NEWSLETTER
www.lethagencies.com
YOUR PREFERRED AGENT IN MARITIME HOTSPOTS APR 2026Issue 018
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 Canal Advisories•Middle East Update•Suez Canal Update
The Suez Canal Authority has issued Circular No. 2/2026, introducing an
increase to its waste management fees for transiting vessels, effective 15
April 2026 onwards. Read more here.
The Suez Canal Authority has issued Periodical No. 3/2026, effective
7 April 2026, suspending Circular 3/2025, concerning 15% rebate
granted for large containerships (≥130,000 SCNT).
Read more here .
SCA Suspends Circular 3/2025 on Large Containership Rebate
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
newly reported Houthi attacks against shipping. On 27 March, Houthi military
spokesperson Yahya Sare’e stated the group’s readiness for direct military
intervention in the Israel/US–Iran conflict. Less than 12 hours later, a missile was
launched toward southern Israel.
Since 27 March, the Houthis have conducted six strikes against Israel, all of which
were reportedly intercepted. In previous instances, Israel responded to successful
Houthi attacks causing damage within Israel by conducting airstrikes against Houthi
positions in Yemen. These Israeli strikes have resulted in collateral damage affecting
shipping in the Houthi-controlled ports of Saleef, Ras Isa, and Hodeidah.
The Houthis have explicitly targeted Israeli military installations. Escalation
toward merchant shipping is assessed as likely if attacks against Israel continue
without observable effect.
Negotiations between the United States and Iran concluded without agreement;
however, the ceasefire remains in place. Key differences reportedly persist
regarding nuclear issues and the Strait of Hormuz. The United States has imposed
a naval blockade of Hormuz, which took effect on 13 April 14:00 UTC. A US Central
Command statement indicated that all vessels calling at Iranian ports may be
subject to the blockade. The US President has also stated that vessels could be
seized in international waters if payments are made to Iran for transit through the
Strait of Hormuz.
Ongoing Israeli operations against Hezbollah raised questions regarding the
Houthis’ willingness to adhere to the US–Iran ceasefire announced on 8 April.
A speech by Houthi leader Abdel Malik al-Houthi on 9 April indicated that operations
could continue until the ceasefire extends to all Iranian-aligned groups, although no
additional attacks have been reported since the speech.
Risks to regional shipping remain volatile amid efforts by the United States to
prevent Iranian nuclear development and maintain freedom of navigation in the
Strait of Hormuz. A return to active warfare is assessed likely under present
circumstances. Shipping companies are advised to assess and manage exposure
to Houthi- and Iran-related risks, including evaluating vessel affiliations against
potential targeting criteria. Iranian assurances regarding safe transit through the
Strait are likely to be challenged by US measures.
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 1-13)
261.06134.06 127.00 73.18 3.19 65.9533.58 6.867.46 25.28 8.32 19.03 18.22
Weekly Average Q4 25
(Week 40-52)
-1.4 +2.1 -3.5 +2.3 +0.6-10.5 -1.3+1.4+0.8 +2.7 +0.9 +0.3+1.4
MIDDLE EAST UPDATE
Update from our analyst at AmbreySuez Canal Net Tonnage (Net
Tons)
Mandatory Fees
?USD?
Volume of solid wastes included in the
mandatory fees
(cubic meters m?)
Up to 5 000 2353
Over 5 000 to 10 000 2353
Over 10 000 to 20 000 8254
Over 20 000 to 40 000 8254
Over 40 000 to 70 000 11204
Over 70 000 to 120 00014105
Over 120 000 14105 ServiceFees (USD)
ees per cubic meters (m? )99
Hiring Self- propelled barge per usage
-No Charge for the first hour
-Each additional hour, starting from the
second hour, is charge at B200.
SCA Increases Waste Management Fees YOUR PREFERRED AGENT IN MARITIME HOTSPOTS
MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey
LETH NEWSLETTER APR 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
Key Canal Operations and Slot Insights
Demand for Regular segment slots remains highly competitive, with most allocations secured during Booking Periods 1 and 2. In Period 3
(auction), around 90.48% of available slots were sold, with winning bids typically exceeding the USD 15,000 starting price and ranging
between USD 72,000 and USD 170,000. A similar trend is observed for April, reflecting sustained demand and strong competition in the
auction market. The current auction average for Regulars is USD 125 000.
March and April saw a surge in demand for Suez Canal transits across all segments, with the Canal operating at full capacity and averaging
37.03 transits per day, exceeding its nominal maximum of 36. Daily traffic is running above full capacity due to current demand and
backlogs.
