Hong Kong’s The Caravel Group and Denmark’s Celsius Tankers have announced a joint venture to co-own and operate a new fleet of LNG bunkering vessels.
The venture marks the first co-ownership initiative between the two companies, building on more than a decade of collaboration in ship management and newbuilding supervision. Under the agreement, Celsius will lead the commercial strategy through its LNG chartering relationships, while Caravel will provide strategic capital and operational expertise.
Two 20,000 cbm LNG bunker vessels have been ordered at China Merchants Industry Holdings and China Merchants Heavy Industry Jiangsu, 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 large LNG carriers. They will feature dual-fuel propulsion, Type-C tanks suitable for both LNG bunkering and small-scale trading, as well as readiness for bio-LNG blending. The design meets requirements from the Maritime and Port Authority of Singapore and the FuelEU Maritime regulation.
Dr Harry Banga, Chairman and CEO of The Caravel Group, said:
“These vessels are not only technologically advanced, they will also support global trade in a lower-carbon future. This initiative reflects our long-term commitment to sustainability, innovation, and operational excellence.”
Jeppe Jensen, Founder and Chairman of Celsius Group, said:
“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.”
Global demand for LNG bunkering is expected to increase significantly as the number of LNG-powered ships rises to more than 1,150 by 2028.
Source: The Hong Kong Maritime Hub
