a 90-day state of emergency for Ebeye after a fast-moving fire left 100+ homeless and destroyed major businesses, with emergency powers and funding to speed recovery. Energy Costs: The World Bank approved an additional $9m in budget support for the Marshall Islands, bringing total financing to $30m to help families and services hit by higher fuel costs. Governance & Accountability: The College of the Marshall Islands’ FY2023 audit was completed but came nearly two years late and received a “no-opinion” due to missing records, with a December deadline looming for FY2024. Shipping & Courts: Nigeria’s courts convicted 11 Indian sailors and their vessel MV Aruna Hulya over 31.5kg of cocaine smuggling, imposing about $6m in fines and restitution; the ship arrived from the Marshall Islands.

Marshall Islands Governance & Finance: The World Bank approved an extra $9m in budget support for the Marshall Islands, lifting total aid under an energy-crisis program to $30m to help cover higher fuel costs and protect essential services. Disaster Response: The government declared a 90-day state of emergency for Ebeye after a fast-moving fire left 100+ homeless and destroyed major businesses, enabling emergency funding and faster recovery. Maritime Safety & Shipping Costs: India’s MEA dismissed claims that the Marshall Islands-flagged tanker MT Liaki Freedom was attacked off Oman, saying all crew are safe; the clarification comes amid heightened Gulf shipping risks and misinformation. Audit & Accountability: The College of the Marshall Islands’ FY2023 audit was submitted nearly two years late and again received a “no-opinion” due to missing records, with a December deadline looming for FY2024 to satisfy US accreditors. Energy & Sanctions Spillover: US OFAC sanctioned vessels tied to Iran’s LPG shadow shipping, including a Palau-flagged tanker operated by a Marshall Islands-based firm, underscoring how sanctions can hit regional operators. Regional Climate Policy: European governments and the Marshall Islands urged that Brazil’s fossil-fuel transition roadmap be folded into UN climate negotiations, not treated as a one-off report.

Maritime Safety Check: India’s MEA says all crew on the Marshall Islands-flagged tanker MT Liaki Freedom are safe after it rejected social-media claims of an attack off Oman. Drug Trafficking & Ports: Nigeria’s Federal High Court convicted 11 Indian sailors and the MV Aruna Hulya for smuggling 31.5kg of cocaine into Lagos, imposing about $6m in fines and restitution; the vessel arrived from the Marshall Islands. Disaster Response: The Marshall Islands declared a 90-day state of emergency for Ebeye after a fast-moving fire left 100+ homeless and destroyed major businesses, enabling emergency funding and debris-clearing for rebuilding. Energy Pressure: The World Bank approved an additional $9m in budget support for the Marshall Islands to help manage sharply higher energy costs, bringing total support to $30m. Shipping Workforce: BIMCO highlighted seafarer shortages and the human cost of disruptions, noting thousands stuck in the Persian Gulf. Seabed Minerals: The SBMA sent representatives to a regional deep-sea mining workshop in Fiji focused on state responsibilities and capacity-building.

Disaster Response: The Marshall Islands has declared a 90-day state of emergency after a fast-moving fire on Ebeye left more than 100 people homeless and destroyed key homes and two major businesses, including the Lucky Start retail warehouse and the Anrohasa Ebeye Hotel; President Hilda Heine signed the order to speed recovery and unlock emergency funding, with debris clearing and rebuilding support now underway. Energy & Budget Support: The World Bank approved an extra US$9 million in budget support for the Marshall Islands to cushion sharply higher energy costs, bringing total support under an existing development policy operation to US$30 million, as fuel-import dependence continues to strain households, businesses, and public services. Maritime Security & Trade Risks: A Lagos court convicted 11 Indian sailors and their merchant vessel, MV Aruna Hulya, for cocaine trafficking tied to a shipment that arrived from the Marshall Islands; the case resulted in fines and restitution totaling about US$6 million, underscoring tightening scrutiny on international shipping routes. Climate Diplomacy: At COP30 mid-year talks in Bonn, European governments and the Marshall Islands urged that Brazil’s fossil-fuel transition roadmap be folded into official UN climate negotiations as a continuing process, not a one-off report. Regional Governance & Compliance: The Republic of the Marshall Islands is among countries represented in a Pacific push to strengthen cybercrime laws, with legal experts developing a regional handbook to help improve enforcement and digital defenses.

