LNG shipping stocks: Support line resisted
The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, gained 0.71% last week. U.S. stocks represented by the S&P 500 index gained 6.45%.
The UP index bounced off the support with luck. We are talking about luck because there was more falling than rising stocks.
Flex LNG (NYSE / OSE: FLNG), which showed double-digit growth and recorded 15.2%, has the most significant credit for maintaining the hope for growth. Golar LNG (NASDAQ: GLNG) added “only” 4.1%, but thanks to its weight of 20%, it also has a great deal of credit for maintaining the growth.
Additional support was provided by Shell (NYSE: Shel) and bp (NYSE: BP) with growth of 2% and 1.7%, respectively.
The Korean company SM Korea Line Corporation (KRX: 005880) showed the most significant decrease, which lost 11.7%. Second in order was the Japanese Kawasaki Kisen Kaisha (TSE: 9107), with a loss of 7.6%.
Dynagas LNG Partners (NYSE: DLNG) depreciated 7%, Malaysian company MISC Berhad (KLSE: 3816) fell 6.1%, and Norwegian Awilco LNG (OSE: ALNG) lost 5.1%. Qatari Nakilat (QSE: QGTS) fell 4.1%.
Thanks to the rebound from the support, there is still hope for the resumption of growth in the entire LNG maritime transport sector.
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.