Chevron is launching ship-to-ship transfers off the coast of Panama to move liquefied petroleum gas (LPG) from the U.S. to Asia.
This operational pivot responds to record-high priority passage fees reaching $4.6 million for large Neopanamax vessels.
Chevron will use smaller Panamax tankers to pass through the canal’s older locks to take advantage of lower transit fees.
Crews will then transfer the cargo to larger vessels on the other side for the long-haul journey to Asia.
The strategy highlights how major energy shippers are seeking logistical workarounds to mitigate soaring costs and congestion in critical global trade routes.