The UP World LNG Shipping Index fell 0.77% to 162.42 points, sharply underperforming the S&P 500’s 3.73% gain. The divergence was stark: while the broader market broke through resistance into an uptrend, UPI approached its long-term support level. Capital Clean Energy Carriers led gains with an 8.09% rise, while Flex LNG dropped 5.69% on an ex-dividend day.

Despite weak price action, fundamentals remain robust. Spot charter rates climbed to approximately $150,000 per day in the Atlantic and over $89,000 per day in the Pacific, while UPI TCE held above $70,000 per day with Q4 estimates around $74,000 per day. Trading volume reached the third-highest level in weeks, confirming strong investor interest. The persistent question: What else needs to happen for LNG shipping stocks to rise?

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, lost 1.27 points (0.77%), closing at 162.42 points, while the S&P 500 index gained 3.73%. The chart below illustrates the performance of both indices with weekly data.

Week 48-2025: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader View
UPI continues to weaken and is now close to the long-term support. SPX, on the other hand, broke through the resistance and stayed in an uptrend. However, UPI goes sideways, and so do many of its constituents. The sector sentiment is positive, and one has to ask, „What else has to happen to get the LNG shipping stocks to rise?“
Shippers with some vessels on the rising spot market are just four: Awilco LNG (OSE: ALNG), Capital Clean Energy Carriers (NYQ: CCEC), Cool Company (NYSE/OSE: CLCO) and Flex LNG (NYSE: FLNG). CoolCo is out of play as it is being delisted, and Flex had an ex-date on Friday. Awilco paused after a two-week rise, and CCEC rose. So the prediction seems to work.

The UPI TCE keeps above $70kpd, and the estimated UPI TCE for Q4 is around $74kpd.
The median of the UPI was positive at 0.15%, and traded volume stayed above average, the third-highest in several weeks. The high volume indicates strong liquidity in the sector; in other words, it confirms the presence of investors.

Constituents
Flex LNG lost the most of all constituents, dropping 5.69% on Friday. Just after the market closed and after-hours trading was on, FLNG rose by $1 on low volume. The rising spot rates and two vessels on spot since mid-January, or three through the first quarter, have the potential to keep the price above $25 or push it near $30.
Loss of 4.51% suffered Dynagas LNG Partners (NYSE: DLNG), which pushed it back to the support line and finished the second rising try since September.

On low traded volume, Exmar (BSE: EXM) lost 4.32%.
After quarterly results with weaker revenues, MISC (KLSE: 3816) lost 3.72%. The company also anticipates spot rates to remain soft, despite now being close to $150kpd in the Atlantic basin and over $89kpd in the Pacific basin due to Spark Commodities. MISC, like most companies, keeps its fleet mostly on long-term contracts.

A deeper-than-expected decline sent Cosco Shipping Energy Transportation (SS: 600026) down 2.5 %. As the price remains above the CNY 12 support level, it has moved below the short-term range in an uptrend. Now, continuing the uptrend seems more difficult given the current sellers.
Nakilat (QSE: QGTS) declined by 2.1 %, continuing in a sideways move. Here, the price was also lower during the week, but was pushed back on above-average volume.

Awilco, mentioned earlier, lost 1.6% but seems to be continuing its uptrend. To prove that, the price has to rise above NOK 4 and better, a bit higher.
Moving to Asia, Korea Line Corporation (KRX: 005580) lost 0.8% but continues sideways. The Japanese trio – NYK Line (TSE: 9101), Mitsui O.S.K. Line (TSE: 9104) and “K” Line (TSE: 9107) – stayed close to support, moving around 0.5% up or down.

Tsakos Energy Navigation (NYSE: TEN) lost 0.6%, but formed a Morning Star Doji, signalling the end of the pullback and a rising possibility of the uptrend continuing.

This brings us to rising constituents. The biggest gainer was Capital Clean Energy Carriers, gaining 8.09%. However, this rise moved the price back above the support and back to the bracket. But the sentiment of spot rates keeps this company in a group of potential gainers.

Excelerate Energy (NYQ: EE) posted nearly 5% growth, and the close is slightly above the resistance level. The price has been rising from $24 since September, reaching $32, where the primary resistance lies. Below this level, it is only a move in the bracket.

Golar LNG (NYQ: GLNG) pulled back the downtrend and rose by 2.4%.

Chevron (NYSE: CVX) gained 0.8% and rose from the support line. Still, the whole trend is sideways.

Crystal Ball
The late-summer rise was rejected, and UPI returned to its previous range, where it now trades. This area provides firm support. In the short term, we estimate a rise in volatility of UPI´s constituents.

Our outlook remains positive in the long term. Rising spot rates, scrapping of steam vessels and new liquification capacities push the sector higher.
Source: By Tomas Novotny, UP-Indices.com