Energy & Budget Support: The World Bank approved an extra $9 million in budget support for the Marshall Islands, lifting total financing under an existing development policy operation to $30 million to help households, businesses, and public services cope with sharply higher fuel costs. Disaster Response: Marshall Islands President Hilda Heine signed an executive order declaring a state of emergency for Ebeye after a destructive fire left 100+ homeless and wiped out two major businesses, enabling a fast-track government response and debris clearing. Maritime Security: In the Strait of Hormuz, U.S. strikes reportedly killed three Indian sailors on Palau-flagged ships and disabled another tanker for allegedly violating the blockade—raising fresh friction between Washington and New Delhi. Shipping & Governance Watch: Marshall Islands-linked shipping finance headlines continue with major proxy battles at Genco Shipping & Trading (board entrenchment vs. shareholder proposals) and dividend/ownership updates from other publicly traded shipping firms. Seabed Minerals & Capacity: The SBMA attended regional deep-sea mining talks in Fiji focused on state responsibilities, environmental governance, data management, and future capacity building. Cybercrime Lawmaking: Pacific legal officials in Fiji advanced a regional handbook to strengthen cybercrime laws across the region, including support for the Republic of the Marshall Islands.

Energy & Budget Relief: The World Bank approved an extra $9 million in budget support for the Marshall Islands, lifting total aid under an existing development policy operation to $30 million to help households, businesses, and public services absorb sharply higher fuel costs. Disaster Response: Marshall Islands President Hilda Heine signed an executive order declaring a state of emergency for Ebeye after a destructive fire left 100+ homeless and wiped out two major businesses, with debris clearing and contractor mobilization expected to speed rebuilding. Shipping & Sanctions Risk: The U.S. Treasury expanded sanctions tied to Iran’s LPG network, including Marshall Islands-based Limra Gas-operated tanker MD 23, underscoring how compliance and vessel ownership details can quickly affect regional trade. Corporate Governance Watch: In the Genco Shipping proxy fight, Diana Shipping urged shareholders to vote for its board nominees and against Genco’s poison pill and equity plan, while Genco and major proxy advisors pushed the opposite vote ahead of the June 18 annual meeting. Education Accountability: The College of the Marshall Islands’ delayed FY2023 audit was submitted with a “no-opinion” result over missing records and questioned spending, adding pressure as it faces a December deadline for multiple overdue audits. Cybercrime Lawmaking: Pacific legal officials met in Fiji to finalize a regional handbook to strengthen cybercrime laws and defenses, including participation from the Republic of the Marshall Islands.

Disaster Response: Marshall Islands President Hilda Heine signed an emergency order for Ebeye after a destructive fire left 100+ homeless and wiped out two major businesses, with contractors already mobilized to clear debris and restart rebuilding. Energy & Budget Support: The World Bank approved an extra $9 million in budget support for the Marshall Islands, lifting total aid to $30 million to cushion a looming fuel crisis that has tripled fuel costs and pressured public services. Sanctions & Shipping Risks: The U.S. expanded Iran-related sanctions, including a Marshall Islands-registered LPG tanker (Limra Gas’ MD 23) tied to Iranian LPG shipments, as Washington targets shadow fleets and front companies. Maritime Trade Disruption: Iran’s Strait of Hormuz transit fee—paid in crypto and accepting Bitcoin—was highlighted as a new cost layer for tankers, with a Marshall Islands-flagged vessel reported heading to Europe. Corporate Governance Fight: Genco Shipping & Trading urged shareholders to vote for its directors and against Diana’s poison pill, citing recommendations from ISS, Glass Lewis and Egan-Jones amid a proxy contest. Digital Finance: SeerDEX launched a new Solana-native crypto presale for $SEERX, positioning it as open prediction-market creation with AI governance. Cybercrime Lawmaking: Pacific legal officials, including the Republic of the Marshall Islands, met in Fiji to finalize a regional handbook to strengthen cybercrime laws and enforcement.

