The UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 2.08 points (1.20%), closing at 175.26 points, while the S&P 500 index lost 0.35%. UPI is less than a point away from its historic high of 176.15 points after rising for five consecutive weeks. This proximity has caused a slight slowdown in individual companies, and volume was only slightly above average.

New Fortress Energy led gains with 22.54% growth, closing above the range in which it had been trading since November. Excelerate Energy confirmed its previous breakout with 8.5% growth. On the downside, Awilco LNG lost 4.48% to support, and NYK Line fell 2.5% as the only Japanese company to decline. Spot rates continue to fall sharply, especially in the Atlantic, where the closed US-Asia arbitrage is directing cargoes to Europe. Our long-term outlook remains positive.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, gained 2.08 points (1.20%), closing at 175.26 points, while the S&P 500 index lost 0.35%. The chart below illustrates the performance of both indices with weekly data.

Week 4-2026: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader View
UPI is less than a point away from its historic high after rising for five consecutive weeks. This proximity has caused a slight slowdown in individual companies, and volume was only slightly above average.
Frosty weather persists in Europe and Asia, with the spread between higher European and Asian gas prices continuing. Spot rates continue to decline, especially in the Atlantic. US LNG is heading to Europe rather than Asia, because the arbitrage spread is closed, making the route around the Cape of Good Hope unprofitable. Therefore, Qatari gas is heading to Asia and US gas to Europe.

The shorter transatlantic route means faster ship turnaround, which, combined with record fleet growth, is creating a surplus of tonnage in the Atlantic. For now, this is mainly reflected in spot rates, with most of the fleet remaining under long-term contracts. If the situation persists until the spring warming and a reduction in consumption, pressure will increase on companies with higher spot exposure. However, this scenario remains sufficiently distant, and its impact will be mitigated by the high spot rates from the end of last year, which will be reflected in the fourth-quarter results.

Constituents
The largest – and only double-digit – growth was achieved by New Fortress Energy (NYQ: NFE), which rose 22.54% and closed above the range in which it had been trading since last November.
In second place is Excelerate Energy (NYQ: EE), which confirmed its breakout and rose 8.5%.
Other increases were significantly smaller, confirming our thesis from the previous section about a slowdown. Only two components of the UPI exceeded the 3% growth threshold: Dynagas LNG Partners (NYSE: DLNG) grew by 3.6%, and BP (NYSE: BP) added 3.25%. DLNG’s growth was suppressed for the second week in a row, yet the price closed above the resistance zone. BP grew to resistance.

Two companies also grew by 2% or more. Korea Line Corporation (KRX: 005880) added 2.85%, and Golar LNG (NYQ: GLNG) grew by 2.17%. Both companies are quietly moving upward, but it is too early to talk about a trend.
COSCO Shipping Energy Transportation (SS: 600026) and Tsakos Energy Navigation (NYSE: TEN) are another pair with similar growth and circumstances. Both grew by about 1.8%, and both remained in a frozen breakout position – they rose above resistance but did not capitalise on their success and are hesitating.

We will also mention two companies that seem to be preparing for an early attack on resistance: MISC Berhad (KLSE: 3816) and Capital Clean Energy Carriers (NYQ: CCEC). While the Malaysian company grew by 1%, CCEC fell by 0.3% in a week-on-week comparison – but its weekly candle is green.
As with rising companies, there is only one notable declining company. Awilco LNG (OSE: ALNG) lost 4.48%, but the decline was “only” to support within the sideways range. Next in line is NYK Line (TSE: 9101), which fell 2.5% and was the only Japanese trio member to lose ground. This is because the others were able to keep their volatile movement around zero in the end.
Flex LNG (NYSE: FLNG) rebounded from resistance and fell 1.6%, as did Nakilat (QSE: QGTS), which failed to maintain the higher values achieved during the week for the second week in a row. It grew the week before last, but gave up those gains last week.

Crystal Ball
UPI gained from the support area and moved towards all-time highs. The increased volatility persists, with weather, natural gas prices, quarterly earnings, and geopolitical events being the key factors over the next few weeks.
Our outlook remains positive in the long term. The scrapping of steam vessels and the addition of new liquefaction capacities push the sector higher.
Source: By Tomas Novotny, UP-Indices.com