LNG shipping stocks: Suez Canal blocked
The UP World LNG Shipping Index, the world’s only stock index focused on companies in the LNG shipping industry, lost 0.67 points, or 0.8%, last week. US stocks represented by the S&P 500 (SPX) index gained 1.57%.
The blockade of the Suez Canal by Ever Given was also reflected in the share price of companies from the UP World LNG Shipping Index.
The initial decline was followed by a growth correction, but still the UP index recorded a losing week. Average losses ranged up to 1%, with Golar LNG Limited (NYSE: GLNG) and Höegh LNG Partners LP (NYSE: HMLP) writing the most, -5.4% and -4.9%, respectively.
Chart below shows both UP World LNG Shipping Index and S&P 500.
The largest increases were recorded by the South Korean Korea Line Corporation (SM KLC, KRX: 005880) and the Norwegian Flex LNG Ltd. (NYSE: FLNG) +8.2% and + 6.2%.
The mining and Japanese companies, which have been pulling the UP index up in recent weeks, more or less rested at around 0%. Two exceptions were Royal Dutch Shell (NYSE: RDS-A) and Kawasaki Kisen Kaisha, Ltd. (TSE: 9107), which depreciated around 2.5%.
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 world unique index covers 20 companies and partnerships from countries all over the world like the USA, Qatar, Japan, Norway, South Korea or Malaysia. The index covers more than 65 % of the world LNG carrier fleet.