NEWSLETTER
www.lethagencies.com
YOUR PREFERRED AGENT IN MARITIME HOTSPOTS
January 2025Issue 003
If you have questions about the statistics in this article or require further information, please reach out to our team at:
[email protected]
Welcome to this month’s update from LETH! As the maritime industry navigates new challenges, we’re here to keep you informed on
the latest developments and updates.
In Guardian, our Risk Advisory team closely monitors the Middle East developments to aid our clients with insights and operational
recommendations. In late December 2024, direct missile attacks against civilian and critical infrastructure were on the rise between the
Houthi rebels and Israel. The Israel Defence Forces (IDF) targeted key Houthi-controlled ports of Hudaydah, Salif, and Ra’s Isa along the
western coast of Yemen. Following these attacks, the IDF stated that these ports were strategic military targets. The attacks resulted in
considerable damage, drastically decreasing the Houthi-controlled ports’ capacities and daily operations. While the number of Houthi
attacks against commercial ships decreased in December, the number of direct attacks involving both Israel and the Houthi rebels has risen
significantly, heightening concerns about regional instability.
Concurrently, in late November/early December, rebel groups in Syria ousted Bashir al-Assad, ending his family’s 54-year autocratic regime,
and seized several cities. Allies of Assad were forced to disengage from Syria due to their dealings with several conflicts on various fronts.
Russia is preoccupied with Ukraine; Israel has decimated Hezbollah and is regrouping in Lebanon; and Iran, a major sponsor of Hezbollah, is
dealing with a series of military defeats inflicted by Israel. The uncertainty of Syria’s new regime, run by the Hayat Tahrir al-Sham (HTS), a
group formerly associated with al Qaeda, leaves the Middle East battling with further uncertainty of a peaceful future and its potential
consequences for global trade and stability.
Middle East Update
Update from our analyst at Guardian
A Message From Our CEO
-Otto Jervell
CEO
Happy New Year!
As we step into 2025, I want to express LETH’s gratitude for
your continued trust and collaboration. The geopolitical
situation impacting Suez Canal traffic has undoubtedly
posed difficulties, yet we remain steadfast in our
commitment to supporting your needs as conditions
improve. As we hope for improved safety in the Red Sea in
2025, we are eager to provide more services beyond the Suez
Canal. LETH is better equipped than ever before ready to
deliver its quality services in Gibraltar, Algeciras, Malta,
Panama and the Turkish Straits with new and strong local
partnerships. Wishing you a successful and fulfilling year
ahead.
Admiral Ossama Rabiee, Chairman of the Suez Canal Authority,
announced the successful trial operation of the Suez Canal duplication
project in the Small Bitter Lakes, part of the southern sector
development. Two vessels transited through the newly dredged 10-km
waterway (km 122–132), alongside four other vessels using the original
eastern lane. This development adds 10 km to the canal’s duplicated
sections, enhancing navigational safety and increasing daily vessel
capacity by 6–8 ships. Full operations will commence once new
navigational charts are issued. For more details, check the official
announcement here.
Successful trial of the Suez Canal duplication in the Small
Bitter Lakes
EGYPT
Source: Suez Canal Authority, 2024, View of the Suez Canal
Suez Canal Authority has announced the extension of 12 fixed rebate circulars, which will remain valid until June 30, 2025 (with the last
permissible sailing date from the origin port set as June 30, 2025). Illustrations of the rebate circulars can be found here.
FIXED REBATE 2025
Click here for a complete overview of all circulars
Tankers
Circular 1/2018
Circular 2/2023
Circular 3/2023
LPG/LNG
Circular 7/2017Circular 4/2020
Containership
Vehicle Carriers
Dry Bulk
Circular 5/1996
Circular 2/2017
Circular 3/2018 Circular 2/2016
Circular 10/2023
Circular 2/2021
Circular 9/2023 YOUR PREFERRED AGENT IN MARITIME HOTSPOTS
MaltaPanama Spain GibraltarDenmarkEgypt Singapore Turkey
LETH NEWSLETTER JANUARY 2025
If you have questions about the statistics in this article or require further information, please reach out to our team at:
[email protected]
Learn more about Leth Voyage Agency here
PANAMA CANAL
Disclaimer: The information in these graphs/stats is derived from observed data and may not be entirely accurate. Please consider it as a general reference.
Month of December shows stable and consistent traffic with minor
fluctuations. The peak in mid-to-late December suggests
increased activity towards the end of the month, possibly driven
by year-end shipping needs. Overall, the average daily transit rate
of 34 vessels highlights the Canal's capacity to manage steady
vessel traffic without significant variation.
Effective 1st January 2025, transit reservation fees for Period 1 & 2
have been revised:
Regular vessels: Increased from $10,500 to $12,000
Super vessels: Increased from $41,000 to $50,000
Neopanamax vessels: Increased from $80,000 to $100,000
For vessels requiring geographical repositioning, whether newly
built, retrofitted, or relocated for other purposes, our Voyage Agency
Services ensure a safe and timely journey. Services cover every
operational and regulatory need along the vessel’s journey, including
bunkering, crew changes, deliveries, and other husbandry services,
for all vessel types. With deep expertise in Customs, Compliance, and
Logistics, LETH serves as your trusted partner and single point of
contact. Here's what we offer:
•Concierge support for your voyage
•Single point for all communication
•Single point for all funding
•Access to a global network of expertise
•Information collection in the planning phase
•24/7 availability
LETH VOYAGE AGENCY
Note: With an average of 34.6 vessels daily the Panama Canal capacity has not been
utilized fully in month of December
Source: Lloyds AIS, Observed Data
Panama Canal- Total Daily Transits
The Panama Canal Authority (ACP) has announced modifications to its
Transit Reservation (Booking) System, effective January 1, 2025. Key
changes include the introduction of Last-Minute Transit Reservations
and a Vessel Scheduling Fee. Additionally, the previous requirement
for certain vessels to arrive by 2200 hours on the day prior to their
booking date has been suspended until further notice. Booked vessels
can now change dates, request substitutions, and swaps between 365
and 91 days prior to any booking date, even without an open booking
period. Please refer to Notice to Shipping N-07 for details.
ADVISORY Update from Canal De Panama
Panamax Segment Distribution Neo-Panamax Segment DistributionRegular Segment Distribution
