Summary
The UP World LNG Shipping Index rebounded 2.17% to 163.52 points in the final week of 2025, recovering from last week’s support breach as the S&P 500 gained 1.4%. The recovery was broad-based, with 15 constituents rising and six falling, and the median movement was +1.55%, though holiday-thinned volume limited conviction. UPI finishes the year down 3.43%, having spent most of 2025 trading sideways near support despite external market factors—a pattern that, if continued through Q1 or Q4 earnings, could signal a reversal of our long-term optimistic outlook.

Excelerate Energy led gains with a 4.15% rise, followed by ADNOC L&S at 3.17%, though both remain in sideways patterns. The Japanese trio posted solid gains of 2.6-2.7%, while Nakilat recovered 2.6% from last week’s grey zone close, though the situation remains fragile on low volume. New Fortress Energy fell 3.31%, Korea Line dropped 3.19%, and Golar LNG declined 2.73%. Critically, spot charter rates continued to decrease to $80,000/day, according to Spark Commodities. The final week brought calm development with average growth below 2%, leaving UPI and several constituents dangerously close to support as we enter 2026.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 3.48 points (2.17%), closing at 163.52 points, while the S&P 500 index gained 1.4%. The chart below illustrates the performance of both indices with weekly data.

Week 52-2025: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader View
We wish all our readers a successful new year!
UPI is back above support thanks to fairly strong growth. However, the index’s annual result is -3.43%, with UPI moving sideways despite external factors, currently at support. If this behaviour continues through the first quarter or fourth-quarter economic results, it could signal a reversal of our long-term optimistic outlook. However, it is still too early to tell.
The median movement was 1.55%, and the traded volume was below average due to the holidays. The ratio of rising to falling stocks was 15:6.

Spot rates continue to decline to $80,000 per day, according to Spark Commodities.

Constituents
The development among companies was calm, as evidenced by the average growth of less than 2%. Only two companies exceeded this threshold: Excelerate Energy (NYQ: EE) and ADNOC L&S (ADX: ADNOCLS). The former grew by 4.15%, the latter by 3.17%. Overall, however, both companies are moving sideways.
Attempts at recovery were made by other companies, which saw lower volumes and a struggle between decline and growth, or even just preparation for growth.

Asian companies mainly recorded positive results. While MISC (KLSE: 3816) moved 2.2% below the resistance level within the sideways range, the Japanese trio mostly closed above a similar level. Specifically, NYK Line (TSE: 9101) and Mitsui O.S.K. Lines (TSE: 9104) both strengthened by 2.6%. “K” Line (TSE: 9107) strengthened by 2.7%, but this is growth within the sideways range.

Capital Clean Energy Carriers (NYQ: CCEC) won the weekly battle between growth and decline, rising into positive territory. The increase was not significant, at 1.7%, but the chart clearly shows the current reluctance to decline – the price is at the edge of the previous higher range.

Nakilat (QSE: QGTS) also corrected its close below support and returned with a 2.6% increase. However, the situation is fragile, volume was low, and during the week, there was a willingness for larger movements in both directions. Nakilat is looking for direction.

Chevron (NYSE: CVX) is also looking for direction, growing 1.5% over the week but moving at support for several weeks now. It is not alone in this, however.
Apart from New Fortress Energy (NYQ: NFE), which fell by 3.31%, Korea Lice Corporation (KRX: 005880) recorded the largest decline, falling by 3.19%. Again, however, this is only a sideways movement with low volume.

Golar LNG (NYQ: GLNG) is also hovering around support, this time with a weekly result of -2.73%.
Flex LNG (NYSE: FLNG) also moved significantly closer to support within a sideways trend, losing 2.5%.
The last whole week of the year brought and did not bring new information. It did not get anything new: trading was festive but still within the current long-term trend. For UPI and several companies, this trend is clearly sideways and currently dangerously close to support.

Crystal Ball
Overall, the movements do not indicate any change in trend until the end of the year. Looking at individual companies, there is room for a decline, although for UPI as a whole, it would confirm a breakthrough in support.

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, the scrapping of steam vessels, and new liquefaction capacities push the sector higher.
Source: By Tomas Novotny, UP-Indices.com