Americas News
Stabilis Terminates 10-Year Galveston LNG Offtake Deal
Energy firm Stabilis Solutions has terminated a previously announced 10-year LNG offtake agreement linked to its planned Galveston liquefaction facility.
The deal, signed through its subsidiary Stabilis GDS, Inc., covered the supply of around 50 million gallons of LNG per year to a leading global marine operator, it said in an SEC filing on March 31.
This would have represented roughly 40% of the planned 350,000-gallon-per-day capacity of the proposed facility, with minimum volume commitments of about 32%.
The agreement was subject to the successful financing, construction, and commissioning of the Galveston plant.
Stabilis said the termination comes as part of its ongoing efforts to secure third-party financing for the project.
During discussions with potential financing partners, the company was asked to revise certain provisions of the agreement as a condition for funding.
The counterparty did not agree to the proposed changes, prompting Stabilis to terminate the deal.
Last year, Stabilis Solutions signed a 10-year deal with cruise firm Carnival Corporation to supply LNG bunkers to Carnival’s cruise ships in Galveston, Texas.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 865.50 | 22.50 | 1874.00 | 190.00 |
| Rotterdam | 744.50 | 3.50 | 1500.00 | 56.50 |
| Houston | 919.00 | 5.50 | 1460.00 | 49.00 |
| Fujairah | 846.00 | 8.50 | 1738.50 | 62.50 |
| Americas Average | 1028.50 | 10.50 | 1536.50 | 11.00 |
| Global 20 Ports Average | 972.00 | 5.50 | 1843.50 | 8.50 |
| Global 4 Ports Average | 844.00 | 7.00 | 1643.00 | 24.00 |
| Global Average Bunker Price | 1057.00 | 3.50 | 1860.00 | 72.50 |
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