Stabilis Solutions, Inc. announced a definitive 10‑year LNG bunkering agreement with Carnival Corporation & plc that will supply liquefied natural gas to Carnival’s vessels at the Port of Galveston. The contract, signed on December 18, 2025, covers an annual volume of roughly 51,000 cubic meters of LNG, representing about 15% of the planned capacity of Stabilis’s Galveston liquefaction facility.
The agreement is the second anchor offtake for the Galveston project, bringing total contracted offtake to approximately 55% of the facility’s planned capacity. The first anchor, signed in October 2025, covered 188,000 cubic meters per year. With 55% of capacity already secured, Stabilis is moving closer to its first‑stage final investment decision, which the company expects to make in the first quarter of 2026.
Deliveries under the new contract are slated to begin in the fourth quarter of 2027, contingent on financing and construction progress. Stabilis has completed a third‑stage engineering design (FEL‑3) and secured long‑lead equipment, positioning the project to meet the scheduled start date.
For Stabilis, the deal transforms a previously third‑party supply model into a direct, recurring revenue stream and strengthens its foothold in the rapidly expanding marine LNG market. The LNG bunkering market is projected to grow at a CAGR of 45.9% from 2024 to 2035, driven by regulatory support and environmental concerns. Securing a high‑profile customer like Carnival signals confidence in the project’s commercial viability.
Carnival’s LNG strategy is a cornerstone of its “green cruising” initiative, which aims for net‑zero greenhouse‑gas emissions by 2050. The cruise line currently operates 11 LNG‑capable ships and plans to add 18 by the end of 2033. By partnering with Stabilis, Carnival expands its LNG supply base in the Gulf Coast, reinforcing its commitment to cleaner fuels and positioning itself as a leader in sustainable maritime transport.
Executive Chairman and interim CEO Casey Crenshaw said, “This agreement marks another meaningful milestone as we advance toward construction of our proposed Galveston LNG facility. With long‑term customer commitments now in place for approximately 55% of the facility’s planned capacity, we continue to see strong commercial momentum and expanding interest from a broad range of potential customers.” Vice President Global Fuel Supply at Carnival, Michael McNamara, added, “Stabilis has been a trusted partner for the past two years, supporting our successful LNG fueling operations in Galveston. We are excited to expand our partnership, reinforcing our shared commitment to delivering safe and sustainable cruise experiences.”
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