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LNG shipping stocks: Decline continues after a refinance problem

Tuesday, 03 August 2021 | 12:00

The UP World LNG Shipping Index, the world’s only stock index focused on companies in the LNG shipping industry, lost 2.89% last week. US stocks represented by the S&P 500 (SPX) index lost 0.37%.

Last week, the UP index was affected by a decline in two components listed in the US. GasLog Partners LP (NYSE: GLOP) sank on Tuesday after losing Q2 profit and the next day Höegh LNG Partners (NYSE:HMLP) lost more than 64% after reducing distribution by 98% due to problems with continuing refinancing of PGN FSRU Lampung. GLOP closed the week with a loss of 17% and HMLP lost over 68%.

The following picture provides a comparison of the UP Index and S&P 500 development.

The HMLP decline was so huge that other constituents couldn’t take over it. Especially the Japanese trio NYK line (TSE:9101), K line (TSE:9107) and MOL (TSE:9104) had a successful week with rises of 9.9%, 6% and 14.8%. Also Shell (NYSE:RDS-A) added over 7%, but all these companies are not pure LNG shipping companies and their weight in UP Index is limited.

Two other Asian companies – Korea Line Corporation (KRX:005880) and Malaysian Misc Berhad (KLSE:3816) lost. SM KLC lost 6.5% and Misc declined 2.7%.

UP World LNG Shipping Index is a rules-based stock index family designed to show and measure the performance of world publicly traded companies involved in maritime transport of liquefied natural gas (LNG). This world unique index covers 18 companies and partnerships from countries all over the world like the USA, Qatar, Japan, Norway, South Korea or Malaysia. The index covers more than 65 % of the world LNG carrier fleet.

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