Global Trade Expands as China and the U.S. Dominate LPG Flows

The global LPG market continues its positive momentum, with seaborne exports rising 6.6% year-on-year in the first half of 2025 to 77.3 million tonnes. China remains the largest importer, accounting for over 22% of global volumes. Despite ongoing trade tensions, the U.S. remains China’s top supplier, delivering nearly half of its LPG imports so far this year.

Shifting Trade Flows and Export Dynamics:
These trends are positive for the LPG shipping sector. Continued growth in global trade volumes, paired with longer sailing distances from the U.S. to Asia, is driving up tonne-mile demand. Rising import demand from China, India, and the EU is supporting fleet utilisation, while Middle Eastern and Iranian growth adds further momentum. Additionally, congestion and draft restrictions in the Panama Canal have extended transit times for U.S.–Asia voyages, further tightening vessel availability and supporting freight rates.

Outlook: Continued Strength Across LPG Carrier Segments
VLGC spot earnings on key routes remained elevated in July due to firm demand and limited fleet availability. As trade flows diversify and remain robust, the outlook for LPG carriers, including both VLGCs and mid-size gas carriers, remains strong in the second half of 2025.