According to shipbroker Banchero Costa, the liquefied petroleum gas (LPG) market experienced a sharp reversal in 2026. After four consecutive years of growth, global seaborne LPG exports contracted by 11.7% year‑on‑year in the January‑September period, falling to 102.7 million tonnes.
Regional export performance
The aggregate decline masks pronounced divergences among exporting regions. The United States emerged as the sole growth engine, boosting its LPG shipments by 6.3% YoY to 56.9 million tonnes, which now represent 55.4% of the world’s total exports.
In contrast, the Gulf Cooperation Council (GCC) saw exports collapse by 57.0% YoY, dropping to 12.1 million tonnes. The GCC’s share of global LPG exports fell from 24.2% in the same period of 2025 to just 11.8% in 2026. Individual GCC contributors recorded the following volumes: United Arab Emirates 3.5 Mt, Saudi Arabia 2.8 Mt, Qatar 2.4 Mt, Oman 2.2 Mt, and Kuwait 1.1 Mt.
The European Union modestly increased its export volume by 5.9% YoY to 4.3 million tonnes, while other traditional exporters remained relatively flat.
Key US loading ports and vessel mix
The United States’ export surge was anchored by a handful of major terminals. Houston accounted for 24.4 Mt, Beaumont 16.2 Mt, Freeport 6.9 Mt, Marcus Hook 5.1 Mt, and Corpus Christi 1.6 Mt during the first nine months of 2026.
Vessel composition reflected a strong preference for very large gas carriers (VLGCs). VLGCs (capacity above 70 m³) carried 79.6% of the US‑exported LPG, while smaller segments contributed as follows: 4.8% on LGCs (25‑70 k m³), 11.2% on MGCs (13‑25 k m³), and 4.3% on SGCs (up to 13 k m³).
Import landscape
China retained its position as the largest LPG importer, absorbing 18.6% of global inbound volumes. However, Chinese imports fell 28.1% YoY to 18.8 Mt. The EU’s imports slipped 3.3% YoY to 16.3 Mt, representing 16.0% of global demand. India’s imports contracted by 26.4% to 12.2 Mt, while Japan’s volumes were essentially unchanged at 7.2 Mt. South Korea experienced a 15.5% decline, loading 5.3 Mt.
Outlook
The United States’ expanding role as the world’s leading LPG exporter underscores a shifting trade balance. Analysts suggest that the continued growth of US shale‑derived LPG and the strategic positioning of Gulf terminals could sustain the current trajectory, even as GCC output remains subdued. Market participants will be watching whether the US can maintain its momentum amid geopolitical sensitivities, particularly given that Mainland China remains the top destination for American LPG shipments, accounting for 16.4% of US export volumes in the reporting period.