The UP World LNG Shipping Index fell 1.44% to 160.04 points, breaking last week’s critical support at 160.72 points, but still stayed above 160 points. The S&P 500 gained 0.1%. The decline was broad-based, with 16 constituents falling against only 5 rising, and the median movement was -1.53%. However, a closer look at individual company charts reveals a paradox: most constituents continue trading in established sideways ranges rather than breaking down, suggesting the index-level support breach may not yet signal a broader trend change.

Tsakos Energy Navigation suffered the steepest decline at 6.1%, ending its growth attempt and emerging as the most likely candidate for a trend change. Korea Line fell 4.16%, ADNOC L&S dropped 4.05%, and New Fortress Energy declined 3.97%, with most returning to sideways consolidation patterns. Critically, both Nakilat and Chevron closed in grey support zones—areas typically visited briefly—raising caution flags. Spot charter rates fell below the psychologically significant $100,000/day threshold while gas prices continued their decline. With only Dynagas LNG Partners (+3.43%), Golar LNG (+3%), and COSCO Shipping (+1.75%) posting gains, the divergence between index-level weakness and company-level consolidation creates an unclear picture heading into year-end.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, lost 2.33 points (1.44%), closing at 160.04 points, while the S&P 500 index gained 0.1%. The chart below illustrates the performance of both indices with weekly data.

Week 51-2025: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader View
Sometimes UPI provides a clearer view of developments in the LNG shipping sector, and occasionally individual companies offer better insight. This is also the case this time, when UPI returned to—and probably fell below—its long-term support. However, individual companies, with one exception, do not show anything like this, as they continue to move sideways for the most part. Most of these movements were insignificant.
UPI’s summary data does not support this view: the median movement was -1.53%, the ratio of declining to rising stocks was 16:5, and volume was slightly below average.
Spot rates fell below $100,000 per day, and gas prices also continue to decline.

Constituents
The company most likely to change its trend is Tsakos Energy Navigation (NYSE: TEN). After losing 6.1%, it ended its attempt to grow and will be looking for a new direction.
Many companies fell between three and four per cent: Korea Line Corporation (KRX: 005880, -4.16%), ADNOC L&S (ADX: ADNOCLS, -4.05%), New Fortress Energy (NYQ: NFE, -3.97%), BP (NYSE: BP, -3.74%), Exmar (BSE: EXM, -3.21%), and Nakilat (QSE: QGTS, -3%).
KLC ended its brief attempt at a breakthrough, returning to the sideways range. ADNOC is already moving within this range, and NFE has also found a few weeks of calm, forming a sideways range. Like KLC, BP has ended its growth attempt and is back in a sideways range, with EXM also moving sideways.

Only Nakilat found itself in the grey support zone, which is not yet a downward breakout. So far, visits to this zone have always been quickly ended within the week. This was not the case this time, which is a sign of waiting and testing.
Despite a 2.1% decline, „K“ Line (TSE: 9107) is also moving sideways. Excelerate Energy (NYQ: EE) fell 1.84%, but had an even larger decline during the week. However, it remains sideways.
Chevron (NYSE: CVX) needs to be watched closely, as it closed in the grey support zone, losing 1.5%, similar to Nakilat. On the positive side, a deeper decline was averted.
Among the growing companies, Dynagas LNG Partners (NYSE: DLNG) was the winner, gaining 3.43% and closing slightly above September’s highs. Second-placed Golar LNG (NYQ: GLNG) gained almost 3% but continues its sideways trend just below the previous support level.
Cosco Shipping Energy Transportation (SS: 600026) is holding its support level. The price rose by 1.75%, but it was even higher during the week.

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.

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