Investor Presentaiton
Far East Demand Drives Seaborne Trade
U.S. VLGC Cargoes to Asia
India,
2%
2021
2022
Europe, Americas,
17%
22%
SE Asia,
10%
Africa,
3%
Europe,
23%
Americas,
21%
Africa,
3%
SE Asia, 6%
India, 1%
Far East, 46%
Far East, 46%
More U.S. Supply Heading to China
•
•
•
2022 YTD VLGC liftings from the U.S have
increased 5% Y/Y
Europe volumes accounted for 23% of 2022 YTD
volumes out of the U.S vs. 17% of 2021 YTD
volumes
Asia volumes accounted for 53% of 2022 YTD
volumes out of the U.S vs. 57% of 2021 YTD
volumes
Chinese PDH and other Asian cracking demand
are expected to continue to outstrip MEG supply
and force suppliers to look West, boosting ton
miles
U.S. supply accounted for 37% of China's
imports in 2022
LPG demand was driven primarily by higher
demand from PDH plants and steam crackers
Chinese demand is set to increase from new
PDH projects in 2022
100%
12%
20%
24%
23%
24%
29%
33%
37%
11%
80%
13%
•
15%
19%
15%
28%
60%
8%
19%
21%
18%
12%
18%
16%
20%
14%
10%
9%
9%
•
3%
40%
16%
10%
14%
19%
4%
5%
7%
19%
8%
10%
20%
17%
30%
34%
37%
24%
14%
21%
18%
6%
10%
2015
2016
2017
2018
2019
2020
2021
2022
■U.S. ■Saudi Arabia UAE ■Iran Qatar Others
Source: EIA, IHS Waterborne
Note: VLGC cargo values shown through December 31, 2022; Numbers may not sum due to rounding
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