April saw rising demand for Super vessel slots, with many allocations secured during Booking Period 1, resulting in the next available slots
now only in July. Booking Period 2 remains challenging and is generally only obtainable with a strong customer code. Auction prices for
Super slots in April averaged above USD 780,000, reflecting high market interest. Regular and Neopanamax segments continue to
experience steady demand due to limited availability. However, with proper planning and advance booking, securing a transit remains
achievable. We strongly encourage early planning for Panama Canal passages. Our team remains ready to provide guidance and support to
ensure a smooth booking process.
For Panamax–Super vessels, in mid-February we observed a sharp surge in demand for northbound (NB) transit slots for March, which
gradually shifted toward southbound (SB) transits. This shift triggered a domino effect, with Period 1 slots being secured as early as 3 to 4
weeks in advance. As a result, the majority of Period 1 slots are now booked through early July. Securing Period 2 slots has also become
increasingly challenging without strong customer ranking support. Currently, demand is relatively balanced between NB and SB transits.
In Period 3 (auction), around 73.1% of available slots were sold, while the remaining slots received no bids. Auction prices for Super vessels
have risen significantly, with winning bids ranging between USD 600,000 and USD 1 million. This increase is primarily driven by strong
participation from tanker, LPG, and LNG operators. All auctioned slots offered so far for April have been fully sold, and we expect demand
to remain strong in upcoming auctions. The current backlog is attributed to both heightened demand and the Old Lock maintenance
carried out from 7 to 9 April, during which daily transit capacity was reduced from 26 to 16 vessels. As a result, the number of unbooked
vessels waiting at anchorage continues to grow.
The Neopanamax segment recorded an increase in demand in both directions throughout the period. Auction premiums averaged
approximately USD 450,000, with the highest successful bid reaching nearly USD 3.3 million. Overall, about 56.98% of available auction
slots were awarded, while the remaining slots received no bids.
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
Maintenance
The Panamax Locks are scheduled for tentative maintenance on June 9 to 17 &
July 21,which is expected to reduce daily transit capacity from 26 to 16 slots.
With fewer slots available, higher auction prices may be anticipated for Regular
and Super vessels transiting during and immediately before these periods,
while Neopanamax slots will remain unaffected. Read more here.
The Panama Canal has introduced modifications to its Transit Reservation
System to enhance flexibility and optimise capacity utilisation. These
changes allow for more dynamic slot allocation, including offering booking
opportunities closer to the transit date, helping better manage vessel demand
and scheduling efficiency. Read more here.
Advisory 10-2026 – Booking System Update
NEWSLETTER
www.lethagencies.com
YOUR PREFERRED AGENT IN MARITIME HOTSPOTS APR 2026Issue 018
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 Canal Advisories•Middle East Update•Suez Canal Update
The Suez Canal Authority has issued Circular No. 2/2026, introducing an
increase to its waste management fees for transiting vessels, effective 15
April 2026 onwards. Read more here.
The Suez Canal Authority has issued Periodical No. 3/2026, effective
7 April 2026, suspending Circular 3/2025, concerning 15% rebate
granted for large containerships (≥130,000 SCNT).
Read more here .
SCA Suspends Circular 3/2025 on Large Containership Rebate
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
newly reported Houthi attacks against shipping. On 27 March, Houthi military
spokesperson Yahya Sare’e stated the group’s readiness for direct military
intervention in the Israel/US–Iran conflict. Less than 12 hours later, a missile was
launched toward southern Israel.
Since 27 March, the Houthis have conducted six strikes against Israel, all of which
were reportedly intercepted. In previous instances, Israel responded to successful
Houthi attacks causing damage within Israel by conducting airstrikes against Houthi
positions in Yemen. These Israeli strikes have resulted in collateral damage affecting
shipping in the Houthi-controlled ports of Saleef, Ras Isa, and Hodeidah.
The Houthis have explicitly targeted Israeli military installations. Escalation
toward merchant shipping is assessed as likely if attacks against Israel continue
without observable effect.
Negotiations between the United States and Iran concluded without agreement;
however, the ceasefire remains in place. Key differences reportedly persist
regarding nuclear issues and the Strait of Hormuz. The United States has imposed
a naval blockade of Hormuz, which took effect on 13 April 14:00 UTC. A US Central
Command statement indicated that all vessels calling at Iranian ports may be
subject to the blockade. The US President has also stated that vessels could be
seized in international waters if payments are made to Iran for transit through the
Strait of Hormuz.
Ongoing Israeli operations against Hezbollah raised questions regarding the
Houthis’ willingness to adhere to the US–Iran ceasefire announced on 8 April.
A speech by Houthi leader Abdel Malik al-Houthi on 9 April indicated that operations
could continue until the ceasefire extends to all Iranian-aligned groups, although no
additional attacks have been reported since the speech.
