Stabilis said in a SEC filing on Wednesday that its unit, Stabilis GDS, has executed the charter agreement on December 12 and intends to use the vessel for LNG bunkering.
Pursuant to the agreement, Stabilis GDS will pay Seaspan Energy $32,400 per day for 730 days (two years) for the time charter of Seaspan Garibaldi.
Delivery date of the vessel to Stabilis and the time charter commencement date are expected to be on or about March 1, 2026.
Under the agreement, Stabilis will also pay Seaspan Energy a positioning fee to move Seaspan Garibaldi from western Canada to Galveston, Texas.
The positioning fee is estimated to be approximately $1 million.
In addition, Stabilis said the agreement provides an option for its unit to extend the term of the time charter for an additional 365 days (one year) and an option for Stabilis GDS to purchase the Garibaldi for $60 million during the term of the time charter.
Stabilis added that it has guaranteed the obligations of Stabilis GDS under the agreement.
Last year, China’s Nantong CIMC Sinopacific Offshore & Engineering delivered the first 7,600-cbm LNG bunkering vessel of three, Seaspan Garibaldi, to Seaspan Energy.
The vessel has a length of 112.8 meters, a width of 18.6 meters, a draft of 5 meters, and a design speed of 13 knots.
In December 2024, Seaspan Energy completed its first STS LNG bunkering operation to a containership with the vessel in the Port of Long Beach, California.
Galveston LNG bunkering
On the other hand, Stabilis announced in October that it had entered into a 10-year agreement with a “leading investment-grade global marine operator” to supply LNG for their marine bunkering operations at the port of Galveston.
The long-term agreement marks the Company’s first marine bunkering contract for liquefaction supply from its planned expansion along the Texas Gulf Coast.
With the construction of its new LNG facility, Stabilis said that it plans to commission a dedicated Jones Act-compliant LNG bunkering vessel to serve the port of Galveston.
The company expects to complete the necessary financing and begin construction of the plant in early 2026.
Last year, Stabilis announced that it was working to take a final investment decision on a dedicated LNG bunkering facility along the US Gulf Coast.
In 2023, the company secured a multi-year contract from cruise operator Carnival to provide LNG fuel for the latter’s newest vessel Carnival Jubilee.
Stabilis currently owns a liquefier that can produce more than 100,000 LNG gallons per day in George West, Texas, and a liquefier that can produce up to 30,000 LNG gallons per day in Port Allen, Louisiana.
