Stabilis Solutions pens LNG bunkering contract with Carnival

Stabilis Solutions, a Nasdaq-listed company, has secured a multi-year bunkering contract with NYSE-listed Carnival Corporation to provide LNG fuel for the Carnival Jubilee, the newest addition to the Carnival Cruise Line fleet, it said on October 31.

Under the terms of the contract, Stabilis will supply LNG from its owned liquefaction facility in Texas over the two-year contract, with an option to extend the contract for up to an additional two years at the request of Carnival.

Tom Strang, senior vice president of Maritime Affairs at Carnival Corporation, said that the company is investing in LNG-powered vessels because LNG delivers immediate greenhouse gas emission reductions and is the best available market-ready fuel to help cut ship greenhouse gas emissions now.

Westy Ballard, CEO of Stabilis, said that the global fleet of LNG-fueled vessels will increase materially as operators seek to reduce carbon emissions through the adoption of lower-cost sustainable fuel sources. He also said that Stabilis' proven supply network and logistics assets well position the company to serve this significant, growing addressable market, which remains in the early innings of a multi-year expansionary phase.

The Carnival Jubilee, which is set to debut in Texas in December, successfully finished a nautical feat as the first Carnival Cruise Line ship to complete a conveyance of the river Ems in northwest Germany.