LNG shipping stocks remained essentially flat last week, with the UP World LNG Shipping Index (UPI) slipping slightly by 0.37% to 164.70 points, despite rising global markets. While the sector showed no dramatic movements, underlying shifts suggest preparation for increased gas demand in the future. The global LNG fleet continues its generational renewal, seasonal demand is rising, and spot rates are rebounding—all signalling potential for future growth. Activity among constituents reflected this tension: trading volumes increased, but share movements were mixed. Nakilat led the gainers with an 8.3% rise, followed by New Fortress Energy at 12.1%, buoyed by easing geopolitical tensions. Meanwhile, several companies, including Chevron, Capital Clean Energy Carriers, and Tsakos Energy Navigation, corrected earlier gains. The market remains undecided in the short term, but the groundwork for structural transformation in LNG shipping is steadily advancing.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, lost 0.61 points (0.37%), closing at 164.70 points, while the S&P 500 index gained 3.44%. The chart below illustrates the performance of both indices with weekly data.

Week 26-2025: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader view
The situation in the Middle East calmed down last week, prompting a rise in stock markets. However, UPI continues to move sideways, as there have been no visible or new changes in the sector, with only established trends continuing.
Under the surface, however, everything is preparing for a period of increased demand for gas: 1) The global fleet is being rejuvenated – this is a long-term preparation for the launch of new liquefaction capacities 2) Demand for natural gas is increasing – this is a seasonal phenomenon 3) Spot rates are rising from the lows. These points collectively indicate a promising future for the sector.
Along with the changes we wrote about last week, another transformation is taking place in LNG maritime transport. After the sector’s growth into maturity, another evolution is taking place. With the development of supply options, transport contracts are expected to become shorter in duration. This will, of course, lead to changes in companies’ cash flow and thus to the strengthening of sales departments and possible specialisation.

Constituents
UPI recorded an increased number of indecisive movements and declines rather than growth in its constituents. However, the traded volume increased.
The volume grew not only for gas and oil producers, but also for Nakilat (QSE: QGTS), Golar LNG (NYQ: GLNG) and Excelerate Energy (NASDAQ: EE). While the growth in volume for producers is due to the development of oil prices, GLNG and EE saw investors pushing the direction of the companies’ shares, which has so far been inconclusive. Nakilat was the only one of them to grow amid increased volume, adding 8.3%. One reason is the easing of tensions around Iran.

Now that we have started with rising stocks, let’s continue. The volatile New Fortress Energy (NYQ: NFE) added the most, 12.1%. Third is Japan’s NYK Line (TSE: 9101), with a 2.5% increase. Other gains were only around half a per cent and reflect the tug-of-war over the next direction: MISC (KLSE: 3816) +0.8%, but a volatile week with significant gains and losses. Mitsui O.S.K. Lines (TSE: 9104) +0.5% with a return to support, Dynagas LNG Partners (NYQ: DLNG) +0.8%, moving up and down at support, which also applies to Excelerate Energy (NYQ: EE) +0.5%.

There were more declining companies, and here too we can find a large group with losses of around four per cent: Capital Clean Energy Carriers (NYQ: CCEC), Tsakos Energy Navigation (NYQ: TEN) and Chevron (NYQ: CVX), which corrected their previous growth. Flex LNG (NYQ/OSE: FLNG) and Kore Lince Corporation (KRX: 005880) are moving sideways and towards their support levels.
Awilco LNG (OSE: ALNG) is also among the companies correcting their previous growth, falling 3.2% and correcting its previous three-week increase. Whether this is a correction of the decline caused by the termination of the contract for one of the two tankers or a turnaround encouraged by the growth in spot rates remains to be seen.

Our short-term and long-term outlook is positive, but it would be wise to stay out of the market for a while longer.

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