Shipping
Panama Canal fees surge, driving LPG shuttle trade between US and Asia
Exporters including Chevron Corp. are adopting ship-to-ship transfers to send liquefied petroleum gas from the US to Asia amid record Panama Canal transit fees and congestion. Neopanamax tankers chartered by Chevron, the Fritzi N and the Pacific Yantai, are slated to receive LPG cargoes off Balboa, Panama. The fee for a Neopanamax tanker arriving without a booking slot spiked to an all-time high of $4.6 million last week. Around 60% of US LPG exports have gone to Asia so far this year, according to Kpler, up from 55% for the whole of 2025.
