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Sanctions Annual Outlook Tankers and Gas

Long-anticipated shadow LPG crackdown has arrived: will it matter?

  • Nearly half of Iran-trading gas carriers now designated after major Ofac actions in October and November
  • Recent sanctions crackdown will likely necessitate an injection of new tonnage
  • 2025 LPG loadings in Iran set to slightly exceed or remain on par with 2024 levels, preliminary data from Vortexa shows

  • Analysis

US pressure on Iran’s LPG shadow fleet increased in 2025 — especially in October and November — and will likely spur an injection of new tonnage in the new year. Whether this pressure will dramatically impact exports, however, remains to be seen

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This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

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