Leth Newsletter December 2025

NEWSLETTER www.lethagencies.com YOUR PREFERRED AGENT IN MARITIME HOTSPOTS Dec 2025Issue 014 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: •LETH Networking Event•Panama Canal Update•Middle East Update•Suez Canal Update Average Weekly Suez Canal Transits: Q3-Q4/2025 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 Q4 25 (Week 40-48) 263.22130.56 132.67 68.67 2.00 77.4435.00 5.446.44 24.22 7.00 19.44 17.56 Weekly Average Q3 25 (Week 27-39) +13.2 +6.5 +6.7 +1.5 -0.6 +9.5 +1.5 -0.6-1.6 +1.1 +0.1 +0.4+1.8 EGYPT Suez Canal Authority has announced the extension of 12 fixed rebate circulars, which will remain valid until 30 June 2026 (with the last permissible sailing date from the origin port set as 30 June 2026). Illustrations of the rebate circulars can be found here. On 25th November, Maersk and Suez Canal Authority issued a joint press release on a strategic partnership agreement where Maersk indicated its intention to return to the Suez Canal again once conditions allow. Earlier in the month, the CMA CGM had its first mega containership transit after passing the Bab el Mandeb straits. Overall, the volumes in the third and fourth quarter have seen an increase in the overall transit volumes compared to earlier this year, a trend that appears to be continued in the weekly numbers. We are continuing to monitor the traﬀic and will keep you updated on future developments. Source: Suez Canal Authority (Link), Tradewinds (Link),Click here for a complete overview of all circulars Fixed Rebate 2026 Circular 2/2017 Circular 3/2018 Circular 2/2021 Circular 9/2023 Dry Bulk Circular 1/2018 Circular 7/2017 Circular 10/2023 Circular 2/2023 Circular 4/2020 Circular 3/2023 Tankers Container-ship Vehicle CarriersLPG/LNG Circular 2/2016 Circular 3/2025 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] MIDDLE EAST UPDATE Update from our analyst at Ambrey In Ambrey, our Risk Advisory team closely monitors the Middle East developments to aid our clients with insights and operational recommendations. Our recent Ambrey Threat Circular provides a thorough evaluation of the current situation in the Red Sea. As a teaser from this circular, we would like to highlight Implications for shipping: Shipping companies that are neither Israeli nor trading with Israel may now assess the risk in the Bab al-Mandeb as tolerable enough to resume transits. Shipping companies that are Israeli, or that trade with Israel, are likely to face a finer margin of risk in deciding whether to resume transits. Since the ceasefire commenced, Ambrey has observed a modest increase in Bab el-Mandeb transits. Among them there were companies resuming transits for the first time since the previous ceasefire ended on 18 March 2025. This included a Greek beneficial owner of 20 product tankers/dry bulkers and a Greek beneficial owner of 7 Suezmax/LR1/LR2 tankers. During the latest conflict period, these owners’ vessels had transited around the Cape of Good Hope. Neither of these owners were “Israeli” and neither company had traded with Israel recently. Further, three companies that had previously transited the Southern Red Sea withholding AIS, transited with full AIS transmissions. This included Greek- and Korean-managed bulk carrier and tanker companies, including fleet sizes of 8, 9, and 12 vessels. Houthi targeting has been highly discerning. Ambrey has estimated that of those vessels targeted, 90% fully matched the stated Houthi target profile, and approximately 1% were mistakenly targeted, during attacks on other ships. The remainder were targeted due to publicly available, out-of-date, information. The frequency of targeting shipping that fully matched their target profile was less than 1/10 and that of targeting shipping with out-of-date information was less than 1/250. The frequency of targeting by complete mistake was considerably lower, in the order of one event in several thousand transits. None of those assessed to have been complete mistakes have been constructive or complete total losses. Ambrey is aware of several charterers that are requesting shipowners return to the Bab el-Mandeb. These charterers are unaﬀiliated with the target profile, including Chinese, Emirati, and French charterers. Several owners of dry bulk and tankers, of Greek and Korean nationalities, have already returned. Those who have returned were non-aﬀiliated, but may have been avoiding the Bab el-Mandeb out of an abundance of caution. YOUR PREFERRED AGENT IN MARITIME HOTSPOTS MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey LETH NEWSLETTER Dec 2025 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] PANAMA In the Regular segment, demand for slots increased compared to October, with most slots being taken up in Periods 1 and 2. During the third booking period (auction), approximately 41% of Regular slots were sold, while the remaining slots received no bids. Bidding generally stayed close to the starting price of USD 15,000 in the first half of the month, before rising to an average of USD 34,000 later on. November Canal traﬀic recorded a notable increase in demand, particularly during the second half of the month. Demand increased across both Super and Regular, resulting in heightened activity in the Period 3 auction. Neopanamax traﬀic remained steady throughout the month. Overall, the Canal operated close to full capacity, averaging 33.4 transits per day out of a maximum of 36. For December, Super and Regular slots are seeing increased demand, with many slots being taken up earlier than usual. Neopanamax slots continue to see steady demand due to limited availability, but with proper planning and advance booking, securing a transit remains manageable. We strongly encourage early planning for your Panama Canal passages, and our team is ready to provide the guidance and support you need. For Panamax-Super vessels, most slots were secured during the first and second booking periods. Demand increased noticeably in the second half of the month, with the majority of Period 2 slots being taken up seven days in advance. Bidding remained close to the starting price of USD 55,000 during the first half, but later rose to an average of USD 90,000. One of the highest bids recorded exceeded USD 200,000. Overall, approximately 55.7% of auctions in this segment were sold, while the remaining slots received no bids. The Neopanamax segment saw steady demand in both directions compared with the previous month. Bidding averaged around USD 215,000, with the highest bid reaching nearly USD 1.5 million. Overall, approximately 44.8% of auctions were sold, while the remaining slots received no bids. Key Canal Operations and Slot Insights 8th Annual Networking Event: Connecting the Next Generation This November, we hosted the 8th edition of our annual networking event in Copenhagen, an established tradition that continues to bring together the next generation of shipping. The evening oﬀered a relaxed setting for our colleagues to connect with interns and trainees from across the industry and expand their networks. This year two new elements were introduced: a Sweepstake activity and professional photos and videos captured by Niklas Adrian Vindelev, who documented the atmosphere throughout the evening. You can watch the highlights here. Again, we welcomed Thomas Hechmann for an engaging presentation on the importance of networking, which naturally led to further conversations afterward. The event was organized by our interns, Ida-Marie Skov Madsen and Rasmus Høgh Sonnichsen, whose coordination ensured a smooth and memorable evening. This gathering remains important for us, as it provides a platform for connecting emerging talents from the Danish Shipping Academy and CBS International Shipping and Trade. We look forward to continuing the tradition next year. Disclaimer: The information in these graph/stats is derived from observed data and may not be entirely accurate. Pls consider it as general reference. Segment Distributions Super Neo-Panamax REGULAR