LNG shipping stocks remained virtually flat last week, with the UP World LNG Shipping Index (UPI) dipping just 0.04% to 164.37 points, effectively sliding along its support level. While the market was quiet—reflecting a typical holiday week—underlying activity continues to suggest preparation for seasonal demand shifts, especially in Europe and China. Notably, European spot LNG rates rose while Asian rates declined, highlighting regional contrasts. Within the index, more minor constituents drove gains, while two of its most prominent members, Golar LNG and Nakilat, posted modest losses. Korea Line Corporation led the risers with an 11% surge, followed by strong performances from BP and Chevron. Meanwhile, Excelerate Energy broke below key support with a 6.4% drop. Despite low volume and subdued movement, the market appears to be gathering strength for its next directional push.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, lost 0.06 points (0.04%), closing at 164.37 points, while the S&P 500 index lost 0.31%. The chart below illustrates the performance of both indices with weekly data.

Week 28-2025: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader view
UPI has once again slowed its rate of decline, and this time it can hardly be called a decline at all; instead, we can describe it as sliding along the support level: the loss of 0.04% is truly minimal. The traded volume is at last week’s level and is once again below average.
Preparations for the summer and winter seasons are still underway, mainly in Europe and China. For example, Germany’s SEFE has signed a new 20-year contract with Venture Global, and LNG imports to Spain are also growing. This is reflected in the development of spot rates, which, according to Spark Commodities, rose for Europe and declined for Asia.

Constituents
This time, the ratio of rising to falling stocks was more pronounced, with more stocks rising. However, the two major representatives in the index declined, while smaller companies grew most significantly.
Golar LNG (NYQ: GLNG) lost 1.74% and Nakilat (QSE: QGTS) fell by 0.61%. Both companies have a 20% weighting in the UPI. On the other hand, Korea Line Corporation (KRX: 005880), which has a weighting of less than 1%, grew the most, by 11%.
Excelerate Energy (NYQ: EE) lost 6.4% and broke this year’s support level of $28.
We have already mentioned the fastest-growing representative, followed by BP (NYQ: BP) and Chevron (NYQ: CVX). The former posted a gain of 5.5% and the latter 4.7%. Both seem to be starting a new growth trend.

Capital Clean Energy Carriers (NYQ: CCEC) grew by 2.5%. The only other significant growth was recorded by Belgium’s Exmar (BSE: EXM), which adjusted its price by 2.2%. Other losses were around or even below one per cent.
Overall, it was a holiday week in which companies gathered strength for further movement. We believe that it will be upward.

Crystal Ball
Despite the growing global uncertainty caused by the US administration, our outlook remains optimistic. However, we expect increased volatility in the coming weeks. LNG spot rates rise, but the impact remains marginal for most UPI constituents. The market is watching for potential breakouts at key resistance levels, which could determine the next direction of prices.
Our outlook remains steadfastly positive in the long term. The burgeoning demand for LNG, bolstered by situational or management-driven actions and the potential for new long-term contracts, paints a promising picture. Investors should watch policy developments, market competition, and upcoming corporate earnings for further direction.
Source: By Tomas Novotny, UP-Indices.com