NEWSLETTER
www.lethagencies.com
YOUR PREFERRED AGENT IN MARITIME HOTSPOTS FEB 2026Issue 016
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 Operations•Panama Canal Update•Middle East Update•Suez Canal Update
In a meeting with 20 shipping lines and maritime agencies, Suez Canal Authority Chairman Admiral Ossama Rabiee highlighted a notable improvement in
traffic and revenues during the first half of fiscal year 2025/26, with a 5.8% rise in vessels, 16% growth in tonnage, and an 18.5% revenue increase
compared with the same period last year. Positive indicators and enhanced regional stability are encouraging major carriers to consider returning to the
Canal after recent disruptions in the Red Sea. The SCA is continuing cooperation with clients, promoting navigational safety improvements, and offering
incentives to support the full resumption of transit operations.
Our representative, Mr. Mohamed Marzouk, shared positive client feedback following Maersk’s announcement on the resumption of Suez Canal transits.
He anticipates a significant increase in vessel numbers this year and suggested offering additional incentives to container ships to accelerate the return of
mega vessels. Read more here.
Maersk and Hapag-Lloyd have announced a controlled return of one of their
shared Gemini Cooperation services through the Red Sea and the Suez Canal
from mid-February 2026. All transits will be secured by naval assistance. The
service in scope is the ME11 service, connecting India and the Middle East with
the Mediterranean. They emphasize that crew, vessel and cargo safety remain
top priorities and that they will continue to monitor the security situation
closely. Read more here.
Suez Canal traffic showing recovery as Red Sea stabilises
Hapag-Lloyd and Maersk to Transit the Red Sea with One Gemini
Service
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.
There have been no reported Houthi-related incidents in the Red Sea or Gulf of Aden since the Israel-Hamas ceasefire of October 2025. There have also
been no Houthi attacks against Israel, and no airstrikes against the Houthis and Houthi-controlled ports. Ambrey continues to assess the Israel-Hamas
ceasefire as fragile. Ambrey observed some shipping companies returning to the Red Sea and Gulf of Aden, though overall transit numbers through the
Suez Canal and Bab el-Mandab Strait remained stable. Vessels with indirect Israeli-trade links, US-ownership (e.g. Searchlight Capital Partners), or
US-flagged – previously assessed at heightened risk – have transited the Red Sea and Gulf of Aden without reported incident. Israeli-owned and
Houthi-designated (“sanctioned”) vessels have remained absent; Houthi intent toward these interests therefore remains untested. Some major container
lines have conducted trial transits / resumed selective services through the Bab el-Mandeb.
Crew safety and hesitancy remain the primary concern. Some trial transits have been conducted with naval support. All transits were preceded by risk
assessments indicating reduced risk. None were reportedly targeted, and some operators have subsequently sent further vessels through the Bab
el-Mandeb. It is likely that Red Sea transits will continue to resume gradually and unevenly, led by selective trial voyages by operators assessed as low-risk,
while Israeli-owned and Houthi-designated shipping remains absent and intent toward these interests remains untested.
Further, the US continued to keep the possibility of an imminent military strike against Iran open through public statements and military force build up. US
rhetoric has intensified with US President Donald Trump referencing an “armada enroute to the Arabian Gulf and Trump’s threat Iran should negotiate a
“fair and equable deal” or face an attack that “will be far worse” than the US strike during the 12-day war.
Should the US opt for military escalation, Iran has threatened regional escalation by involving militant factions it supports, and by targeting US military
bases across the Middle East. Additionally, the Speaker of the Iranian parliament threatened action against “shipping centres.” Iran’s regional partners have
increasingly signalled their willingness to provide military support in the event of an attack. The Yemen-based Houthis released a video creating the
appearance of the threat to resume attacks against shipping, while Iraq’s Kata’ib Hezbollah issued a statement calling its fighters to arms in support of Iran.
Shipping companies are advised to assess and manage their exposure to Houthi- and Iran-related threats across the Middle East, including assessing
individual vessel’s affiliations with the respective target profiles.
EGYPT
Average Weekly Suez Canal Transits: Q1/2026
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 Q1 26
(Week 1-5)
242.22127.80 114.20 65.20 1.60 64.4034.40 5.407.20 23.40 8.00 19.80 12.60
Weekly Average Q4 25
(Week 40-52)
-20.5 -4.1 -16.3 -5.6 -1.0-12.1 -0.4-0.1+0.5 +0.8 +0.6 +1.1 -4.2 YOUR PREFERRED AGENT IN MARITIME HOTSPOTS
MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey
LETH NEWSLETTER FEB 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
Demand for slots in the Regular segment remained strong, with the majority secured during Periods 1 and 2. In the third booking period
(auction), approximately 67% of Regular slots were sold, while the remaining slots received no bids. Bids generally averaged slightly
above the starting price of USD 15,000, with a mid-January surge pushing average auction prices up to USD 33,000.
