Last week, there was a decline in the UP World LNG Shipping Index (UPI), the only stock index concentrating on LNG shipping companies. The index lost 4.39 points or 3.01%, reaching 141.31. In contrast, the S&P 500 (SPX) index, which depicts U.S. stocks, dropped by 1.39%. Below is an image displaying both indices.

Week 26-2023: Chart of the UP World LNG Shipping Index with S&P 500 (Source:

The UPI has dropped to its lowest point since January 2023, leaving the range it had been in. The upswing we noted three weeks ago appears to have been quite exhausting, and even a week of rest was not enough. January’s low, which is out of the range, has now helped to support UPI against a deeper decline. The key question now is the condition of each component of UPI, as the next support level is around 130 points or about 7% lower than the current level.

Looking at the profits and losses of individual constituents, the biggest gainer was Qatar Gas Transport Company – Nakilat (QSE: QGTS), which saw a 5.4% increase after signing a new contract with China. Two Asian LNG shippers, Korea Line Corporation (KRX: 005880) and Mitsui O.S.K. Lines (TSE: 9104), gained about 1.5%, while the rest of the companies from this area had gained around 0.1%: MISC Berhad (KLSE: 3816), Nippon Yusen Kabushiki Kaisha (TSE: 9101), and Kawasaki Kisen Kaisha (TSE: 9107). Excelerate Energy (NASDAQ: EE), Capital Product Partners (NASDAQ: CPLP), Exmar (BSE: EXM), and GasLog Partners (NYSE: GLOP) had minor changes around zero.

On the other hand, Awilco LNG (OSE: ALNG), bp (NYSE: BP), and Shell (NYSE: SHEL) suffered losses of 1.5%. Cool Company (NYSE/OSE: CLCO) lost 2.1% in Oslo and 7.1% in New York, as the decline continued after the OSE closed. The opening gap was similar. The biggest decline was seen in New Fortress Energy (NASDAQ: NFE), Dynagas LNG Partners (NYSE: DLNG), and Golar LNG (NASDAQ: GLNG). NFE lost 8.4%, while DLNG and GLNG declined by about 6.5%. Flex LNG (NYSE/OSE: FLNG) lost 3.2%.

Most stocks had already started declining before Friday, and most of the losses were seen between U.S.-listed companies, minimizing time delay to other exchanges. However, no stock broke through its support level. NFE and GLNG nearly reached their support levels again. Going below these supports would mean a high probability of a new downtrend, while staying within the range would stabilize prices and allow more time for new moves.

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.