Global LPG flows on the road to recovery in International Shipping News 18/05/2026 Global seaborne LPG exports have recovered back toward the five-year average in May after a sharp disruption due the Middle East Gulf conflict and the strait of Hormuz closure, with flows rebounding to around 4.8mbd on a 28-day moving average basis. Though this recovery is positive for import starved Asian buyers, the world continues to be short by ~600kbd compared to the historically high levels observed in February 2026. The recovery has been led predominantly by the US, which remains the largest seaborne LPG exporter globally. Other suppliers stepping up include Algeria, Canada, Malaysia, Sweden and Argentina in volumetric order. Global seaborne LPG exports (bd, 28-day moving average) Imports should also recover from here on Global seaborne LPG imports also weakened sharply through April, mirroring the collapse in export volumes. Imports fell well below the five-year average and toward the lower end of the historical range, particularly across Asia, where the blockade of Hormuz has driven supply concerns. However, imports are now expected to recover through the second half of May as export barrels loaded during April begin arriving into destination markets, mainly in Asia. One area of concern which could limit flows out of the US, is the building congestion around the Panama Canal, which is forcing some vessels to take the longer route around the Cape of Good Hope, when going to Asia. This could slow down the recovery on the import side. Global seaborne LPG imports (bd, 28-day moving average) US LPG drives the recovery, at the expense of ethane? US LPG exports had steadily expanded through 2023–2025 as additional terminal capacity and stronger NGL production supported higher outbound volumes, with combined exports approaching 2.8mbd in April and the momentum seems to have continued into May. Seaborne exports have ramped up at almost all major LPG export terminals like Enterprise Ho