The UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 4.58 points (2.78%), closing at 169.54 points, while the S&P 500 index gained 1.57%. UPI has strengthened significantly within a long-term sideways range, with trading volume reaching record levels. The median growth was 2.53%, and the ratio of rising to falling stocks was 16:5. Cool Company was delisted from both exchanges after completing its merger with EPS Ventures.

Among constituents, Tsakos Energy Navigation led gains with almost 15% growth, while COSCO Energy Shipping strengthened by almost 9%, and Excelerate Energy gained nearly 7.5%. On the downside, Shell lost the most at -6.1%, followed by ADNOC Logistics & Services (-5.25%) and BP (-4.3%). Spot rates continue to decline, but rising geopolitical risk may push gas prices and rates higher. Our long-term outlook remains positive.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 4.58 points (2.78%), closing at 169.54 points, while the S&P 500 index gained 1.57%. The chart below illustrates the performance of both indices with weekly data.

Week 2-2026: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader View
UPI has strengthened significantly and continues to improve within a long-term sideways range. In a sense, this repeats the strengthening seen at the end of 2024, which we had hoped for last year. However, it did not come until the beginning of the new year. The chart shows the strength of the current growth. Therefore, we would like to add that trading volume has again reached record levels and was well above average last week.

The median growth was 2.53%, and the ratio of rising to falling stocks stood at 16:5.

Cold weather persists in Europe, and gas prices are falling. Spot rates are also continuing to decline. On the other hand, geopolitical risk is rising, which we believe will be reflected in higher gas prices and spot rates.

At the end of last week, Cool Company was delisted from both exchanges. From this week until the next rebalancing at the end of January, the company’s weight will be 0. It will then be removed from the UPI.

Constituents
After a long time, one UPI company recorded double-digit growth. It is Tsakos Energy Navigation (NYSE: TEN), which added almost 15% and reached the resistance level. If the growth continues, it will invalidate our previously published thesis that a decline had begun by breaking through the support levels.
COSCO Energy Shipping Transportation (SS: 600026) strengthened by almost 9% and rebounded from support as expected. However, it is not out of the woods yet, as resistance at 13.5 remains. Only then can we expect a change in trend from sideways to upward.

Excelerate Energy (NYQ: EE) also gained nearly 7.5%, breaking above resistance after preparations. In both cases, we anticipated a similar scenario and wrote about it.
New Fortress Energy (NYQ: NFE) also moved away from support, although we are already accustomed to more volatile double-digit movements in both directions. Therefore, the 6.31% increase may seem small, but it also confirms the strength of support. This may come in handy as the quarterly results approach.

K Line (TSE: 9107) strengthened by 4.72%, breaking above the first resistance level and moving within the sideways range. The second resistance level at 2360 yen, the top of the sideways range, will determine whether the attempt to rise is successful.

Flex LNG (NYSE: FLNG) also recorded growth from support, rising 4.62%. Here, too, the rise is within a sideways trend.

Three companies remained just below the 4% growth mark: Chevron (NYSE: CVX), Mitsui O.S.K. Lines (TSE: 9104), and NYK Line (TSE: 9101). Chevron was pushed just below the distant resistance level by events in Venezuela and weakened for the rest of the week. NYK Line is mimicking the “K” Line and moving sideways towards the resistance level. MOL, on the other hand, returned to a higher price level and resumed a sideways trend after several weeks of decline. However, it can grow out of it relatively easily, probably more freely than the other two Japanese companies. Precisely because of the decline, the sideways trend is somewhat historical, and a bet on a changed situation and thus a lower-than-expected start to an uptrend may prevail. The other two companies have momentum on their side, so their chances of growth are similar.

The two largest weights in the UPI, Nakilat (QSE: QGTS) and Golar LNG (NYQ: GLNG), also added around 2.5%. In numerical terms, their growth looks better than on the candlestick chart, because although both companies rose above their previous levels, attempts to extend their gains were suppressed. This is therefore a realignment that increases the likelihood of a stronger growth attempt.

MISC (KLSE: 3816) is also breaking through resistance, adding 1.3%. Given the volume, a breakthrough attempt may come soon.

Shell (NYSE: SHEL) lost the most, with its decline ending at -6.1%, and it fell into the sideways trend it had been in since resistance. The decline was therefore more or less across the entire range. Prices were even lower during the week.

ADNOC Logistics & Services (ADX: ADNOCLS) also saw a significant 5.25% decline.

Like Shell, BP (NYSE: BP) also fell because of events in Venezuela. BP lost 4.3%.

Lastly, we mention Capital Clean Energy Carriers (NYQ: CCEC), which lost 1.3% and entered a broader support area.

Crystal Ball
UPI gained from the support area and moved towards resistance in a sideways market. The increased volatility persists, with weather, natural gas prices, quarterly earnings, and geopolitical events being the key factors over the next few weeks. If spot rates rise again, as we expect, it will be positive for the shippers.
Our outlook remains positive in the long term. Rising spot rates, the scrapping of steam vessels, and new liquefaction capacities push the sector higher.

Established in 2020, the UP World LNG Shipping Index is a rules-based stock index family designed to measure the performance of publicly traded companies worldwide involved in the maritime transportation of liquefied natural gas (LNG). This unique index covers 21 companies and partnerships worldwide, representing over 65% of the world’s LNG carrier fleet in 2020. The UP Index provides premium services, offering freemium and trial access to charts. With Freemium, users can access the basic UPI vs. S&P 500 chart after completing an email registration. The trial includes full access for fourteen days.
Source: By Tomas Novotny, UP-Indices.com