The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, lost 2.43% last week. U.S. stocks represented by the S&P 500 index lost 0.93%.
The most important news is the breakthrough of the support level of the UP Index, around which the index hovered for three long weeks. Even Friday’s sharp stock growth was not enough to erase the losses incurred during the week. However, the SPX does not look optimistic either, which did not create a higher closing price.
Shares of companies listed in the US that deal only with LNG shipping contributed the most to the decline. Specifically, these are Golar LNG (NASDAQ: GLNG), which lost 4.7%, Dynagas LNG Partners (NYSE: DLNG), and GasLog Partners (NYSE: GLOP), which lost 4.6% respectively.
Some other stocks also underperformed, with Korea’s SM KLC (KRX: 005880) down 7.6%. Belgium’s Exmar NV (BSE: EXM) lost just one percent less. New Fortress Energy (NASDAQ: NFE) fell 4.6%, while bp (NYSE: BP) fell 4.2%. Chevron (NASDAQ: CVX) and Shell (NYSE: Shel) also shed around 3.3%. Norway’s Awilco LNG (OSE: ALNG) lost 3.6%.
On the contrary, Qatar’s Nakilat (QSE: QGTS) grew by 3.4%. The Japanese trio also did well, where Mitsui O.S.K. Lines aka MOL (TSE: 9104) and Nippon Yusen Kabushiki Kaisha aka NYK Line (TSE: 9101) added 2%, and Kawasaki Kisen Kaisha aka “K” line (TSE: 9107) rose 1.7%.
It will be interesting to watch the following events, during which there is a possible attempt to break through the line again, this time from below. We assume the first attempt will be unsuccessful.
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 unique index covers 18 companies and partnerships from countries 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 UP Index and S&P 500 index) and trial access to all charts.
Source: UP-Indices.com