Last week, the UP World LNG Shipping Index experienced a slight decline, losing 0.15 points or 0.09% to close at 165.41 points. The sentiment remains positive despite the broader market correction and ongoing holiday volatility. Among the constituents, Awilco LNG, Golar LNG, and Nakilat saw gains of 3.2%, 3.1%, and 1.6%, respectively. However, most companies experienced declines, with New Fortress Energy dropping over 21%, Excelerate Energy down 4.9%, and Japanese stocks “K” Line and Mitsui O.S.K. Line losing around 3.1%.

UPI & SPX
Last week, UPI, which tracks listed LNG shipping companies, lost 0.15 points or 0.09%, closing at 165.41 points. The S&P 500 index also dropped and lost 0.83%. The chart below shows both indices with weekly data. The decline of SPX and other major indices caused the majority of the decrease in UPI.

Week 31-2024: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader view
The whole market correction pushed UPI down, and holiday volatility continues. Although some losses were significant, the overall impression is still positive.

Constituents
Only three companies gained last week; the most significant gains were 3.2% and 3.1%, followed by 1.6%. The gainers were Awilco LNG (OSE: ALNG), Golar LNG (NASDAQ: GLNG), and Nakilat (QSE: QGTS). Other gains were lower than one per cent. This shows a hard time in stock markets, including for LNG shippers, in a short-term view, but the development is still positive in the longer term. With continuing summer, positive news should push LNG shippers higher.
The number of decliners was much higher, and this group was led by New Fortress Energy (NASDAQ: NFE), the previous top gainer, which lost over 21% last week. This drop overrode the earlier gains, and this stock is back in the support area, considering the next move.

Excelerate Energy (NASDAQ: EE) also lost, but less. Its drop was 4.9%, and the uptrend is still ongoing.

Asian stocks, which led to losses during the two previous weeks, melded their losses. Just two Japanese stocks continued declining, and both lost around 3.1%. There were „K“ Line (TSE: 9107) and Mitsui O.S.K. Line (TSE: 9104). NYK Line (TSE: 9101) rose by 0.7%. MISC Bhd (KLSE: 3816) lost 0.3%, and Korea Line Corporation (KRX: 005880) stayed on the same as it averted a try of decline.

Dynagas LNG Partners (NYSE: DLNG) lost 2% without changing its sideway move. Two constituents, Capital Product Partners (NASDAQ: CPLP) and Flex LNG (NYSE/OSE: FLNG) declined by 1.3%. Other losses were smaller than 1%.

Established in 2020, the UP World LNG Shipping Index is a rules-based stock index family designed to 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, representing over 65% of the world’s LNG carrier fleet in 2020. The UP Index offers premium services with freemium and trial access to charts.
Source: By Tomas Novotny, UP-Indices.com