LNG shipping stocks experienced mixed performance last week, with the UP World LNG Shipping Index (UPI) gaining 0.50%, outpacing the S&P 500’s 0.24% rise. Despite the overall increase in the UPI, trading volumes continued to decline, reflecting cautious market sentiment. Capital Clean Energy Carriers led the gains with a 5.8% increase, while Japanese companies NYK Line and MOL also performed well. However, some stocks, including Excelerate Energy and New Fortress Energy, saw declines, highlighting the ongoing volatility in the sector.
UPI & S&P 500 Index Performance
The UPI, which tracks the performance of LNG shipping companies globally, increased by 0.87 points or 0.50%, closing at 173.83 points last week. In contrast, the S&P 500 index gained 0.24%. The chart below illustrates the weekly data for both indices, showing UPI’s performance relative to the broader market.
Market Trends and Trading Volume
Although the UPI showed an upward trend, trading volumes decreased again, aligning with the cautious market sentiment. Most UPI constituents experienced gains of less than two percent, with some Asian stocks showing stronger performance. However, the overall market remains mixed as the number of declining stocks has increased.
Capital Clean Energy Carriers Leads Gains
Capital Product Partners LP, recently rebranded as Capital Clean Energy Carriers (CCEC), led the gains with a 5.8% increase. Japanese companies NYK Line and MOL followed closely with 3.8% gains, with NYK Line reaching a new high and MOL just below its resistance level. Another Japanese company, “K” Line, experienced a modest gain of 0.8%.
Mixed Performance Among Constituents
Exmar NV, Korea Line Corporation, and Tsakos Energy Navigation each saw gains of 1.8%, but their weekly candle charts showed different patterns. Korea Line Corporation halted its decline within a bracket, potentially forming a higher low pattern, suggesting a possible new uptrend. Exmar continued its rise above the previous resistance, indicating potential changes in its buyout price, though no specific information is available. Tsakos Energy Navigation formed a neutral pattern and remains in a waiting state.
Other Notable Stock Movements
Nakilat and Golar LNG both recorded gains of 1.4%, with Nakilat confirming growing support and appetite for growth. Golar LNG formed a pattern similar to Tsakos Energy Navigation, awaiting its next move.
Awilco LNG resisted selling pressure and maintained support, anticipating Monday’s ex-dividend day. Dynagas LNG Partners saw a 1.1% increase but remains close to the edge of its previous upward movement, with a potential risk of decline.
Decliners of the Week
The number of declining stocks increased compared to the previous week. Excelerate Energy saw a significant 7% decrease, though the low trading volume suggests this may not signal the start of a downtrend. New Fortress Energy also declined, with buyers limiting the loss to a 4.5% decrease overall. Flex LNG dropped by 2.5% due to an ex-dividend day but still remains at the higher end of its range.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: lngshippingstocks.com
