The UP World LNG Shipping Index (UPI) lost 1.24 points or 0.76% last week, reaching a closing value of 152.38 points. This index monitors the stocks of companies that specialise in LNG shipping. The S&P 500 (SPX) index, representing US stocks, gained 0.03%. The image below displays both indices.

Week 22-2024: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)
Week 22-2024: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Despite the decline in UPI, there were two weeks of gains, and the uptrend continues. UPI remained at high levels this year, close to all-time highs. The number of decliners was higher than gainers, and most movements were mild. However, some trends were confirmed, and some were not.

Continuing trends
First, let’s look at the continuing trends. Capital Product Partners (NASDAQ: CPLP) grew after seven weeks of fluctuations, with an 8.1% increase, the most significant rise last week. Cool Company (NYSE/OSE: CLCO) gained 3.7%, rising for three weeks in a row.

Malaysian MISC (KLSE: 3816) started its uptrend at the beginning of this year and added 1.1% last week. Dynagas LNG Partners (NYSE: DLNG) lost 0.3% but managed to avoid a much more significant decline and formed a bullish hammer candle-chart formation.

On the other hand, New Fortress Energy (NASDAQ: NFE) started a new wave of decline after three weeks of hesitation, dropping by 6%. BP (NYSE: BP) appears to be turning to a downtrend as it lost 2.1% last week, marking the fourth week in a row of losses.

…with some pauses
Most of the constituents paused the rise, either with zero movement or slight losses or corrections: Nakilat (QSE: QGTS), Golar LNG (NASDAQ: GLNG), Flex LNG (NYSE/OSE: FLNG), Mitsui O.S.K. Lines (TSE: 9104). All these companies saw minimal gains or losses. “K” Line (TSE: 9107) gained, and NYK Line (TSE: 9101) lost; both moves were 0.7%. Excelerate Energy (NASDAQ: EE) experienced the most significant loss of the last week at 8%. However, this could still be an uptrend correction, similar to a turning point. The size of the loss is too substantial for a correction, but the traded volume was low.

In summary, LNG shipping stocks paused their rise after two weeks of gains, and their movements mainly were minimal.

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 18 companies and partnerships worldwide, like the USA, Qatar, Japan, Norway, South Korea, and Malaysia. The index covered over 65% of the world’s LNG carrier fleet in 2020. 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.

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