In December 2025, Stabilis entered into a two-year time charter deal with Seaspan Energy for the latter’s LNG bunkering vessel, starting in March this year.
In addition, Stabilis had an option to buy the LNG bunkering vessel.
Last month, the management of Stabilis Solutions said that the company expects to sub-charter Seaspan Garibaldi in the second quarter of this year, following the termination of its 10-year Galveston bunkering contract.
However, Stabilis said in an SEC filing on Thursday that on June 11, the company and Seapsan Energy entered into a termination option agreement granting the latter an option to terminate the charter.
On June 24, Seaspan Energy exercised that option.
In connection with the termination, Stabilis is obligated to pay Seaspan Energy an early termination fee of $750,000, due January 1, 2027, as well as certain amounts that had previously accrued under the charter totaling approximately $1.1 million payable in two installments during the third quarter of 2026, the company said.
In April this year, Stabilis terminated its previously announced 10-year agreement with a “leading investment-grade global marine operator” to supply LNG from the company’s planned Galveston liquefaction facility.
The company announced the LNG deal with the unnamed firm in October last year, marking the company’s first marine bunkering contract for its proposed 350,000 gallon-per-day Galveston liquefaction facility.
The agreement included the supply of approximately 50 million gallons of LNG per year, roughly 40 percent of the facility’s planned liquefaction capacity, with minimum volume commitments of approximately 32 percent of planned capacity.
