How ‘Maximum Pressure 2.0’ could play out in VLGC market

"“While Iranian LPG shipments do rely on ship-to-ship transfers, their supply chains remain more direct than those of crude oil, making them an attractive target for enforcement efforts,” said Claire Jungman, chief of staff at US-based advocacy group United Against Nuclear Iran, which tracks Iran’s oil exports and the vessels facilitating the trade.

“Unlike crude, which often undergoes multiple, complex transfers to obscure its origin, Iranian LPG typically moves through one STS transfer in the Middle East Gulf before reaching its final destination, primarily China.”"