Corporate Governance Showdown: Genco Shipping & Trading urged shareholders to vote FOR ALL of its director nominees on the WHITE proxy card and WITHHOLD on Diana Shipping’s picks, citing support from ISS, Glass Lewis and Egan-Jones as the June 18 annual meeting nears. Energy Crisis Support: The World Bank approved an extra $9 million budget support for the Marshall Islands, lifting total aid to $30 million to cushion fuel-cost shocks; the government has also tightened operations under an emergency electricity savings policy. Maritime Trade & Sanctions: A Marshall Islands-flagged tanker, Advantage Victory, reportedly transited the Strait of Hormuz carrying Gulf crude to Europe, while Iran’s $1-per-barrel crypto transit fee (Bitcoin accepted) highlights how digital payments are reshaping shipping costs. Cybercrime Lawmaking: Pacific legal officials, including the Republic of the Marshall Islands, met in Fiji to finalize a regional handbook to strengthen cybercrime laws and enforcement. Fintech & Bonds: tZERO expanded custody support for the Marshall Islands’ sovereign digital bond USDM1, reinforcing the islands’ push to deepen digital finance connectivity. EU Seafood Compliance: Pacific fisheries officials trained in Suva on new EU freezer-vessel rules that could affect 97% of EU-listed Pacific Island-flagged vessels exporting tuna.

World Bank Support for RMI Energy Crisis: The World Bank approved an extra US$9 million for the Republic of the Marshall Islands to cushion sharply higher energy costs, bringing total support under the existing development policy operation to US$30 million. Proxy Fight in Shipping: Diana Shipping and Genco Shipping & Trading are locked in a high-stakes contest over Genco’s poison pill and board seats, with ISS, Glass Lewis, and Egan-Jones backing Genco’s directors and urging votes against Diana’s proposals. Digital Finance for RMI: tZERO said institutional investors can now custody USDM1, a Marshall Islands sovereign digital bond, through its SEC-registered broker-dealer platform. Cybercrime Lawmaking in the Pacific: Legal officials meeting in Fiji—including RMI representatives—finalized a regional handbook to strengthen cybercrime laws and defenses. Climate & Fisheries Planning: Pacific nations advanced a tuna-focused climate warning system to track shifts beyond national waters, with implications for government revenue and food security.

World Bank Support for RMI Energy Crisis: The World Bank approved an extra US$9 million to help the Republic of the Marshall Islands cope with sharply higher energy costs, bringing total support under an existing development policy operation to US$30 million. The financing is aimed at protecting households, businesses, and public services while strengthening fiscal management and energy security. Marshall Islands Fintech & Digital Bonds: A new report highlights the Marshall Islands’ push to improve financial connectivity through fintech and digital infrastructure, including the role of blockchain-based finance. tZERO Custody for RMI Sovereign Bond: tZERO said institutional investors can now hold USDM1, a U.S.-dollar sovereign digital bond issued by the Marshall Islands, through its SEC-registered broker-dealer custody setup. Regional Cybercrime Law Work: Pacific legal officials meeting in Fiji finalized a regional handbook to strengthen cybercrime laws and defenses, with participation including the Republic of the Marshall Islands. Shipping Proxy Fight Watch: In the Genco Shipping takeover battle, Diana Shipping and Genco traded proxy moves as ISS, Glass Lewis, and Egan-Jones backed Genco’s director slate and opposed Diana’s poison-pill ratification.

World Bank Support: The Marshall Islands received an extra US$9 million from the World Bank to cushion sharply higher energy costs, bringing total financing under a 2024 development policy operation to US$30 million as fuel costs tripled and the import bill rose by about US$40 million. Digital Finance: A new look at the Marshall Islands’ fintech push highlights the country’s focus on basic financial connectivity—payments, remittances, and staying linked to the global system—rather than flashy disruption. Cybercrime Lawmaking: Pacific legal officials met in Fiji to finalize a regional handbook to strengthen cybercrime laws and defenses, including participation from the Republic of the Marshall Islands. Shipping & Sanctions Risk: The U.S. expanded Iran-related sanctions, adding Marshall Islands-linked entities and LPG tankers, while separate U.S. interdictions targeted Iran-linked tankers operating in the Indian Ocean. Capital Markets (RMI-linked): tZERO said institutional investors can now custody USDM1, a U.S.-dollar sovereign digital bond issued by the Republic of the Marshall Islands, within a regulated broker-dealer framework. Ocean Policy: Marshall Islands President Hilda Heine urged island states to secure more finance, technology, and data to manage oceans sustainably at a Tokyo summit.

