Massive FPS drop with too many chests within render distance

Too many chests within a player's render distance significantly reduce their FPS.
This can be tested by filling (/fill) a chunk with chests and facing that chunk (so its in your field of view).

In comparison, a chunk full of barrels or hoppers do not cause any FPS drop at all. This FPS drop can be noticed only with chests and ender chests.