Leth Newsletter September 2025

NEWSLETTER www.lethagencies.com YOUR PREFERRED AGENT IN MARITIME HOTSPOTS Sep 2025Issue 011 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. Featured This Month: •Panama Canal Update•Middle East Update•Suez Transit Experience•Suez Canal Update For our operations team, such onboard experiences are invaluable. They strengthen our ability to support clients eﬀectively during their canal transits, adding real-world context to the work we do from the oﬀice. We extend our thanks to Chartworld Maritime Management Corporation, and Hafnia Operations for welcoming us onboard, to the Ionian Star crew, and to Leth Egypt for coordinating a smooth and safe passage. Our operations team members, Rasmus and Bjørn, had the privilege of joining the product tanker Ionian Star for a complete Suez Canal transit. From boarding while the vessel entering the canal at 10 knots, to passing under the Al Salam Bridge, crossing the Great Bitter Lake and finally disembarking in Suez, the journey oﬀered a first-hand perspective on how a transit is carried out in real life. Throughout the day, they had the chance to observe and take part in various aspects of vessel operations. These included pilot embarkation, mooring drills, garbage collection, a walkthrough of the vessel and engine room, as well as time spent on the bridge observing navigation. Just as importantly, they engaged in insightful discussions with the Captain, Pilots, and crew, gaining perspectives from those who manage transits on a daily basis. Suez Canal Transit Experience EGYPT Average Weekly Suez Canal Transits: Week 1-35/2025 Source: Lloyds AIS, Observed Data Suez Canal Per WeekTotalNorthboundSouthbound Crude Tanker Product Tanker Dry BulkContainerLPG LNGChemicals RoRo/ Vehicle Carrier Gen Cargo/ MPP Other Weekly Average Q3 25 (Week 27-35) 239.56117.11 122.44 64.11 2.67 63.2233.56 5.898.11 22.56 6.44 18.89 14.11 Weekly Average Q2 25 (Week 14-26) +2.7 -2.0 +4.8 -0.5 -0.3 +5.5 -1.8-0.0+4.5 +0.3 +0.3 -0.2-5.0 MIDDLE EAST UPDATE Update from our analyst at Guardian In Guardian, our Risk Advisory team closely monitors the Middle East developments to aid our clients with insights and operational recommendations. Throughout August, the fighting between the Houthis and Israel has escalated. Israeli defences have intercepted multiple missiles and UAVs launched from Yemen throughout August, with one bomblet causing minor damage in Ginaton. On 24 August, Israel struck multiple strategic targets in Sanaa, including the presidential compound, a fuel depot, and two power plants, killing around eight people and injuring 100. On 29 August, Israel carried out another strike on Sanaa, reportedly killing several top Houthi leaders, including the Prime Minister, Chief of Staﬀ and the Defence Minister; however, Yemeni oﬀicials deny these claims. Meanwhile, the Houthis have also expanded their Red Sea campaign by sending "pre-penalty" warning letters to 64 shipowners linked to Israeli ports, stating any transit through the Red Sea, Bab al-Mandab, Gulf of Aden, or Arabian Sea could invite targeting. While GPS jamming and electronic disruption have lessened since June, UKMTO reports that sporadic interference remains, particularly around the Strait of Hormuz and oﬀ Port Sudan, aﬀecting navigational safety. YOUR PREFERRED AGENT IN MARITIME HOTSPOTS MaltaPanama Spain GibraltarDenmarkEgypt Singapore Turkey LETH NEWSLETTER Sep 2025 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] Segment Distributions PANAMA August began smoothly for Super and Regular slots, with ample availability throughout the period. However, demand for Neopanamax northbound transits was particularly strong, with auctions closing at nearly one million dollars. The Canal operated close to full capacity, averaging 33.03 transits per day against a maximum of 36. In the Regular segment, demand saw a modest decline from July despite limited daily availability. In the third booking period (auction), about 29% of Regular slots were sold, with the rest oﬀered without any bidders. Bidding levels generally remained close to the starting price of USD 15,000. Looking ahead to September, slots for Supers and Regulars remain widely available. However, Neo-Panamax slots in Period 3 continue to face strong demand due to limited availability. We strongly encourage early planning for your Panama Canal transits, and our team stands ready to provide the necessary guidance and support. For Panamax-Super vessels, most slots were secured during the 1st and 2nd booking periods, giving clients the flexibility to monitor ETAs before committing. Demand was moderate, with the majority of slots taken up before the close of each period. Bidding levels largely remained near the starting price of USD 55,000. Around 54% of auctions in this segment were sold, with the remaining slots oﬀered without any bidders. The Neo-Panamax segment