Geopolitical disruptions hit shipping, China LPG port inventories sink to historic lows

Source: Mysteel Jul 15, 2026 10:48

In H1 2026, the Strait of Hormuz closure cut LPG arrivals to 12.16 million tonnes in China, down 30.10% compared with H2 2025 and 27.73% YoY. Port inventories averaged 2.10 million tonnes, down 30.52% from H2 2025 and 27.32% YoY, remaining at historical lows. PDH operating rates plunged to 46.85% by the end of May, down 28.68 percentage points from the peak of H1 2026. LPG arrivals are expected to recover in H2 2026, but inventory builds may fall short of prior-year levels.

Middle East geopolitical tensions shuttered the Strait of Hormuz in the first half of 2026, severely disrupting LPG outflows from the region. China, which imported 36.19 million tonnes of LPG in 2025 (accounting for 57% of national supply, with Middle East sources making up about 50%), felt the impact

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