Last week, the UP World LNG Shipping Index (UPI), the only stock index focused on LNG shipping companies, rose for the sixth consecutive week. UPI increased by 0.33 points or 0.21%, reaching 154.63 points. In contrast, the S&P 500 (SPX) index, representing U.S. stocks, lost 2.27%. Both indices can be found in the image provided below.
Although UPI’s growth was only 0.21%, it is still considered positive for two reasons. Firstly, UPI has consistently outperformed the decreasing S&P 500 and has shown growth for six consecutive weeks. Secondly, it has maintained its position below the new all-time highs. GasLog Partners was removed from UPI during the regular rebalance, and the constituent’s weight was adjusted.
Japanese companies have contributed most to the growth, with NYK Line (TSE: 9101) and MOL (TSE: 9104) reporting better results for the second quarter than the first three months, while “K” Line (TSE: 9107) reported worse results. However, “K” Line was the first to exceed the last highs, and MOL broke the resistance this week. NYK Line gained 9.2%, MOL growth by 6.7%, and “K” Line rose by 7.9%.
Korea Line Corporation (KRX: 005880) added 4.1%. Flex LNG (NYSE/OSE: FLNG) didn´t hold the week´s high but still closed above the previous bracket with a result of +1%. Other growing companies strengthened by about one to two percent.
Nakilat (QSE: QGTS) from Qatar was the most weakened, with shares falling by 5% after announcing the results for the first six months, which were slightly better than a year ago. Other declining companies were Dynagas (NYSE: DLNG) and Capital Product Partners (NASDAQ: CPLP) decreased by 2.2 and 2.8%, respectively.
About: UP World LNG Shipping Index, established in 2020, is a rules-based stock index family designed to show and measure the performance of worldwide publicly traded companies involved in the maritime transport of liquefied natural gas (LNG). This unique index covers 19 companies and partnerships worldwide, like the USA, Qatar, Japan, Norway, South Korea, and Malaysia. The index covers over 65% of the world’s LNG carrier fleet. UP Index is a premium service. We offer freemium (the basic chart of the UP Index and S&P 500 index) and trial access to all charts.
Source: UP-Indices.com