The Caravel Group  and Celsius Tankers announce the formation of a strategic joint venture to co-own and operate a new fleet of high-specification LNG bunkering vessels. This initiative marks a significant milestone in The Caravel Group’s long-standing partnership with Celsius and reinforces its commitment to supporting the global maritime industry’s transition to cleaner energy.

The joint venture has placed a firm order for two 20,000 CBM LNG bunker vessels at China Merchants Industry Holdings Co. Ltd. and China Merchants Heavy Industry Jiangsu Co. Ltd., with deliveries scheduled for the third and fourth quarters of 2027. The vessels will be constructed at the same yard where Celsius is currently building six 180,000 CBM LNG carriers, ensuring continuity in quality and execution.

This venture represents the first co-ownership initiative between The Caravel Group and Celsius, following more than a decade of successful collaboration in ship management and newbuilding supervision. Celsius will lead the commercial strategy, leveraging its deep LNG chartering relationships, while The Caravel Group will provide strategic capital and operational expertise.

Dr. Harry S. Banga, Chairman and CEO of The Caravel Group, stated:
“The maritime industry is undergoing a profound transformation, and we are proud to deepen our partnership with Celsius through this investment in LNG bunkering. These vessels are not only technologically advanced, they will also power global trade in a lower-carbon future. This initiative reflects our long-term commitment to sustainability, innovation, and operational excellence.”

Delivering Future-Ready LNG Infrastructure

The new LNG bunker vessels feature state-of-the-art technology including a high-efficiency sub-cooler system, dual-fuel propulsion for enhanced fuel flexibility and advanced manoeuvrability enabled by a retractable bow azimuth thruster. The vessel will be equipped with Type-C tanks capable of handling both LNG bunkering and small-scale LNG trading. The design includes additional manifolds and readiness for bio-LNG blending, ensuring long-term compliance with evolving environmental regulations.

The new vessels are designed to meet the highest technical and environmental standards, including full compliance with Singapore MPA regulations and FuelEU Maritime requirements.

These capabilities ensure that the vessels are well-positioned to support the growing global fleet of LNG-powered ships and meet the increasing demand for compliant, efficient bunkering solutions.

Capitalising on the Expertise of ‘Celsius Tech Limited’

Construction oversight and technical management will be provided by Celsius Tech Limited, a joint venture between Celsius and Fleet Management Limited, a wholly owned subsidiary of The Caravel Group. This collaboration ensures rigorous safety protocols, experienced project management, and technical excellence throughout the construction process.

Mr. Jeppe Jensen, Founder and Chairman of Celsius Group, commented:
“With this initiative, we are combining technical excellence, shipyard reliability, and commercial scale. Celsius and The Caravel Group are fully aligned in our ambition to become long-term leaders in the LNG bunkering space. These vessels will set a new benchmark for performance and compliance.”

Charting a Path for the Global Maritime Energy Transition

With over 1,150 LNG dual-fuel vessels expected in operation by 2028 and LNG bunkering demand projected to exceed 50 million tonnes annually by 2045, the need for modern, compliant bunkering infrastructure is urgent. The Caravel Group and Celsius are responding to this need with a platform built for scale, reliability, and long-term impact.

The joint venture invites charterers, cargo owners, fuel traders, and infrastructure providers to collaborate in building a more sustainable maritime future.

Source: Celsius Group