Congestion is building at the Panama Canal as the canal authority prepares for dry-chamber maintenance on the east lane of the Gatun Locks from June 9 to 17, which will cut daily transit slots to 16.
Average waiting times so far this month have reached 47.9 hours, roughly 60 percent above the January and February averages before the Strait of Hormuz crisis began rerouting global trade flows.
Scandinavian bank SEB warned the maintenance window could push more vessels into long waits or expensive diversions around the Cape of Good Hope, tightening VLGC supply just as US Gulf LPG freight rates trade near record highs around $185,000 per day.
Auction prices for priority Panama Canal slots have already surged to an unprecedented $4m per vessel, surpassing levels seen during the previous drought crisis.
Forecasters now put the odds of El Nino returning between May and July at 82 percent, raising fresh concerns about water levels in Gatun Lake later in the year.