LNG shipping stocks: Growth driven mainly by Asia
Summary The UP World LNG Shipping Index gained 2.63 points (1.22%) last week, closing at 218.45 points, while the S&P 500 gained 3.58% in its strongest week in nearly four months. The UPI rose again on slightly below-average volume, with 13 companies advancing and 8 declining, and a median change of 0.4%. Three companies posted ...
The UP World LNG Shipping Index rose 2.63 points (1.22%) last week, closing at 218.45 points. The S&P 500 index gained 3.58%, marking its strongest week in nearly four months. The gas market stabilized geopolitically, with a slight decrease in prices. Extreme heat in Japan and South Korea may boost Asian spot demand, while spot tanker rates decreased from $71,500/day in the Pacific to $51,750/day in the Atlantic.
Korean firms led the index gains, with PAN Ocean up 10% and Korea Line Corporation up 9.95%. Three companies posted double-digit gains, including MOL, which showed above-average trading volume for the fifth consecutive week. Dynagas LNG Partners and Exmar also gained 3.58% and 3.13%, respectively. However, Excelerate Energy fell 11.2% after reporting quarterly results. European prices are around $18.60 per mmBtu, and Asian spot rates remain near $20/mmBtu.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
