The UP World LNG Shipping Index (UPI) experienced a decline of 1.73% last week, closing at 166.58 points. This downturn was largely driven by a correction in Asian LNG shippers. Notable gainers included Golar LNG, Excelerate Energy and New Fortress Energy, while significant losses were seen in Korea Line Corporation, “K” Line, Mitsui O.S.K. Lines, and NYK Line.
UPI & SPX
Last week, UPI, which tracks listed LNG shipping companies, lost 2.93 points or 1.73%, closing at 166.58 points. In contrast, the S&P 500 index gained 0.87%. The chart below shows both indices with weekly data.
UPI corrected its previous gain, being pushed down mainly by Asian stocks. The volume of traded stocks was average. Sentiment on the LNG shipping sector is still positive, and danger may probably come from outside.
Constituents
The number of gainers was relatively low that week, but stocks that grew were important. At first, Golar LNG (NASDAQ: GLNG) increased by another two per cent. Second, Excelerate Energy (NASDAQ: EE) tried to return to a safe area above $20, as is confident at $18. This is important as since the end of 2023 till February 2024, it has been declining. Last week, it gained nearly 9%, but the growth is still vulnerable. Third, New Fortress Energy (NASDAQ: NFE) corrected the downtrend just in the support area and grew by 6.4%. This support also helped in January 2022 when I did the same. Nakilat (QSE: QGTS) rose by 0.9%, staying at the new all-time highs.
The most lost Asian constituents of UPI. Korea Line Corporation (KRX: 005880) dropped by 11.2% and lost all the enormous gains in two weeks, which was done in a single week. Now, it moves in a bracket that is wider than 1700 Won. Also, „K“ Line (TSE: 9107) experienced a two-digit loss: This company declined by 10.7%. Mitsui O.S.K. Lines (TSE: 9104) and NYK Line (TSE: 9101) lost a similar 5.2%. Only Malaysia’s MISC (KLSE: 3816) did better and lost only 1.6%.
Did you Subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source: Lngshippingstocks
