- The UP World LNG Shipping Index (UPI) dropped 8.49 points, or 4.88%, closing at 165.34 points, while the S&P 500 fell by 4.25%.
- Negative news impacting LNG shipping companies includes stagnant rates for LNG carriers.
- Most LNG shipping stocks experienced significant losses.
Last week was challenging for investors as there were significant market declines, and LNG shippers were not exempt from this trend. Two negative pieces of news were released last week: Rates of LNG carriers have not increased yet, and warm weather in Asia has come to an end. The issue of rates has been ongoing since the end of winter, reports LNG Shipping Stocks.
Performance of Constituents
During market declines, a lot of negative news and details are published. However, UPI is still on an uptrend, and LNG shippers are in a better position than the overall market, primarily due to winter expectations and term charters.
Last week, almost all stocks went down, with most dropping around six or five percent. These declines were not limited to a specific region; all markets experienced decreases.
Awilco LNG (OSE: ALNG) suffered the biggest loss, dropping by 11.4% after going ex-dividend, while New Fortress Energy (NASDAQ: NFE) declined by 10.2%. ALNG’s performance remained steady, but NFE continued on a downward trend.
NYK Line (TSE: 9101) experienced a nine percent loss, while Korea Line Corporation (KSE: 005880) saw an 8.1% decrease. Despite a significant decline, KLC remains in a wide uptrend due to its extensive range. In fact a lower low has not been formed yet. Tsakos Energy Navigation (NYSE: TEN) declined by 7.1%.
Broader Losses Among Companies
A broad group of companies experienced a six percent decline: MOL (TSE: 9104). “K” Line (TSE: 9107) saw losses of 6.6% and 6%, respectively.
Additionally, BP (NYSE: BP), Chevron (NYSE: CVX), and Shell (NYSE: SHEL) dropped by 6.1%, 6.3%, and 6.6%. Golar LNG (NASDAQ: GLNG) experienced a 6.4% decrease. All three gas and oil drillers are currently in a downtrend.
Notable Stock Movements
MISC (KLSE: 3816) experienced a 5.6% loss, and Flex LNG (NYSE/OSE: FLNG) also dropped by 5.6%. The situations of these two companies differ: MISC is currently in a downtrend. FLNG is still holding support at $25 and trading sideways.
Cool Company (NYSE/OSE: CLCO) and Capital Clean Energy Carriers (formerly Capital Product Partners LP) (NASDAQ: CCEC) experienced relatively small losses of 3.1% and 2.6%, respectively.
Nakilat (QSE: QGTS), Dynagas LNG Partners (NYSE: DLNG), and Excelerate Energy (NASDAQ: EE) also had minimal losses of 1.3%, 1.3%, and 1.7%, respectively.
Exmar NV (BSE: EXM) was the only company that saw gains last week, with a rise of 2.4%, despite its planned delisting situation.
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Source: LNG Shipping Stocks
