Transpacific trade flows contribute to stability

Firm momentum in gas carriers
The gas carrier market remained resilient in September, with steady demand supporting firm earnings and a constructive outlook. While regional trade patterns fluctuated, transpacific flows and the broader role of LPG in energy markets provided stability.

LPG
The VLGC market held firm through September, supported by strong US Gulf export activity and consistent Asian demand. Spot earnings remained at elevated levels, while one-year time charter assessments edged higher, according to Clarksons. Market stability has been reinforced by healthy arbitrage opportunities into Asia, underpinned by robust transpacific flows.

VLAC and ammonia
Ammonia is gaining traction as both a cargo and a future fuel. In September, the Panama Canal Authority announced a weekly “NetZero Slot” to prioritise transit for dual-fuel vessels capable of running on low-emission fuels such as ammonia and methanol. This move highlights how infrastructure operators are already incentivising ammonia-ready tonnage, underscoring its growing role in the long-term energy transition.

All eyes are now on the potential adoption and approval of the IMO NET-zero framework, where a formal adoption vote is being set up in Oktober this year. If approved, the ammonia market will see strong momentum in the years ahead as this framework incentivize investments into VLAC and maritime ammonia-infrastructure.