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LNG shipping stocks: Mild rise confirmed by many

The UP World LNG Shipping Index (UPI) gained 3.68 points or 2.31% last week, reaching a closing value of 152.38 points. This index monitors the stocks of companies that specialise in LNG shipping. The S&P 500 (SPX) index, representing US stocks, gained 1.54%. The image below displays both indices.

Week 21-2024: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

The UPI saw a significant increase, bringing the index back to its highest level of the year and close to all-time highs. Eleven constituents rose, while only six dropped, with slight declines indicating positive sentiment in LNG shipping stocks.

Last week, there were no double-digit gains, and most increases were modest. The only exceptions were Cool Company (NYSE/OSE: CLCO) and NYK Line (TSE: 9101), which rose above 5%. CLCO gained 7.5% after announcing a new contract for two newbuilds with Indian GAIL, starting in early 2025. This increase was the strongest among all UPI constituents.

NYK Line (TSE: 9101) had the second-largest increase, gaining 6.1%. However, the other two Japanese companies didn’t perform as well, with MOL (TSE: 9104) gaining 1.9% and “K” Line (TSE: 9107) only 0.7%. These gains confirmed the upward trend for Japanese shippers.

Exmar NV (BSE: EXM), a smaller UPI constituent, saw a 4.4% increase after announcing its Q1 results.

Golar LNG (NASDAQ: GLNG) is now aiming for the $29 resistance level after a 3.9% gain, confirming a break of the resistance.

Flex LNG (NYSE/OSE: FLNG) is just below the 2023 resistance, having risen 3.2% last week.

Shell (NYSE: SHEL) retreated to the April range after reaching a new all-time high, resulting in a 2.9% loss last week.

Excelerate Energy (NASDAQ: EE) corrected the previous rise and lost 2.2%. Chevron (NYSE: CVX) remained within its range below last summer’s prices, with a 1.9% loss. Minor declines of less than 1% were seen in other companies.

In summary, UPI continued to rise for two weeks. Although this week’s growth was more moderate, many companies confirmed it.

About: 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

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