Bloody week (not only) for LNG shipping stocks
The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, lost 8.71% last week. US stocks represented by the S&P 500 Index lost 5.68%.
Only two companies differed last week from the whole LNG shipping stocks, and it was Qatar Gas Transport Company – Nakilat (QSE: QGST) and Malaysian MISC Berhad (KLSE: 3816). Nakilat added 3.1%, MISC 1.2%.
All the other stocks from the UP Index lost, mostly in two digits, as the LNG shipping sector tried to catch up with other industries and the whole market. The most significant loss suffered Flex LNG (NYSE: FLNG) that declined by more than 25 %.
The rest of the two-digit decliners was Japanese trio – K Line (TSE: 9107) -17.5%, NYK Line (TSE: 9101) -14.3%, MOL (TSE: 9104) -13,3% – and Awilco LNG ASA (OSE: ALNG) -15.1% with New Fortress Energy (NASDAQ: NFE) -14.9%.
Another strong group of losers includes Golar LNG (NASDAQ: GLNG), GasLog Partners (NYSE: GLOP), and Höegh LNG Partners (NYSE: HMLP). Their loss was 9.2%, 7.4%, and 4.9%
Other constituents lost between 1 and 4%. Significantly the natural gas/oil drillers did not change technically, and the fall did not change positive expectations. Some others might turn to the downtrend.
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 19 companies and partnerships from countries worldwide like the USA, Qatar, Japan, Norway, South Korea, and Malaysia. The index covers more than 65% of the world’s LNG carrier fleet.