Although the emergency Jones Act waiver issued in March 2026 generated considerable attention, it has had minimal impact on the U.S. LPG/propane market. Based on MARAD voyage reports, only three propane cargoes moved under the waiver, totaling approximately 540 Mbbl. All three shipments originated from the U.S. mainland and were delivered to Puerto Rico, which relies heavily on imported propane. No reported waiver movements involved butane, mixed LPG, or ethane, and no propane cargoes moved to U.S. mainland destinations.
Rather than opening a new outlet for moving propane between U.S. ports, the waiver appears to have been used solely to address Puerto Rico's unique supply needs during a period of international market disruption. The three reported cargoes loaded in Houston and Marcus Hook and discharged at Tallaboa and San Juan, making Puerto Rico the sole reported destination for LPG shipments under the waiver.
Of course, the outcome might have been different had waivers been allowed during the 2025-26 winter heating season. A period of cold weather combined with tight regional propane supplies could have created economic incentives to move propane between U.S. mainland ports on foreign-flag vessels. Because the waivers were not issued until mid-March after most winter heating demand had passed, there was little opportunity for those market conditions to drive additional Jones Act waiver movements. As a result, the waiver served primarily as a targeted measure to ensure propane supplies to Puerto Rico rather than a mechanism for influencing domestic U.S. LPG trade.