Cybersecurity & Rule of Law: Pacific legal officials in Fiji are finalizing a regional cybercrime legislation handbook to help countries strengthen digital-border enforcement and protect economies. Shipping & Corporate Control: Genco Shipping & Trading is fighting Diana Shipping’s proxy push, with ISS, Glass Lewis and Egan-Jones all urging shareholders to vote FOR Genco’s director slate and WITHHOLD on Diana’s nominees after Diana withdrew four candidates. Sanctions & Maritime Trade: The U.S. Treasury expanded Iran-linked sanctions, adding Marshall Islands-linked entities and LPG tankers, while U.S. forces boarded the sanctioned Marshall Islands-registered tanker MT Davina in the Indian Ocean as enforcement widens. Fisheries Revenue Shock: Tokelau faces a major budget hit after being expelled from the PNA Vessel Day Scheme, potentially losing up to two-thirds of government revenue. EU Seafood Compliance: Pacific fisheries authorities in Suva trained to meet new EU freezer-vessel rules that could affect about 97% of EU-listed Pacific Island-flagged vessels. Marshall Islands Finance Tech: tZERO says institutional investors can now custody the Republic of the Marshall Islands’ USDM1 sovereign digital bond via its SEC-regulated broker-dealer platform. Climate & Ocean Governance: Marshall Islands President Hilda Heine urged greater finance and technology access for island ocean management at a Tokyo summit. Energy Costs & Work: A local business debate is growing around workweek changes as electricity and fuel prices rise across the Marshall Islands.

Marshall Islands Universal Basic Income (Enra): The Marshall Islands Social Security Administration rolled out the third quarterly Enra payment on May 28, sending $200 to more than 40,000 people. The June payment was 25% higher than the March distribution, totaling an $8.2 million injection, boosted by President Hilda Heine’s push amid rising fuel, food, and transport costs. Maritime Sanctions & Shipping Risk: The U.S. Treasury expanded Iran-linked sanctions, adding Marshall Islands-linked entities and LPG tankers, while U.S. forces boarded the Marshall Islands-registered MT Davina in the Indian Ocean as part of broader “shadow fleet” enforcement. EU Seafood Compliance for Pacific Fleets: Pacific fisheries officials in Suva trained authorities from Fiji, Kiribati, Solomon Islands, and Tuvalu on new EU freezer-vessel rules that could affect about 97% of EU-listed Pacific-flagged vessels, tightening cold-chain requirements for tuna exports. Digital Finance for RMI Debt: tZERO said institutional investors can now custody the Republic of the Marshall Islands’ U.S.-dollar sovereign digital bond (USDM1) through its SEC-registered broker-dealer platform. Regional Shipping Decarbonisation: Pacific transport ministers and officials meet in Majuro to launch the Pacific Blue Shipping Partnership, aiming to coordinate climate-finance access and low-carbon vessel development. Tokelau Fisheries Shock (Regional Finance): Tokelau faces a major budget hit after being expelled from the PNA Vessel Day Scheme, potentially cutting up to two-thirds of government revenue. Air Travel Update (Micronesia): United Airlines will shift Micronesia services to Boeing 737 MAX 8 earlier than planned, with route changes affecting the Federated States of Micronesia, Marshall Islands, Palau, and Saipan.

Climate & Finance: Marshall Islands officials at COP27 urged a Loss and Damage funding arrangement as rising seas threaten homes and radioactive waste from nuclear testing, saying mitigation promises have fallen short. Maritime Security & Sanctions: US special forces seized the 1,000-foot tanker Majestic X in the Indian Ocean tied to the Kinahan cartel and sanctioned Iranian oil, while Washington also expanded Iran-linked sanctions that include Marshall Islands-based entities and targeted LPG smuggling networks. Digital Finance (RMI): tZERO said institutional investors can now custody the Republic of the Marshall Islands’ USDM1 sovereign digital bond through its SEC-registered broker-dealer platform, backed 1:1 by short-duration US Treasury instruments. Universal Basic Income (Enra): The Marshall Islands’ Enra program paid a third-quarter $200 to more than 40,000 people, with the latest payment boosted 25% to help offset soaring fuel, food, and transport costs. Shipping Decarbonisation: Pacific transport ministers are set to launch the Pacific Blue Shipping Partnership in Majuro, weighing a $300 million Green Climate Fund bid for low-carbon vessel demonstrations. Ocean Governance: RMI President Hilda Heine told a Tokyo summit that island states need better access to finance, technology, and data to manage oceans sustainably. EU Fisheries Compliance: Pacific fisheries officials in Suva trained on new EU freezer-vessel food-safety rules that could affect about 97% of EU-listed Pacific Island-flagged vessels. Energy Costs & Work Patterns: A local business discussion highlighted how electricity and fuel price spikes are pushing island governments and firms to rethink work schedules, including shorter workweeks.