Leth Newsletter June 2025

NEWSLETTER www.lethagencies.com YOUR PREFERRED AGENT IN MARITIME HOTSPOTS June 2025Issue 008 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: •Suez Canal Fixed Rebate•Middle East Update•Leth Projects•Panama Canal Updates In May 2025, securing a Panama Canal transit slot remained generally manageable, as demand stayed low across all segments. The Canal operated near full capacity, averaging 32.3 transits per day out of a maximum of 36. From 27 to 31 May, maintenance at the Panamax locks temporarily reduced slot availability from 20 to 13 for Supers and from 6 to 3 for Regulars. This brought average daily transits down to 25 vessels. Despite the reduction, early June bookings were largely unaﬀected, with ample availability in the 1st & 2nd booking period, indicating sustained low demand. Most slots in the Panamax-Super category were secured during the 1st and 2nd booking periods, with ample availability allowing clients greater flexibility to monitor vessel ETAs before committing. Demand in this segment remained generally stable, though a slight decline was observed, likely reflecting broader market conditions. Bidding levels typically stayed near the starting price of USD 55,000 for Supers. Approximately 53% of auctions in this segment were sold, while the remaining slots were oﬀered without any bidders. The Regular segment also showed a modest decline in demand compared to April, despite limited daily availability. In the third booking period (auction), about 50% 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. The Neo-Panamax segment experienced a similar dip in demand. Bidding levels generally remained close to the starting price of USD 100,000, with only around 28% of auctions sold and the remaining slots oﬀered without any bidders. PANAMA CANAL Disclaimer: The information in these graph/stats is derived from observed data and may not be entirely accurate. Pls consider it as general reference. Panamax Segment Distribution Neo-Panamax Segment Distribution Regular Segment Distribution LETH - more than Suez Canal transits Did you know LETH oﬀer services beyond Suez Canal transits? Our team consists of experienced maritime professionals; our Commercial Director, Christian Hellerud, being one of these! Christian has extensive experience from the world of shipbroking, agency, stores and project coordination. Christian's unique experience and network has played a key role in LETH assisting our clients in areas beyond the Suez Canal. This far in 2025 he has been involved in the coordination of two semi-submersible heavy lift loading and voyage operations. In January, semi-submersible loading operations onto “Seaway Albatross” took place in Naples, Italy. In May, we assisted the “GPO Sapphire” loading a floating dock in Rotterdam bound for Turkey. Both projects were facilitated with the assistance of LETH’s partners in ISS Italy, ISS Turkey and ISS-Palumbo. Reach out to Christian if you have any questions about how we can assist you in any matter concerning your maritime operations – even beyond Suez Canal transits! Email: [email protected] / Tel: +47 23 11 55 00

YOUR PREFERRED AGENT IN MARITIME HOTSPOTS MaltaPanama Spain GibraltarDenmarkEgypt Singapore Turkey LETH NEWSLETTER JUNE 2025 If you have questions about the statistics in this article or require further information, please reach out to our team at: [email protected] EGYPT Suez Canal Authority has announced the extension of 12 fixed rebate circulars, which will remain valid until 31 Dec 2025 (with the last permissible sailing date from the origin port set as 31 Dec 2025). Illustrations of the rebate circulars can be found here . Click here for a complete overview of all circulars Fixed Rebate 2025 Circular 5/1996 Circular 2/2017 Circular 3/2018 Circular 2/2021 Circular 9/2023 Circular 1/2018 Circular 7/2017 Circular 10/2023 Circular 2/2023 Circular 4/2020 Circular 3/2023 Dry Bulk Tankers Containership Vehicle Carriers LPG/LNG Circular 2/2016 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 Q2 25 (to date) 238.44116.67 121.78 64.00 3.33 59.4435.56 6.223.89 21.56 6.11 19.11 19.22 Weekly Average Q1 25 (Week 1-18) +6.4 -1.6 +8.1 +8.2 +0.7 -1.2 -2.7 0.2+0.4 -1.7 +0.5 -0.2+2.1 Average Weekly Suez Canal Transits: Week 1-22/2025 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. On 06 May, mediator Oman announced that the US and Yemen’s Houthi rebels had agreed on a ceasefire to ensure “freedom of navigation”. The ceasefire came after three days of US airstrikes on Hodeidah and Sana’a governorates that injured dozens of people. With the maritime security situation remaining stable for the time being, ship transits through the Bab el-Mandeb Strait are expected to increase, and are already up in 2025 compared to the previous year. The US is suspected of continuing its airstrikes in Yemen, but against Al-Qaeda militants in the Abyan governorate. While discussions of a US-Iran nuclear agreement have continued in May, progress has been limited. While both the US and Iran express a willingness to continue negotiations, fundamental disagreements over uranium enrichment and sanctions relief remain unresolved. A sixth round of discussions is expected to take place in June, but without significant concessions from either side, the prospect of a comprehensive agreement remains uncertain. With the US ceasefire, the Houthis have turned their attention towards Israel. Several ballistic missiles have been launched from Yemen against Ben Gurion Airport near Tel Aviv. There have been no reports of successful attacks since 04 May, when a missile injured six people and caused disruptions and cancellations to the air traﬀic. In retaliation, Israel has attacked the Amran Cement Factory, Haziz, Dhabhan, and Asr power stations, Ras Isa, Hodeidah, and Salif ports, and most notably, Sana’a Airport. On 06 May, Israeli airstrikes killed at least three people and injured 38 others. The airport remained inoperable for the following week.