Home / Shipping News / International Shipping News / LNG shipping stocks: Calm index, wild constituents

LNG shipping stocks: Calm index, wild constituents

The UP World LNG Shipping Index (UPI) stayed the same and declined by 0.09 points or 0.06% last week, reaching a closing value of 155.02 points. This index monitors the stocks of companies that specialise in LNG shipping. In contrast, the S&P 500 (SPX) index, representing US stocks, lost 0.78%. The image below displays both indices.

Week 12-2024: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)
Despite the mild loss of UPI, its constituents moved quite dynamically in both directions, and some new trends can be named. First, oil and gas drillers (and partly LNG shippers) started to rise. Second, the Japanese trio took a break from the uptrend or finished trending upward. Third, Qatar´s Nakilat proved the business strength of LNG shipping.

Of the three gas and oil drillers, Shell (NYSE: SHEL) and BP (NYSE: BP) seem to have started up out of their ranges. Chevron (NYSE: CVX) gained the most of them, 3.8%, but is at the top of the range (and below the Ichimoku cloud on my TA chart), and its rise must be proven. BP grew by 3%, and Shell added 2.4%. All three are close to the resistance. For Shell, the resistance is $68.02, for BP at $40, and for Chevron at $165.

The Japanese shipping trio dropped for a second or third week. „K“ Line (TSE: 9107) lost 6.4%, NYK Line (TSE: 9101) fell by 5.1%, and Mitsui O.S.K. Lines (TSE: 9104) declined by 3.6%. Only NYK Line made a lower low, so MOL and „K“ Line still have a chance to continue uptrends.

Nakilat (QSE: QGTS) grew by 4% and is still moving below the weekly chart’s resistance but above the gap. The stock holds at high levels.

The biggest gain was made by Golar LNG (NASDAQ: GLNG), which grew by 10.9% after an announcement that its existing FLNG would be headed for Argentina´s Vaca Muerta. Stiefel said it should be Hilli. This gain stayed within the resistance, so technically, it still goes sideways despite the positive move.

Capital Product Partners (NASDAQ: CPLP) gained 2.2% but was higher during the week, just below the higher high. This high price was refused but still held close to the top.

Flex LNG (NYSE/OSE: FLNG) has found support at $25.40, the same level as last spring.
The most, 6.6%, declined Dynagas LNG Partners (NYSE: DLNG). With a low volume, its trading was quite wild. This partnership should soon announce a date for the Q4 earning announcement.

New Fortress Energy (NASDAQ: NFE) lost 4.2% and is back on the support line.

In summary, UPI continues sideways in the new range as constituents move up and down. However, some new trends might have just been established.

UP World LNG Shipping Index, established in 2020, is a rules-based stock index family designed to show and 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, like the USA, Qatar, Japan, Norway, South Korea, and Malaysia. The index covered over 65% of the world’s LNG carrier fleet in 2020. UP Index is a premium service. We offer freemium (the basic chart of the UP Index and S&P 500 index) and trial access to all charts.
Source: UP-Indices.com, By Tomas Novotny

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping