EU LPG Imports on the Rise


Source: Banchero Costa
According to Banchero Costa, “in terms of imports, the top destination for LPG in Jan-Aug 2024 was Mainland China, accounting for 24% of global imports. Imports to China increased by +13.0% y-o-y in Jan-Aug 2024 to 23.6 mln tonnes. Imports to the EU increased by +9.3% y-o-y in Jan-Aug 2024 to 14.0 mln t. Volumes into India increased by +5.8% y-o-y to 12.9 mln tonnes. Imports to Japan declined by -4.5% y-o-y to 6.5 mln tonnes in the same period. Imports to South Korea in Jan-Aug 2024 increased by +8.0% y-o-y to 5.5 mln tonnes. Volumes to Indonesia declined by -4.2% y-o-y to 4.3 mln tonnes. To Turkey there was -6.8% y-o-y decline in Jan-Aug 2024 to 2.5 mln tonnes”.
“Let’s now focus on the European Union, which is now the second largest importer of LPG in the world after China, accounting for 14.1% of global volumes in 2024. As already mentioned above, LPG imports into the EU in Jan-Aug 2024 rebounded by +9.3% y-o-y to 14.0 mln tonnes. This however did not fully reverse the -14.3% y-o-y decline in the same period of 2023. In terms of individual countries, this included 2.6 mln tonnes imported by the Netherlands, 2.6 mln t by Belgium, 2.0 mln t by France, 1.3 mln t by Spain, 1.2 mln t by Sweden, 1.2 mln t by Italy, 0.7 mln by Poland. Top LPG discharging ports in the European Union in Jan-Aug 2024 were: Antwerp (2.6 mln t in Jan-Aug 2024), Terneuzen (1.5 mln t), Lavera (1.1 mln t), Tarragona (0.9 mln t), Stenungsund (0.8 mln t), Rotterdam (0.7 mln t), Porvoo (0.5 mln t), Naples (0.5 mln t), Vissingen (0.4 mln t), Gdansk (0.3 mln t). 20.7% of volumes imported by the EU in Jan-Aug 2024 were loaded on VLGCs (70+ cu.m.), with 6.7% on LGCs (25-70k cu.m.), 35.8% on MGCs (13-25k cu.m.), and 36.8% on SGCs (0-13k cu.m.)”, the shipbroker said.

Source: Banchero Costa
Banchero Costa also noted that “by far the top source of LPG for Europe in recent years is the United States, accounting for 39.2% of EU’s imports in Jan-Aug 2024. Volumes on this route has gone through the roof over the last decade. In the first 8 months of 2024, LPG exports from the USA to the EU increased by +16.4% y-o-y to a record 5.5 mln tonnes. Volumes from Norway to the EU also increased by +6.6% y-o-y in Jan-Aug 2024 to 2.2 mln tonnes. From the UK there was a -1.1% y-o-y decline to 1.1 mln tonnes. From Algeria there was a +1.2% y-oy increase in Jan-Aug 2024 to 1.8 mln tonnes. From Turkey, 0.4 mln t of LPG were shipped to the EU in Jan-Aug 2024, +56.9% y-o-y. From Russia there was a -20.3% y-oy decline to 0.4 mln tonnes”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide