Last week, the UP World LNG Shipping Index (UPI), which tracks the performance of LNG shipping companies, lost 1.57 points or 1.06%, closing at 146.97 points. The S&P 500 (SPX) index, representing U.S. stocks, also experienced a gain of 0.82%. Both indices can be found in the image provided below. UPI’s decline began just a week after SPX started declining.
For the third consecutive week, the UPI has continued to decline. The chart above displays a large sideways movement that lasted nine months. While many stocks remain above the support ledges, some have returned to the support area. Golar LNG (NASDAQ: GLNG) lost 1.6%, while SPX rose last week, which could support the LNG shipping stocks to move higher. Avoiding the danger of an Australian strike will also help calm stocks. The winter season is approaching, and spot rates of LNG carriers are rising.
Excelerate Energy (NASDAQ: EE) lost the most at 6.2%, followed by Cool Company (NYSE/OSE: CLCO), which declined by 4.4%. Although EE is close to breaking the support line, CLCO is in an uptrend. Awilco LNG (OSE: ALNG) had the same loss as CLCO. Exmar NV (BSE: EXM) lost 3.5%, but this move is based on the reopening of the takeover bid by Saverys. Korea Line Corporation (KRX: 005880) lost nearly 3% and started a new downtrend.
The Japanese trio – NYK Line, Mitsui O.S.K. Lines, and “K” line – stayed close to the highs after a previous one-week decline. NYK Line (TSE: 9101) gained 2.2%, MOL (TSE: 9104) grew by 0.9%, and “K” line (TSE: 9107) lost 0.3%.
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 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