Rising Panama Canal fees driving LPG shuttle trade

Nicholas Lua / Bloomberg

Aug 21

Exporters including Chevron Corp are turning to ship-to-ship transfers to send LPG from the US to Asia as users of the Panama Canal grapple with congestion and record transit fees.(Aug 21): Exporters ...

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The rates for narrower Panamax tankers, which go through a separate set of locks, haven't risen as much, traders said. \nTwo Neopanamax tankers chartered by Chevron, the Fritzi N and the Pacific Yantai, are slated to receive cargoes of LPG off the port of Balboa, located on the Panama's Pacific coast, according to shipping fixtures seen by Bloomberg. That is likely to come from Panamax vessels that have passed through the waterway. \nThe Neopanamax vessels will then take the fuel - used as cooking gas and in some types of manufacturing - across the Pacific. \n\nThe move underscores how the market is turning to workarounds to cope with maritime congestion due to the Iran war and an intensifying El Niño, which prompted the Panama Canal Authority on Thursday to limit daily slots for September transits. The weather pattern is bringing drought to Central America, which is lowering water levels in the canal, while the conflict in the Middle East has led to an increase in US-to-Asia energy flows.\nAround 60% of US LPG exports have gone to Asia so far this year, according to Kpler, up from 55% for the whole of 2025. \nShips seeking to sail through the Panama Canal typically pay a flat rate via a reservation process. But lengthening waiting times for larger vessels are spurring some shippers to swap reservations, effectively paying more to bypass the regular queue. \nThe fee for a Neopanamax tanker that arrives at the canal without booking a slot and wants to transit immediately spiked to an all-time high of US$4.6 million last week.\nChevron declined to comment. Anglo-Eastern Ship Management, which is the ISM ship manager for the Fritzi N, didn't respond to calls and emails seeking comment. SPDBFL No Two Hundred & Twenty-Two (Tianjin) Ship Leasing, which is the owner of the Pacific Yantai, didn't respond to calls seeking comment. Pacific Gas, the vessel's ship manager, declined to comment on the matter. \nUploaded by Felyx Teoh","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}