{"id":62052,"date":"2026-11-02T15:22:12","date_gmt":"2026-11-02T14:22:12","guid":{"rendered":"https:\/\/maritimefinance.eu\/?p=62052"},"modified":"2026-11-02T15:25:52","modified_gmt":"2026-11-02T14:25:52","slug":"asias-reliance-on-us-cargoes-keeps-vlgc-freight-at-record-levels","status":"publish","type":"post","link":"https:\/\/maritimefinance.eu\/da\/asias-reliance-on-us-cargoes-keeps-vlgc-freight-at-record-levels\/","title":{"rendered":"Asia’s reliance on US cargoes keeps VLGC freight at record levels"},"content":{"rendered":"
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Middle East Gulf LPG exports remained far below normal in October, so Asian buyers continued to rely on long-haul cargoes from the United States. Charter rates rose further, while a rapid increase in ordering points to more supply later in the decade.<\/h5>

Gulf LPG stays absent as US cargoes travel the long way to Asia <\/strong><\/p>

VLGC freight reached a new record in October. The main cause is the continued shortfall of LPG from the Gulf. Crude exports from the region have almost recovered, but according to Clarksons, Gulf LPG exports were still only around 30% of pre-conflict levels late in the month. Asian buyers have therefore continued to replace Gulf cargoes with LPG from the United States. A voyage from the US Gulf Coast to Asia is much longer than a voyage from the Middle East Gulf to India, so each cargo occupies a ship for longer and fewer ships are available. Rainfall improved water levels at the Panama Canal, which brought some relief from mid-month after the transit cuts in September, but canal capacity remains below normal. Spot earnings eased in the second half of the month as more ships became available for November loading, but they remained more than three times the 2025 average.<\/p>

One-year charter rates climb to more than twice their 2025 average <\/strong><\/p>

The one-year timecharter rate for a modern VLGC rose to around USD 108,000 per day in late October, up from an average of around USD 88,000 per day in September and more than twice the 2025 average of around USD 41,500 per day. Buyers have also paid close to newbuilding prices for 10- to 12-year-old VLGCs. A vessel that is available now can earn today’s high rates, while a new vessel ordered today would not be delivered until 2029 or 2030. EMF’s VLGCs under construction already have charters arranged for delivery, so the stronger market does not change their contracted income. Instead, it supports their value and shows that charterers are willing to commit to modern tonnage for longer periods.<\/p>

Increased ordering, but most deliveries are scheduled from 2028 <\/strong><\/p>

The near-term outlook depends mainly on Gulf exports. As long as they remain constrained and Asian buyers rely on long-haul US cargoes, we expect VLGC demand to remain strong through the winter, when LPG demand for heating usually rises in the northern hemisphere. A sustained recovery in Gulf exports would shorten voyages and could ease the market quickly. Supply is the longer-term risk. According to Clarksons, orders for LPG carriers so far this year are more than twice the total for all of 2025, and the orderbook for VLGCs and very large ammonia carriers equals almost 40% of the existing fleet. Almost two-thirds of that capacity is scheduled for delivery in 2028 or later. If cargo volumes do not grow at the same pace, more ships will then compete for each cargo, which would put pressure on earnings.<\/p>

Source: Clarksons<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Middle East Gulf LPG exports remained far below normal in October, so Asian buyers continued to rely on long-haul cargoes from the United States. Charter rates rose further, while a rapid increase in ordering points to more supply later in the decade. Gulf LPG stays absent as US cargoes travel the long way to Asia […]<\/p>","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[68,82],"tags":[],"post_folder":[73,13],"class_list":["post-62052","post","type-post","status-publish","format-standard","hentry","category-market-news","category-monthly-en"],"yoast_head":"\nAsia's reliance on US cargoes keeps VLGC freight at record levels - European Maritime Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/maritimefinance.eu\/da\/asias-reliance-on-us-cargoes-keeps-vlgc-freight-at-record-levels\/\" \/>\n<meta property=\"og:locale\" content=\"da_DK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asia's reliance on US cargoes keeps VLGC freight at record levels - European Maritime Finance\" \/>\n<meta property=\"og:description\" content=\"Middle East Gulf LPG exports remained far below normal in October, so Asian buyers continued to rely on long-haul cargoes from the United States. 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