Panama Canal Congestion Worsens, Gas Carriers Forced to Reroute Around South America
nashnova research
Panama Canal wait times have surged to up to 19 days — the highest since 2022. Some shipowners are paying millions for priority transit; others are rerouting supertankers around South America as climate and geopolitics jointly redraw global LPG trade lanes.
What does a 19-day wait actually mean?
Canal wait times have hit up to 19 days, the highest since 2022.
This means → a single vessel burns nearly three weeks just queuing, compressing turnaround efficiency across the entire route.
Some shipowners are paying millions of dollars for priority passage — congestion so severe that "paying to cut the line" is now routine.
Why are tankers swapping cargo at the canal mouth?
Two supertankers carried out a rare ship-to-ship transfer — moving cargo directly from one vessel to another — near Balboa port on Panama's Pacific side.
The Panamax tanker Energia Grandeur is transferring LPG (liquefied petroleum gas, a common fuel and chemical feedstock) to the Neopanamax tanker Eneos Wisdom. Energia Grandeur had been crossing the Pacific toward Japan but turned back mid-voyage.
In plain terms = rather than lock one large ship into a month-long transoceanic round trip, the operator uses it as a short-haul shuttle through the canal, keeping Asian deliveries flowing.
Both vessels are chartered by TotalEnergies.
What does rerouting around South America cost?
Another supertanker, Gas Scorpio, has embarked on a rare voyage around South America to reach U.S. loading ports. It is currently near Chilean waters.
This means → the detour adds roughly one extra month of transit time, with freight and fuel costs surging in parallel.
The last comparable rerouting was in 2023, when low rainfall similarly restricted canal traffic.
What is driving the congestion?
Multiple causes are stacking: the Iran crisis has diverted more vessels to the Panama Canal; El Niño has cut rainfall and lowered water levels; canal authorities have tightened cargo-load and transit-number limits in response.
The heaviest impact falls on Neopanamax wide-beam vessels, which typically carry LPG from the U.S. Gulf Coast to Asia.
Panamax tankers, which use separate locks, face relatively modest increases in rates and wait times.
Can the global LPG market absorb this?
Julian Renton, chief NGL analyst at East Daley Analytics, said the global LPG market is already stretched thin by Strait of Hormuz tensions — the Panama Canal is "a shock it simply cannot afford."
This reflects a rare convergence: two major shipping chokepoints — Hormuz and Panama — are under pressure simultaneously, with geopolitics, climate, and energy security colliding in real time.
Restructuring costs and uncertainty in LPG trade routes will keep building; relief hinges on canal water-level recovery and the trajectory of geopolitical tensions.
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