On January 23, 2026, Normative Instruction No. 22/2025 (the ”NI”), issued by the Brazilian Institute of the Environment and Renewable Natural Resources (“IBAMA”), entered into force. The NI regulates the procedures for issuing Environmental Authorizations for the performance of Ship-to-Ship operations (“STS operations”) in Brazilian jurisdictional waters, fully revoking the former IBAMA Normative Instruction No. …