The UP World LNG Shipping Index (UPI) fell by 2.86 per cent to 162.11 points, extending its recent losses and approaching a major long-term support zone. The decline mirrored weakness across global equities, with the S&P 500 down 2.43 per cent.

Almost all constituents weakened, led by New Fortress Energy’s sharp 24 per cent drop, while only a few, including Excelerate Energy and Cosco Shipping Energy, managed modest gains. The late-summer rally has now been fully reversed, and the UPI has returned to its earlier trading range, though long-term prospects for LNG shipping remain constructive.

UPI & SPX
The UP World LNG Shipping Index, which tracks listed LNG shipping companies, lost 4.77 points (2.86%), closing at 162.11 points, while the S&P 500 index lost 2.43%. The chart below illustrates the performance of both indices with weekly data.

Week 41-2025: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices)

Broader View
In a broader context, the UPI continues to weaken and has approached its long-term support level, currently around 161 points. This level is defined by a dividing line between the top of the range from 2022 to 2023 and the bottom range of 2024 to 2025. Several other constituents have also reached their respective support levels. The overall weakness in US markets further contributed to the decline of the UPI.
Nearly all companies and partnerships participated in the drop, with trading volumes slightly higher than in the previous week. The UPI’s median change reached –1.61 per cent, compared with –0.91 per cent the week before.

Constituents
Virtually all companies weakened, with New Fortress Energy (NYSE: NFE) experiencing the largest decline, falling nearly 24%. Although at the start of the week it appeared that the price might strengthen further above the support level, during the week, it broke through this support and dropped back below it.

Further losses were traditionally milder. Tsakos Energy Navigation (NYSE: TEN) continues to correct its growth trend, although the decline is a little too significant for a mere correction and has broken through the trend line. The company fell by 5.3%.

Flex LNG (NYSE: FLNG) fell by 4.9% and has shifted from a potential uptrend to a sideways trend for now. The next direction remains uncertain.
Capital Clean Energy Carriers (NYQ: CCEC) is in a similar situation, also moving sideways, although it is pushing towards the support area. The weekly movement was -3.7%, but again, as in the previous two weeks, it attempted to break through the resistance upwards.

Awilco LNG (OSE: ALNG), like TEN, experienced a slightly larger decline than a normal correction. With a 3.6% fall, it broke through the trend line somewhat more, and although this may not signal the end of growth, it is an unwelcome phenomenon in the current uncertain times.

The oil-producing trio declined by 3% for Chevron (NYSE: CVX), 2.4% for Shell (NYSE: SHEL), and 2% for BP (NYSE: BP). While SHEL remained in a sideways range, BP and CVX broke through their support quite significantly.
The Japanese trio can be somewhat misleading when analysing the weekly percentage results, as a glance at the charts shows that the difference between the opening and closing prices for the week exceeds the difference between the weekly closing prices. All three thus reached their support levels after this weekly moderated decline. The weekly results were therefore -2.4% for ‘K’ Line (TSE: 9107), -1.4% for NYK Line (TSE: 9101), and -1.1% for MOL (TSE: 9104).

SM Korea Line Corporation (KRX: 005880) also fell below its short-term support level, dropping 2.6%. Considering its main sideways movement since November 2024, which includes the mentioned short-term support level, this does not represent a move outside the main range.

ADNOC L&S (ADX: ADNOCLS) also experienced a slowdown in growth, attempting to push its price higher during the week, but ultimately declined by 1.49% after three weeks of strong gains. At the same time, a larger fall was avoided, which is a positive sign.

Dynagas LNG Partners (NYSE: DLNG) also refused to fall below its support level, dropping 1.1% but losing more during the week.

The most notable growth – and, it must be said, the only one exceeding one per cent – was shown by Excelerate Energy (NYSE: EE), which increased by 4.13%. It is thus continuing its rebound from support for the third consecutive week, although the two previous attempts at growth still outweigh its current rise. A break in the uptrend may only occur if resistance at $32 is broken. It should also be noted that, during the week, growth was higher, and an attempt at a broader decline was rejected.

Another member of the growth group is Cosco Shipping Energy (SS:600026), although its growth was 0.83% after the holiday break. Here, too, the percentages can be somewhat misleading, as trading began with a larger loss gap. The result is certainly not bad and offers hope for continued growth.
The result of the last growing company, MISC (KLSE: 6813), is similarly positive. Although it only added 0.1%, it averted a strong decline attempt. This not only managed to keep the price above support, but also formed a bullish candle.

Crystal Ball
The late-summer rise was rejected, and UPI returned to the previous range. This area provides firm support. In the short term, we estimate a rise in volatility of UPI´s constituents.
Our outlook remains steadfastly positive in the long term. The burgeoning demand for LNG, bolstered by situational or management-driven actions and the potential for new long-term contracts, paints a promising picture. Investors should watch policy developments, market competition, and upcoming corporate earnings for further direction.
Final Note
This report primarily relies on technical analysis using weekly data.
Source: By Tomas Novotny, UP-Indices.com