LETH Newsletter August 2026

NEWSLETTER www.lethagencies.com YOUR PREFERRED AGENT IN MARITIME HOTSPOTS AUGUST 2026Issue 022 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: •El Niño Update•Panama Auction Update•Middle East Update•Tankers lead strong Q2 EGYPT Average Weekly Suez Canal Transits: Q3/2026 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 26 (Week 27- 39) 274.62 16.23 138.38 78.31 4.38 73.6231.08 5.00 5.77 29.69 12.31 17.69 16.77 Weekly average Q2 26 (Week 14 - 26) +25.6 +11.9 +13.6-3.6 -1.1+12.7 +8.9+0.8 +4.4 +2.6-1.5 3.0 -0.8 Tankers remain the Canal's largest segment by far, at roughly 40% of all crossings. They averaged about 112 a week in Q2, more than dry bulk and containers combined, underscoring how dominant this segment has become. July was the strongest month of 2026 in our figures, with 1,337 transits and a daily average of 43, the year's high, of which 492 were tankers - more than a third of the month's total traﬀic. Traﬀic still sits below levels seen before the crisis, but the trend is firmly upward, and the pace of recovery suggests the gap could continue to narrow in the coming quarters. Tankers lead a stronger Suez quarter Houthi Escalation Against Saudi Arabia Since the Houthis' 20 July "maritime embargo" declaration, six Saudi-owned tankers have been attacked, prompting vessels to avoid Saudi ports. One tanker was struck ~95 NM southeast of Aden (claimed as a ballistic missile attack); a second incident near Yanbu is uncorroborated. Saudi aﬀiliation remains the key targeting driver, and escalation is likely to continue - a 9 August UAV strike halted ARAMCO's Jizan refinery (resuming ~30 August), and the same day saw a missile/UAV/USV attack on the Port of Mocha. The threat also diversified: a suspected Houthi USV was encountered in the Bab el Mandeb and a possible UUV in the southern Red Sea, alongside UAV/missile activity - signaling possible reconnaissance or attack prep. An India-flagged cargo vessel sank south of Hodeidah in an incident attributed (unconfirmed) to a Houthi USV. Piracy in the Gulf of Aden A suspected Pirate Action Group hijacked a Tanzania-flagged tanker southwest of Mukalla, moving it toward Puntland. Renewed pirate activity is also reported from northern Somalia, with four vessels still hijacked oﬀ Somalia's Indian Ocean coast. On 29 July, a drone struck Egypt's Damietta LNG hub, hitting the US-owned and -operated FSRU Energos Winter during discharge operations and setting fire to the LNG carrier GasLog Salem, moored alongside. Both crews evacuated safely, with no injuries reported. No one has claimed responsibility, though the Houthis have denied involvement. We assesses it more likely to be Iran, possibly via proxies in Lebanon or Iraq, signaling Iran's ability to extend pressure from the US-Iran conflict onto energy supply chains tied to US interests. This marks the first strike on Egypt's Mediterranean LNG infrastructure since the regional conflict escalated, raising fresh concerns about security in the broader region. Drone strike hits Damietta LNG terminal MIDDLE EAST UPDATE Update from our analyst at Ambrey MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey LETH NEWSLETTER AUGUST 2026 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] PANAMA Regular: Bidding increased steadily throughout the month, moving from an average near the starting bid of USD 15,000 up to an average close around USD 100,000. The max bid in July hit USD 156,000. Super: Demand dropped slightly in mid-July before picking up pace again toward the end of the month, with daily averages ranging from USD 145,000–806,000. Activity was particularly strong in the final week, and July's highest winning bid hit USD 997,000. Neopanamax: Demand increased steadily throughout July, with daily averages ranging from USD 376,000 to 2 million, reflecting consistent and growing interest across the month. The max bid, recorded back in July, hit USD 3.1 million. Maintenance: Please note scheduled maintenance from Sep 1 to Sep 12 is not expected to reduce daily capacity. Further NEO Draft Cut - Advisory 25 Further draft cuts at the Neopanamax Locks: The ACP's water-saving measures keep tightening as forecasters warn El Niño could intensify to record levels. With the Neopanamax draft already trimmed to 14.94m (49.0ft) TFW from July 24 and a cut to 14.78m (48.5ft) due August 15, Advisory A-25-2026 has now scheduled two further reductions: 14.63m (48.0ft) from August 26, then 14.48m (47.5ft) from September 3, the fourth and fifth adjustments this year. As the deepest-draft vessels using these locks, container ships, laden LNG carriers and tankers will bear the biggest impact. Further cuts remain possible depending on Gatun Lake levels. Draft cuts only limit how much the biggest vessels can load, not how many transit. The ACP has yet to announce any cuts to daily slots ofered - a scenario that would have a big impact, increasing the backlog of unbooked vessels and driving auction prices even higher. Auctions update Source: ACP Oﬀicial Gatun Water Level Website The main driver of Panama's tight market is the current demand. With the Strait of Hormuz disrupted by the Iran war, energy cargoes that once moved through the Gulf have been rerouted, and LNG, LPG and product tankers are increasingly going through the Panama Canal instead. Asian buyers have turned to US suppliers, pushing tanker traﬀic to its highest in years. The tanker segment also has more money to play with, and it shows at the auctions: when they have to buy a slot, tankers and container carriers consistently outbid their dry bulk and general cargo competitors. The rush has stretched the system. While auction prices have soared previously, we are currently seeing unusual high auction prices becoming the new normal , especially within the Neopanamax and Super Segment. The Driver Behind Panama Canal's High Auction Prices