LPG shipping costs are rising to record highs, due to strong seasonal demand and congestion in the Panama Canal, Bloomberg data show.

• Shipping a 44k t VLGC from the Middle East to Asia costs around $146/t, the highest level since the start of publishing in 2002.
• Rates to ship LPG from the US to Japan rose to $200/t, doubling from this summer.
• Three-day wait time averages for VLGCs to transit the Panama Canal were at 8.4 days on 6 Nov, amid congestion. It has since been declining to just under six days.
• Extended waiting times will weigh on the availability of vessels at US loading ports, supporting LPG freight prices.