Summary
The UP World LNG Shipping Index gained 14.27 points (7.34%) to close at 208.80 in Week 9–2026, surpassing the 200-point mark for the first time in history, while the S&P 500 fell 0.44%. Geopolitical tensions in the Middle East drove the extraordinary advance.
Among the 20 index constituents, COSCO Shipping Energy Transportation led the gainers, rising over 21% following the Lunar New Year holidays, while Tsakos Energy Navigation added 13.32%. Japanese majors also advanced strongly: Mitsui O.S.K. Lines rose 6.6%, “K” Line gained 4.47%, and NYK Line added 2.95%. The integrated energy companies Shell, BP, and Chevron posted moderate gains. On the downside, New Fortress Energy fell 10.66%, Awilco LNG declined 6.89%, and Korea Line Corporation lost 5.86%. In the short term, geopolitical risks remain elevated; the long-term outlook for the sector remains positive, supported by vessel scrapping and the addition of new liquefaction capacity.
UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 14.27 points (7.34%), closing at 208.80 points, while the S&P 500 index lost 0.44%. The chart below illustrates the performance of both indices with weekly data.
Broader View
UPI continues its record growth, surpassing the 200-point mark for the first time. Transport company shares appear likely to continue rising even after the US markets open. Our readers have an advantage in this regard. However, we want to deliver our report to you as soon as possible. One thing is certain – this is another test of maturity for the LNG sector, and it has everything it needs to pass.
Reuters reported similar growth in Asian and European spot natural gas prices of approximately 20%. At the time of writing, Asian prices had already risen by 39% following Qatar’s suspension of production due to the Strait’s closure. TTF is mirroring this growth.
The Strait of Hormuz is effectively closed due to Iran’s threat to shell ships, which has led to higher insurance premiums. Qatar has suspended LNG production because of direct Iranian military attacks on industrial facilities in Ras Laffan and Mesaieed. As reported by Alex Froley of ICIS, all Qatari LNG tankers are sailing to their customers, but they will not be able to return to Qatar for new cargoes in the meantime. The figure of 20% reappears because it is the share of Qatari exports in global LNG supplies. Israel has also closed its oil fields in the Mediterranean Sea.
Commentators agree that a short-term closure of the strait for a few days will have no impact, but once the ships reach their customers, Qatari gas will likely be sourced from Qatari fields in the US (Golden Pass). The question is what will happen to Iranian LNG supplies to China. The blockade probably does not apply to them.
As the situation is changing even as this commentary is being written, it is impossible to keep the news up to date enough to focus on trends. Our recommendations included monitoring the shipping routes of individual companies’ fleets in case the strait was closed.
Europe is currently in a better position than Asia because, due to Houthi attacks in the Red Sea, its supplies are primarily coming from the US. Given the end of the winter season and rising prices, we do not expect significant growth in demand from Europe. Still, we do anticipate a shift of loaded tankers to the Asian market and an increase in spot prices for gas and transportation.
Constituents
COSCO Shipping Energy Transportation (SS: 600026) grew the most last week, adding over 21% after the New Year holidays. Tsakos Energy Navigation (NYSE: TEN) was second, up 13.32%. Both companies are trending higher.
Japanese companies also showed strong growth: Mitsui O.S.K. Lines (TSE: 9104) broke through resistance and rose 6.6%. “K” Line (TSE: 9107) continued to rise after overcoming one resistance level to 2026 values, up 4.47%. The third Japanese company, NYK Line (TSE: 9101), gained 2.95% and is at the level of long-term resistance.
Shares in the three mining companies, which also operate LNG shipping, rose. Shell (NYSE: SHEL) rose 4.68%, BP (NYSE: BP) 1.78% and Chevron (NYSE: CVX) 1.54%.
ADNOC Logistics & Services (ADX: ADNOCLS) added 0.55%. We expect it to decline due to events in the Middle East.
New Fortress Energy (NYSE: NFE) suffered the largest loss, falling 10.66%. Awilco LNG (OSE: ALNG) lost 6.89%, and Korea Line Corporation (KRX: 005880) fell 5.86%. Excelerate Energy (NYQ: EE) corrected its previous sharp rise by 4.5%, while Dynagas LNG (NYSE: DLNG) continued its sideways trend with a loss of 4.4%.
Crystal Ball
In the short term, geopolitical events raise the risk. The long-term outlook remains positive. The scrapping of steam vessels and the addition of new liquefaction capacity are pushing the sector higher.
About UPI
Established in 2020, the UP World LNG Shipping Index is a rules-based stock index family that measures the performance of publicly traded companies worldwide involved in the maritime transportation of liquefied natural gas (LNG). This unique index comprises 21 companies and partnerships worldwide, representing more than 65% of the global LNG carrier fleet in 2020. The UP Index provides premium services, offering freemium and trial access to charts. With Freemium, users can access the basic UPI vs S&P 500 chart after completing an email registration. The trial includes full access for fourteen days.
Final Note
This report primarily relies on technical analysis using weekly data. The summary section is AI-generated.