- Last week, the UP World LNG Shipping Index (UPI), which tracks LNG shipping companies, saw a significant increase of 4.65%, reaching a closing value of 152.38 points.
- In comparison, the S&P 500 (SPX) index, representing US stocks, gained 1.85%.
UPI Breaks 2023 Resistance
After weeks of preparation, UPI surpassed the 2023 resistance, indicating a strong start to the season. This rise was supported by many constituents, with one even experiencing a double-digit gain.
Korea Line Corporation’s Surprising Performance
Despite a year-long decline, Korea Line Corporation (KSE: 005880) was one of the top two double-digit gainers, with an impressive 22.6% increase.
Excelerate Energy (NASDAQ: EE) nearly reached a double-digit gain at +9.5%, supported by a rising gap. The Japanese trio, including NYK Line (TSE: 9101), “K” Line (TSE: 9107), and Mitsui O.S.K. Line (TSE: 9104), all gained around 7%.
Flex LNG and Cool Company’s Rise
Flex LNG (NYSE/OSE: FLNG) surged towards the $30 level, while Cool Company (NYSE/OSE: CLCO), another Norwegian LNG shipper, gained 5.9% following a three-week struggle between buyers and sellers.
Nakilat (QSE: QGST) rose 4.1%, aiming for new all-time highs. Golar LNG (NASDAQ: GLNG) and Shell (NYSE: SHEL) both broke resistance levels, with gains of 3.9% and 2.4% respectively.
Awilco LNG’s Performance
Awilco LNG (OSE: ALNG) experienced a slight drop of 0.6% but formed a hammer, indicating a potentially bullish pattern according to technical analysis. The strong rise of UPI and its constituents suggests an early start to the season for LNG shipping companies.
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Source: UP World LNG Shipping Index