January saw a noticeable increase in demand for Canal transits, particularly within the Regular segments. Traffic levels for Super and
Neopanamax vessels remained steady throughout the month. Overall, the Canal operated close to full capacity, averaging 34.4 transits
per day out of a maximum of 36.
February saw rising demand for Regular slots, with many secured during Periods 1 and 2. Auction prices for Regular slots in Mid
February are approaching USD 100,000, signaling strong demand. Super vessel slots remain widely available and Neopanamax slots
continue to experience 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. Our team is ready to provide guidance and
support to ensure a smooth booking process.
For Panamax–Super vessels, most slots were secured during the first and second booking periods. Demand eased compared to
December, allowing clients greater flexibility to secure slots and monitor ETAs before committing in Period 2. Auction bidding remained
close to the starting price of USD 55,000, with approximately 50.3% of slots in this segment sold, while the remaining auctions received
no bids.
The Neopanamax segment experienced steady demand in both directions. Bidding averaged around USD 247,700, with the highest bid
reaching nearly USD 600,000. Overall, approximately 55.67% of auctions were sold, while the remaining slots received no bids.
Key Canal Operations and Slot Insights
Disclaimer: The information in these graph/stats is derived from observed data and may not be entirely accurate. Please consider it as general reference.
Segment Distributions
Super
Neo-Panamax Regular
At LETH, effective transit management across key waterways such as the Suez Canal, Panama Canal and Turkish Straits
requires both regional expertise and constant availability.
By dividing responsibilities across regions while remaining closely aligned operationally, we deliver true round-the-clock
support and respond swiftly to any issues that arise. For any enquiries, please reach us at off
[email protected]
With Dedicated operations teams in the Western and Eastern Hemisphere, we ensure:
•Seamless regional coverage
•Timely assistance and clear communications
•Confidence that clients and vessels are well-supported at all times
Regional Expertise, One Seamless Team
Geoff Wilson
Operations Director
Western Hemisphere
Iffah Imran
Operations Director
Eastern Hemisphere
NEWSLETTER
www.lethagencies.com
YOUR PREFERRED AGENT IN MARITIME HOTSPOTS FEB 2026Issue 016
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 Operations•Panama Canal Update•Middle East Update•Suez Canal Update
In a meeting with 20 shipping lines and maritime agencies, Suez Canal Authority Chairman Admiral Ossama Rabiee highlighted a notable improvement in
traffic and revenues during the first half of fiscal year 2025/26, with a 5.8% rise in vessels, 16% growth in tonnage, and an 18.5% revenue increase
compared with the same period last year. Positive indicators and enhanced regional stability are encouraging major carriers to consider returning to the
Canal after recent disruptions in the Red Sea. The SCA is continuing cooperation with clients, promoting navigational safety improvements, and offering
incentives to support the full resumption of transit operations.
Our representative, Mr. Mohamed Marzouk, shared positive client feedback following Maersk’s announcement on the resumption of Suez Canal transits.
He anticipates a significant increase in vessel numbers this year and suggested offering additional incentives to container ships to accelerate the return of
mega vessels. Read more here.
Maersk and Hapag-Lloyd have announced a controlled return of one of their
shared Gemini Cooperation services through the Red Sea and the Suez Canal
from mid-February 2026. All transits will be secured by naval assistance. The
service in scope is the ME11 service, connecting India and the Middle East with
the Mediterranean. They emphasize that crew, vessel and cargo safety remain
top priorities and that they will continue to monitor the security situation
closely. Read more here.
Suez Canal traffic showing recovery as Red Sea stabilises
Hapag-Lloyd and Maersk to Transit the Red Sea with One Gemini
Service
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.
There have been no reported Houthi-related incidents in the Red Sea or Gulf of Aden since the Israel-Hamas ceasefire of October 2025. There have also
been no Houthi attacks against Israel, and no airstrikes against the Houthis and Houthi-controlled ports. Ambrey continues to assess the Israel-Hamas
ceasefire as fragile. Ambrey observed some shipping companies returning to the Red Sea and Gulf of Aden, though overall transit numbers through the
Suez Canal and Bab el-Mandab Strait remained stable. Vessels with indirect Israeli-trade links, US-ownership (e.g. Searchlight Capital Partners), or
US-flagged – previously assessed at heightened risk – have transited the Red Sea and Gulf of Aden without reported incident. Israeli-owned and
Houthi-designated (“sanctioned”) vessels have remained absent; Houthi intent toward these interests therefore remains untested. Some major container
lines have conducted trial transits / resumed selective services through the Bab el-Mandeb.
