LNG shipping stocks: Support worked
The UP World LNG Shipping Index, the world’s only stock index focused on LNG shipping companies, lost 0.96% last week. U.S. stocks represented by the S&P 500 index lost 2.91%.
The past week‘s decline was stopped or slowed down on the support line as expected. Constituents of the UP Index were very volatile, and double-digit moves up and down occurred.
The Norway companies are winners of the week as all three were in the group of top four gainers. Cool Company (OSE: COOL) and Awilco LNG (OSE: ALNG) were the most rising. CoollCo added 23.1% and ALNG 22%. On the third step is Qatar Gas Transport Company – Nakilat (QSE: QGTS), which added 13.5%. This is a massive rise for this company. The fourth was Flex LNG (NYSE / OSE: FLNG), which increased by 11.4%.
Belgian Exmar (BSE: EXM) added 8.8%, and Golar LNG (NYQ: GLNG) rose by 6.1%.
Asian stocks led the declining group. All three Japanese companies had an ex-date for dividends, which seems to be the main reason for the decline. In Japan, dividends are paid only once a year. Two of these trio, NYK Line and “K” line, have also split the stock. MOL did the same on March 2022.
NYK Line (TSE: 9101) lost 23%, MOL (TSE: 9104) declined by 20.8%, and “K” line lost 16.7%. SM Korea Line Corporation (KSE: 005880) continued the downtrend, losing over 14% last week. This was the most significant decline without an ex-date.
Capital Product Partners (NYQ: CPLP) lost 5.5%, and Dynagas LNG Partners (NYSE: DLNG) declined by 5%.
World markets are still very volatile, but the first test of the UP Index´s support line was successful.
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 the maritime transport of liquefied natural gas (LNG). This unique index covers 19 companies and partnerships 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 the UP Index and S&P 500 index) and trial access to all charts.