saw an increase in demand especially for Northbound transits. Bidding levels for Southbound transits generally hovered close to the starting price of USD 100,000. In contrast, Northbound transits saw much higher levels of auction activity, with winning bids reaching close to a million dollars. Overall, around 67% of auctions sold and the remaining slots oﬀered without any bidders. Navigating September: A Look Ahead at the Panama Canal According to Advisories to Shipping No. 24-25 issued by the Panama Canal Authority (ACP), a tentative maintenance is planned for the Panamax (old) locks from 26 Aug to 6 September 2025, during which the transit capacity will again be reduced from 26 to 16 vessels per day. This may significantly aﬀect slot availability before and during the maintenance window. The ACP will provide further confirmation as the date approaches. As of now, no oﬀicial confirmation has been issued, and we will keep you updated once the maintenance is confirmed. Starting 1st October 2025, the Panama Canal will introduce a risk-based vessel inspection model to enhance safety, eﬀiciency, and sustainability. The new system streamlines regulatory compliance, reduces costs and delays, and supports smoother navigation. Inspections remain valid for one year, after which eligible vessels may shift to digital inspections if requirements are met. Training begins in September, with full compliance mandatory from 1st January 2026. Read more here . Advisory Updates Super Neo-Panamax Regular Disclaimer: The information in these graph/stats is derived from observed data and may not be entirely accurate. Pls consider it as general reference.

YOUR PREFERRED AGENT IN MARITIME HOTSPOTS MaltaPanama Spain GibraltarDenmarkEgypt Singapore Turkey LETH NEWSLETTER Sep 2025 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] Segment Distributions PANAMA August began smoothly for Super and Regular slots, with ample availability throughout the period. However, demand for Neopanamax northbound transits was particularly strong, with auctions closing at nearly one million dollars. The Canal operated close to full capacity, averaging 33.03 transits per day against a maximum of 36. In the Regular segment, demand saw a modest decline from July despite limited daily availability. In the third booking period (auction), about 29% of Regular slots were sold, with the rest oﬀered without any bidders. Bidding levels generally remained close to the starting price of USD 15,000. Looking ahead to September, slots for Supers and Regulars remain widely available. However, Neo-Panamax slots in Period 3 continue to face strong demand due to limited availability. We strongly encourage early planning for your Panama Canal transits, and our team stands ready to provide the necessary guidance and support. For Panamax-Super vessels, most slots were secured during the 1st and 2nd booking periods, giving clients the flexibility to monitor ETAs before committing. Demand was moderate, with the majority of slots taken up before the close of each period. Bidding levels largely remained near the starting price of USD 55,000. Around 54% of auctions in this segment were sold, with the remaining slots oﬀered without any bidders. The Neo-Panamax segment saw an increase in demand especially for Northbound transits. Bidding levels for Southbound transits generally hovered close to the starting price of USD 100,000. In contrast, Northbound transits saw much higher levels of auction activity, with winning bids reaching close to a million dollars. Overall, around 67% of auctions sold and the remaining slots oﬀered without any bidders. Navigating September: A Look Ahead at the Panama Canal According to Advisories to Shipping No. 24-25 issued by the Panama Canal Authority (ACP), a tentative maintenance is planned for the Panamax (old) locks from 26 Aug to 6 September 2025, during which the transit capacity will again be reduced from 26 to 16 vessels per day. This may significantly aﬀect slot availability before and during the maintenance window. The ACP will provide further confirmation as the date approaches. As of now, no oﬀicial confirmation has been issued, and we will keep you updated once the maintenance is confirmed. Starting 1st October 2025, the Panama Canal will introduce a risk-based vessel inspection model to enhance safety, eﬀiciency, and sustainability. The new system streamlines regulatory compliance, reduces costs and delays, and supports smoother navigation. Inspections remain valid for one year, after which eligible vessels may shift to digital inspections if requirements are met. Training begins in September, with full compliance mandatory from 1st January 2026. Read more here . Advisory Updates Super Neo-Panamax Regular Disclaimer: The information in these graph/stats is derived from observed data and may not be entirely accurate. Pls consider it as general reference.