LETH Newsletter June 2026

NEWSLETTER www.lethagencies.com YOUR PREFERRED AGENT IN MARITIME HOTSPOTS JUNE 2026Issue 020 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: •Panama Canal Update•Panama Auction Update•Middle East Update•Increase in surcharges The Houthis continue to observe the ceasefire agreed between the US and Iran, with no attacks on shipping reported in recent weeks. Broader tensions between the two countries have nonetheless escalated significantly. The enforcement and circumvention of competing US and Iranian blockades has triggered limited combat operations, including airstrikes on military infrastructure onshore and a confirmed strike on an Israel-aﬀiliated vessel in Iraqi waters. The IRGC claimed responsibility for a second attack on a vessel under the same ownership, though the ship itself reported no incident. The prospect of a negotiated end to the conflict remains uncertain. Ambrey assesses that a resumption of hostilities would likely place ports on the Arabian Peninsula at risk once again. It is considered a realistic possibility that the Houthis would resume military operations against Israel and escalate toward commercial shipping, should regional dynamics warrant disruption of the Bab el-Mandeb Strait. Suspected Pirate Action Groups (PAGs) have been reported along the IRTC and oﬀ Bosaso, Somalia. Indian Navy intervention on 23 May disrupted one PAG; no further activity has been reported since. Monsoon season typically suppresses Somali piracy, though this eﬀect is weaker in the Gulf of Aden than along Somalia's eastern coast. Vessels transiting the area are advised to follow BMP-MS guidance and consider private armed security. Negotiations between the US and Iran have stalled. Iran has conditioned progress on the ceasefire being upheld in Lebanon, while Israel and Hezbollah have exchanged fire at a rising rate. Israel reportedly planned airstrikes on Beirut, though these were ultimately called oﬀ. The underlying dispute remains unresolved and continues to complicate diplomatic eﬀorts. EGYPT MIDDLE EAST UPDATE Update from our analyst at Ambrey Average Weekly Suez Canal Transits: Q2/2026 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 Q2 26 (Week 14-26) 272.67137.00 132.80 79.78 5.22 69.2230.56 4.785.44 29.67 12.78 20.00 16.33 Weekly Average Q1 26 (Week 1-13) +11.6 +2.9 +5.8 +8.7 +2.0 +3.3 -3.0-2.1-2.0 +4.4 +4.5 -0.1-1.9 Suez Canal Authority has announced the extension of 12 fixed rebate circulars, which will remain valid until 31/12/2026 (with the last permissible sailing date from the origin port set as 31/12/2026). Illustrations of the rebate circulars can be found here. The Suez Canal Authority has announced increased surcharges on canal tolls, eﬀective 15 July 2026. For full details and what this means for your upcoming transits, visit our website. Click here for a complete overview of all circulars Extension of Fixed RebatesIncrease in Canal Tolls Surcharge 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 Container-ship TankersVehicle CarriersLPG/LNG Circular 2/2016 Circular 3/2025 Piracy activity in the Gulf of Aden has also increasedSegment Tari? Additional Surcharge until 14th July 2026 Additional Surcharge from 15th July 2026 Circular Crude Oil Carriers 1 •Ballast 15% •Laden 25% •Ballast 27% •Laden 37% Periodical No. 16/2026Petroleum Products Tankers2 •Ballast 15% •Laden 25% •Ballast 27% •Laden 37% Periodical No. 17/2026 Bulk Carriers 310%22% Periodical No. 18/2026 LPG Tankers 420%32% Periodical No. 19/2026 LNG Tankers 57%19% Periodical No. 20/2026 Chemical and Other Liquid Tankers 620%32% Periodical No. 21/2026 Containerships 7 •0% •Additional surcharge based on tiers •12% •Additional surcharge based on tiers (No change) Circular 2/2026 General Cargo/Heavy Li? Vessels 814%26% Periodical No. 22/2026 Roll-On Roll-Oﬀ 9 14%26% Periodical No. 23/2026 Vehicles Carriers 10 •Northbound 14% •Southbound 0% •Northbound 26% •Southbound 12% Periodical No. 24/2026 Passenger Ships 11 No ChangeNo ChangeNo Change Special Floating Units1214%26% Periodical No. 25/2026 Other Vessels 1314%26% Periodical No. 26/2026 MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey LETH NEWSLETTER JUNE 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 Regular segment slots has eased. Over the past 7 days, winning bids ranged from USD 15,000 to USD 125,000, with a 7-day average of USD 46,000. A growing share of auctions cleared at or near the USD 15,000 starting price, and first-come, first-served slots remain available. Demand for Panamax–Super vessels remains elevated, with bids ranging from USD 55,000 to USD 552,000 and a 7-day average of USD 275,000. All daily oﬀered slots were sold across Competition Periods 1 and 2. Tanker, LPG, and LNG operators continue to dominate the auctions, and demand is expected to remain strong. The Neopanamax segment continues to see intense competition. Auction prices averaged USD 577,000 over the past 7 days, with the highest successful bid reaching USD 1,500,000. Winning bids ranged from USD 100,000 to USD 1,500,000. As with the Super segment, tankers and LPGs remain the dominant participants across both Competition Periods. MaintenanceAdvisory 18-2026 Draft adjustment in the Neopanamax Locks: As part of the Panama Canal Authority’s (ACP) water management strategy to ensure the safe, reliable, and sustainable operation of the Canal under current hydrological conditions, and considering the potential development of an El Niño phenomenon over the watershed in the upcoming months, the ACP will implement a draft reduction at the Neopanamax Locks. The ACP will continue to closely monitor lake levels and hydrological projections and will announce any additional operational adjustments as deemed necessary. Accordingly, based on present and projected Gatun Lake levels for the upcoming weeks, the ACP announces that, eﬀective July 3, 2026, the maximum authorized draft for vessels transiting the Neopanamax Locks will be 15.09 meters (49.5 feet), Tropical Fresh Water (TFW). Read more here. Key Canal Operations and Slot Insights Disclaimer: The information in these graph/stats is derived from observed data and may not be entirely accurate. Pls consider it as general reference. Auction Amounts by Vessel Size Super LETH welcomes new joiners in Oslo and Singapore! We are happy to announce that Mia Olivia Krag Hvalbye and Rayson Tan is joining the team! 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. 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 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] Mia Olivia Krag Hvalbye Operations - Intern Western Hemisphere Rayson Tan Operations Eastern Hemisphere