LNG shipping stocks: Company news drives new highs
The UP World LNG Shipping Index gained 3.75 points (1.59%) last week, closing at a new all-time high of 239.62 points, while the S&P 500 lost 0.80%. The UPI’s rise was driven by 16 companies, with 4 falling and 1 unchanged; the median gain was 2.07%, and the weighted index rose 0.6%. Company-specific news dominated ...
In the latest week, the UP World LNG Shipping Index experienced a significant rise, reaching an all-time high of 239.62 points and increasing 1.59%, while the S&P 500 saw a decrease of 0.80%. This growth was primarily driven by 16 companies, with 4 experiencing declines and 1 remaining unchanged. The median gain across the 16 companies was 2.07%, and the weighted index increased by 0.6%.
Company-specific news played a major role in the week's performance. New Fortress Energy saw a surge of 20.44% after completing its restructuring and share consolidation, while Tsakos Energy Navigation rose 9.51% due to expectations of a dividend increase. Gas prices increased in both Europe and Asia, with European prices hitting their highest intraday levels since late December 2022.
Spot tanker rates have remained low. ADNOC Logistics & Services, along with major oil companies, also appreciated, buoyed by renewed US-Iran tensions.
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.