Crew safety and hesitancy remain the primary concern. Some trial transits have been conducted with naval support. All transits were preceded by risk
assessments indicating reduced risk. None were reportedly targeted, and some operators have subsequently sent further vessels through the Bab
el-Mandeb. It is likely that Red Sea transits will continue to resume gradually and unevenly, led by selective trial voyages by operators assessed as low-risk,
while Israeli-owned and Houthi-designated shipping remains absent and intent toward these interests remains untested.
Further, the US continued to keep the possibility of an imminent military strike against Iran open through public statements and military force build up. US
rhetoric has intensified with US President Donald Trump referencing an “armada enroute to the Arabian Gulf and Trump’s threat Iran should negotiate a
“fair and equable deal” or face an attack that “will be far worse” than the US strike during the 12-day war.
Should the US opt for military escalation, Iran has threatened regional escalation by involving militant factions it supports, and by targeting US military
bases across the Middle East. Additionally, the Speaker of the Iranian parliament threatened action against “shipping centres.” Iran’s regional partners have
increasingly signalled their willingness to provide military support in the event of an attack. The Yemen-based Houthis released a video creating the
appearance of the threat to resume attacks against shipping, while Iraq’s Kata’ib Hezbollah issued a statement calling its fighters to arms in support of Iran.
Shipping companies are advised to assess and manage their exposure to Houthi- and Iran-related threats across the Middle East, including assessing
individual vessel’s affiliations with the respective target profiles.
EGYPT
Average Weekly Suez Canal Transits: Q1/2026
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 Q1 26
(Week 1-5)
242.22127.80 114.20 65.20 1.60 64.4034.40 5.407.20 23.40 8.00 19.80 12.60
Weekly Average Q4 25
(Week 40-52)
-20.5 -4.1 -16.3 -5.6 -1.0-12.1 -0.4-0.1+0.5 +0.8 +0.6 +1.1 -4.2 YOUR PREFERRED AGENT IN MARITIME HOTSPOTS
MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey
LETH NEWSLETTER FEB 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
Demand for slots in the Regular segment remained strong, with the majority secured during Periods 1 and 2. In the third booking period
(auction), approximately 67% of Regular slots were sold, while the remaining slots received no bids. Bids generally averaged slightly
above the starting price of USD 15,000, with a mid-January surge pushing average auction prices up to USD 33,000.
January saw a noticeable increase in demand for Canal transits, particularly within the Regular segments. Traffic levels for Super and
Neopanamax vessels remained steady throughout the month. Overall, the Canal operated close to full capacity, averaging 34.4 transits
per day out of a maximum of 36.
February saw rising demand for Regular slots, with many secured during Periods 1 and 2. Auction prices for Regular slots in Mid
February are approaching USD 100,000, signaling strong demand. Super vessel slots remain widely available and Neopanamax slots
continue to experience 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. Our team is ready to provide guidance and
support to ensure a smooth booking process.
For Panamax–Super vessels, most slots were secured during the first and second booking periods. Demand eased compared to
December, allowing clients greater flexibility to secure slots and monitor ETAs before committing in Period 2. Auction bidding remained
close to the starting price of USD 55,000, with approximately 50.3% of slots in this segment sold, while the remaining auctions received
no bids.
The Neopanamax segment experienced steady demand in both directions. Bidding averaged around USD 247,700, with the highest bid
reaching nearly USD 600,000. Overall, approximately 55.67% of auctions were sold, while the remaining slots received no bids.
Key Canal Operations and Slot Insights
Disclaimer: The information in these graph/stats is derived from observed data and may not be entirely accurate. Please consider it as general reference.
Segment Distributions
Super
Neo-Panamax Regular
At LETH, effective transit management across key waterways such as the Suez Canal, Panama Canal and Turkish Straits
requires both regional expertise and constant availability.
By dividing responsibilities across regions while remaining closely aligned operationally, we deliver true round-the-clock
support and respond swiftly to any issues that arise. For any enquiries, please reach us at off
[email protected]
With Dedicated operations teams in the Western and Eastern Hemisphere, we ensure:
•Seamless regional coverage
•Timely assistance and clear communications
•Confidence that clients and vessels are well-supported at all times
Regional Expertise, One Seamless Team
Geoff Wilson
Operations Director
Western Hemisphere
Iffah Imran
Operations Director
Eastern Hemisphere
