Home / Shipping News / International Shipping News / LNG shipping stocks: Down to the support line

LNG shipping stocks: Down to the support line

The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, lost 7.80% last week. U.S. stocks represented by the S&P 500 index lost 5.79%.
Shares of companies in the LNG shipping sector recorded a second losing week in a row. The only company whose exchange rate rose was the Malaysian MISC Berhad (KLSE: 3816). The increase was 2.6%. Of course, this was not enough to keep the UP index down.

Gas and oil companies, which are represented in the UP Index by LNG carrier owners – Shell (NYSE: Shel), Chevron (NYSE: CVX), and bp (NYSE: BP) – fell sharply. All three of these companies decrease by 14 to 15.5%.

GasLog Partners (NYSE: GLOP) and Awilco LNG (OSE: ALNG) also performed similarly. The first wrote off 15%; the Norwegian company lost 13%. Both did not confirm the breakthrough and returned below the previous resistance level. The group of double-digit losses was supplemented by SM Korea Line Corporation (KSE: 005880), which lost 11.3%.

Carrier owners listed on US stock exchanges have copied the US decline. Flex LNG (NYSE. FLNG) depreciates 9.5%, Golar LNG (NASDAQ: GLNG) declines 8.8%, New Fortress Energy (NASDAQ: NFE) loses 7.7%, and Dynagas LNG Partners (NYSE: DLNG) decreases by 6.6%.

The Japanese trio also made similar losses. The exchange rate of the company “K” line (TSE: 9107) fell the most, by 7.2%. NYK Line (TSE: 9101) lost 5% and MOL (TSE: 9104) lost 4.3%.

UP World LNG Shipping Index is now close to the support line, but even this level will not be broken; there are new resistance levels on the way up.

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 17 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

Recent Videos

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