LNG shipping stocks: Riding the shockwave in International Shipping News 10/03/2026 The UP World LNG Shipping Index gained 10.41 points (4.99%) last week, closing at 219.21 points, while the S&P 500 fell 2.02%. The de facto closure of the Strait of Hormuz and the interruption of Qatar’s LNG production triggered a sharp spike in spot rates and roughly quadrupled trading volumes, with LNG shipping companies largely benefiting from the turbulent conditions. Among the 20 constituents, gainers outnumbered decliners 14:6. Awilco LNG led with a 61% surge on full spot market exposure. At the same time, COSCO Shipping Energy Transportation rose over 20% for the second consecutive week, and Flex LNG gained 10.65%. On the downside, Excelerate Energy fell 10% following results, and Nakilat declined 7.71%. The short-term outlook remains risk-elevated; long-term fundamentals stay positive. UPI & SPX The UP World LNG Shipping Index, which tracks 20 listed LNG shipping companies, gained 10.41 points (4.99%), closing at 219.21 points, while the S&P 500 index lost 2.02%. The chart below illustrates the performance of both indices with weekly data. Week 10-2026: Chart of the UP World LNG Shipping Index with S&P 500 (Source: UP-Indices) Broader View The UPI continues to grow strongly without correction and is now just below 220 points. The first trading week after the Israeli-American attack on Iran brought turbulent developments, from which LNG shipping companies are largely profiting. The huge increase in spot rates (which was corrected this Monday) reflects the de facto closure of the Strait of Hormuz and the interruption of Qatar’s LNG production. However, not everyone managed to maintain high stock gains until the end of the week. The turbulent developments were also reflected in a roughly fourfold increase in the volume of shares traded. The ratio of rising to falling UPI components was 14:6. Constituents Awilco LNG (OSE: ALNG) experienced significant growth in response to spot rates, rising by 61%. Both of its TFDE tankers operate in the spot market. Interestingly, on Friday, the company announced its intention to expand beyond being a pure LNG transporter to include LNG trading. This expansion involves a new minority investor and the issuance of new shares at NOK 3.25 per share for selected existing investors. Other current investors will also have the opportunity to participate in the share offering, although they will be able to purchase a smaller number of shares. The share price was presumably agreed upon before the recent developments, making what was previously perceived as positive news now seem slightly negative. All changes are still subject to approval at the extraordinary general meeting scheduled for March 30. The private placement results in a significant dilution of about 37%, with shares issued at NOK 3.25—considerably below Friday’s market price. However, the company has also negotiated a reduction in its debt terms, lowering its break-even point from USD 56,800 to USD 39,000 per day. While this improves the balance sheet, the timing is unfortunate given the recent increase in spot rates, which means existing shareholders face dilution just as the company’s earnings potential has significantly improved. On a positive note, management is actively seeking growth opportunities. The second-fastest-growing company was COSCO Shipping Energy Transportation (SS: 600026), which increased by more than 20% for the second straight week. Last we