LNG shipping stocks: The UP index lagged behind the SPX
The UP World LNG Shipping Index (UPI), the world’s only stock index focused on LNG shipping companies, lost 0.67% last week. U.S. stocks represented by the S&P 500 (SPX) index gained 2.47%.
Two partnerships achieved double-digit growth, but only one pleased investors. In the case of GasLog Partners (NYSE: GLOP), nearly twenty percent growth is due to a proposal of GasLog Ltd., the general partner, to purchase all shares. The offer price of $7.7 was above the market price at the time of the announcement. Still, the closing price was already above eight dollars after there was speculation that the initial offer could be raised significantly to double digits. In any case, the buyout offer indicates the attractiveness of the industry. GasLog Ltd. was delisted after being bought out by BlackRock, which holds a 45% stake.
DLNG (NYSE: DLNG) growth by 11.3% was thus the biggest “normal” growth. Next in line is New Fortress Energy (NASDAQ: NFE), which corrected the previous week’s decline with a rise of almost eight percent. Korea Line Corporation (KRX: 005880) added five percent, but at the same time, its price could not break through resistance. Capital Product Partners (NASDAQ: CPLP) rose 4.2%, and bp (NYSE: BP) rose 2.3%.
There were more declining companies. Flex LNG (NYSE / OSE: FLNG) shed 6.4%, Japanese trio Mitsui O.S.K. Lines (TSE: 9104), NYK Line (TSE: 9101) and “K” line (TSE: 9107) lost between 5.4% and 4.2%. Cool Company (OSE: COOL) fell 4.4% and Nakilat (QSE: QGTS) shed 3.2%. With a loss of 2.6%, Excelerate Energy (NASDAQ: EE) was the last significant driver of the decline in the UP index.
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.