LDS Newsletter January 2026

NEWSLETTER www.lethagencies.com YOUR PREFERRED AGENT IN MARITIME HOTSPOTS Jan 2026Issue 004 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: Vessel Visit in CopenhagenSkaw passings UpdateBALTIC REGION SECURITY UPDATE Skaw Passings Update : December 15 - January 15 Source: Lloyds AIS, Observed Data Skaw passings Per Month Total Northbound Southbound Crude Tanker Product Tanker Dry Bulk Container / General Cargo Other TankersGas Carrier Monthly Average 2370 1086 1096 220 124 418 1100 352 162 Dec 15 - Jan 15 2476 1212 1264 273 146 489 970 362 187 BALTIC REGION SECURITY UPDATE Update from our analyst at Ambrey Over the past 14 days, Ambrey recorded 13 maritime security events in the Baltic Sea. These incidents primarily involved the shadowing and monitoring of sanctioned or “shadow fleet” tankers by NATO Baltic Sea states, reflecting heightened maritime domain awareness and enforcement activity across the region. One boarding incident was recorded involving the Russian-flagged general cargo vessel Adler, which reportedly suffered engine failure. Swedish authorities boarded the vessel approximately two nautical miles west of Eolus, Sweden. Following inspections, the vessel was released without further incident. Separately, Finnish authorities have concluded the initial investigation into a shadow fleet tanker suspected of damaging subsea cables connecting Estonia and Finland. While the vessel itself has been released and subsequently sailed towards the Russian Federation, two crew members remain detained and the investigation remains ongoing. At the time of writing, no charges have been brought against the vessel’s owner or master. These developments highlight NATO Baltic Sea states’ increased readiness in addressing maritime security incidents, particularly cable sabotage, unusual vessel movements, and ships with potential hybrid warfare roles. Over the past 14 days, no UAV activity over critical infrastructure or attacks on Russian ports were recorded. A notable trend is the rising re-flagging of shadow fleet tankers to Russia, seemingly to deter inspections, though the mid-transit seizure of Bella 1 shows Russian registration does not prevent enforcement against sanctioned cargo. Ambrey also noted increased Russian-flagged traffic: in the first 15 days of 2026, over 140 vessels, including 65 tankers, transited the Baltic, compared with 89 vessels (41 tankers) in the same period in 2025—a roughly 40% increase— indicating continued NATO monitoring and enforcement. YOUR PREFERRED AGENT IN MARITIME HOTSPOTS MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey LETH NEWSLETTER Jan 2026 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] Add your body text Our colleagues Omar and Neil recently had the pleasure of visiting the vessel GLYFADA in Copenhagen. The visit was combined with our friends from Ultrabulk. "Close collaboration with the teams on board gives us the insight needed to turn strategy into measurable results. By staying close to daily operations, we strengthen execution, accelerate decision making, and create tangible value for our customers and the business", said Neil after the visit. Omar reported from the visit that "Engaging directly with the teams we work with every day really reinforced our connections but also gave us deeper insight into the operations we coordinate on a daily basis. It’s through these face-to-face interactions that we continue to build trust, share knowledge, and ensure smooth collaboration across all our projects." Vessel Visit in Copenhagen

NEWSLETTER www.lethagencies.com YOUR PREFERRED AGENT IN MARITIME HOTSPOTS Jan 2026Issue 004 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: Vessel Visit in CopenhagenSkaw passings UpdateBALTIC REGION SECURITY UPDATE Skaw Passings Update : December 15 - January 15 Source: Lloyds AIS, Observed Data Skaw passings Per Month Total Northbound Southbound Crude Tanker Product Tanker Dry Bulk Container / General Cargo Other TankersGas Carrier Monthly Average 2370 1086 1096 220 124 418 1100 352 162 Dec 15 - Jan 15 2476 1212 1264 273 146 489 970 362 187 BALTIC REGION SECURITY UPDATE Update from our analyst at Ambrey Over the past 14 days, Ambrey recorded 13 maritime security events in the Baltic Sea. These incidents primarily involved the shadowing and monitoring of sanctioned or “shadow fleet” tankers by NATO Baltic Sea states, reflecting heightened maritime domain awareness and enforcement activity across the region. One boarding incident was recorded involving the Russian-flagged general cargo vessel Adler, which reportedly suffered engine failure. Swedish authorities boarded the vessel approximately two nautical miles west of Eolus, Sweden. Following inspections, the vessel was released without further incident. Separately, Finnish authorities have concluded the initial investigation into a shadow fleet tanker suspected of damaging subsea cables connecting Estonia and Finland. While the vessel itself has been released and subsequently sailed towards the Russian Federation, two crew members remain detained and the investigation remains ongoing. At the time of writing, no charges have been brought against the vessel’s owner or master. These developments highlight NATO Baltic Sea states’ increased readiness in addressing maritime security incidents, particularly cable sabotage, unusual vessel movements, and ships with potential hybrid warfare roles. Over the past 14 days, no UAV activity over critical infrastructure or attacks on Russian ports were recorded. A notable trend is the rising re-flagging of shadow fleet tankers to Russia, seemingly to deter inspections, though the mid-transit seizure of Bella 1 shows Russian registration does not prevent enforcement against sanctioned cargo. Ambrey also noted increased Russian-flagged traffic: in the first 15 days of 2026, over 140 vessels, including 65 tankers, transited the Baltic, compared with 89 vessels (41 tankers) in the same period in 2025—a roughly 40% increase— indicating continued NATO monitoring and enforcement. YOUR PREFERRED AGENT IN MARITIME HOTSPOTS MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey LETH NEWSLETTER Jan 2026 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] Add your body text Our colleagues Omar and Neil recently had the pleasure of visiting the vessel GLYFADA in Copenhagen. The visit was combined with our friends from Ultrabulk. "Close collaboration with the teams on board gives us the insight needed to turn strategy into measurable results. By staying close to daily operations, we strengthen execution, accelerate decision making, and create tangible value for our customers and the business", said Neil after the visit. Omar reported from the visit that "Engaging directly with the teams we work with every day really reinforced our connections but also gave us deeper insight into the operations we coordinate on a daily basis. It’s through these face-to-face interactions that we continue to build trust, share knowledge, and ensure smooth collaboration across all our projects." Vessel Visit in Copenhagen