Chevron Corp. and other exporters are using ship-to-ship transfers to move LPG from the US to Asia, a strategy shift as Panama Canal users face congestion and record fees.
The cost for a Neopanamax tanker arriving without a reservation and wanting immediate transit hit a record $4.6 million last week.
Kpler data shows about 60% of US LPG exports have headed to Asia this year, versus 55% in all of 2025.
This move highlights market workarounds for maritime congestion from the Iran war and El Niño, which led the canal authority to cap daily slots for September.