Risks to regional shipping remain volatile amid efforts by the United States to
prevent Iranian nuclear development and maintain freedom of navigation in the
Strait of Hormuz. A return to active warfare is assessed likely under present
circumstances. Shipping companies are advised to assess and manage exposure
to Houthi- and Iran-related risks, including evaluating vessel affiliations against
potential targeting criteria. Iranian assurances regarding safe transit through the
Strait are likely to be challenged by US measures.
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 1-13)
261.06134.06 127.00 73.18 3.19 65.9533.58 6.867.46 25.28 8.32 19.03 18.22
Weekly Average Q4 25
(Week 40-52)
-1.4 +2.1 -3.5 +2.3 +0.6-10.5 -1.3+1.4+0.8 +2.7 +0.9 +0.3+1.4
MIDDLE EAST UPDATE
Update from our analyst at AmbreySuez Canal Net Tonnage (Net
Tons)
Mandatory Fees
?USD?
Volume of solid wastes included in the
mandatory fees
(cubic meters m?)
Up to 5 000 2353
Over 5 000 to 10 000 2353
Over 10 000 to 20 000 8254
Over 20 000 to 40 000 8254
Over 40 000 to 70 000 11204
Over 70 000 to 120 00014105
Over 120 000 14105 ServiceFees (USD)
ees per cubic meters (m? )99
Hiring Self- propelled barge per usage
-No Charge for the first hour
-Each additional hour, starting from the
second hour, is charge at B200.
SCA Increases Waste Management Fees YOUR PREFERRED AGENT IN MARITIME HOTSPOTS
MaltaPanama SpainGibraltarDenmarkEgyptSingaporeTurkey
LETH NEWSLETTER APR 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
Key Canal Operations and Slot Insights
Demand for Regular segment slots remains highly competitive, with most allocations secured during Booking Periods 1 and 2. In Period 3
(auction), around 90.48% of available slots were sold, with winning bids typically exceeding the USD 15,000 starting price and ranging
between USD 72,000 and USD 170,000. A similar trend is observed for April, reflecting sustained demand and strong competition in the
auction market. The current auction average for Regulars is USD 125 000.
March and April saw a surge in demand for Suez Canal transits across all segments, with the Canal operating at full capacity and averaging
37.03 transits per day, exceeding its nominal maximum of 36. Daily traffic is running above full capacity due to current demand and
backlogs.
April saw rising demand for Super vessel slots, with many allocations secured during Booking Period 1, resulting in the next available slots
now only in July. Booking Period 2 remains challenging and is generally only obtainable with a strong customer code. Auction prices for
Super slots in April averaged above USD 780,000, reflecting high market interest. Regular and Neopanamax segments continue to
experience steady demand due to limited availability. However, with proper planning and advance booking, securing a transit remains
achievable. We strongly encourage early planning for Panama Canal passages. Our team remains ready to provide guidance and support to
ensure a smooth booking process.
For Panamax–Super vessels, in mid-February we observed a sharp surge in demand for northbound (NB) transit slots for March, which
gradually shifted toward southbound (SB) transits. This shift triggered a domino effect, with Period 1 slots being secured as early as 3 to 4
weeks in advance. As a result, the majority of Period 1 slots are now booked through early July. Securing Period 2 slots has also become
increasingly challenging without strong customer ranking support. Currently, demand is relatively balanced between NB and SB transits.
In Period 3 (auction), around 73.1% of available slots were sold, while the remaining slots received no bids. Auction prices for Super vessels
have risen significantly, with winning bids ranging between USD 600,000 and USD 1 million. This increase is primarily driven by strong
participation from tanker, LPG, and LNG operators. All auctioned slots offered so far for April have been fully sold, and we expect demand
to remain strong in upcoming auctions. The current backlog is attributed to both heightened demand and the Old Lock maintenance
carried out from 7 to 9 April, during which daily transit capacity was reduced from 26 to 16 vessels. As a result, the number of unbooked
vessels waiting at anchorage continues to grow.
The Neopanamax segment recorded an increase in demand in both directions throughout the period. Auction premiums averaged
approximately USD 450,000, with the highest successful bid reaching nearly USD 3.3 million. Overall, about 56.98% of available auction
slots were awarded, while the remaining slots received no bids.
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
Maintenance
The Panamax Locks are scheduled for tentative maintenance on June 9 to 17 &
July 21,which is expected to reduce daily transit capacity from 26 to 16 slots.
With fewer slots available, higher auction prices may be anticipated for Regular
and Super vessels transiting during and immediately before these periods,
while Neopanamax slots will remain unaffected. Read more here.
The Panama Canal has introduced modifications to its Transit Reservation
System to enhance flexibility and optimise capacity utilisation. These
changes allow for more dynamic slot allocation, including offering booking
opportunities closer to the transit date, helping better manage vessel demand
and scheduling efficiency. Read more here.
Advisory 10-2026 – Booking System Update
