HONG KONG / COPENHAGEN – The Caravel Group and Celsius Tankers have announced the formation of a strategic joint venture in a landmark move that underscores the maritime industry’s accelerating transition to cleaner energy. The new partnership aims to co-own and operate a fleet of state-of-the-art LNG bunkering vessels. This pivotal collaboration builds upon more than a decade of successful cooperation between the two maritime powerhouses and marks a significant step forward in sustainable shipping infrastructure.
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Pioneering LNG Bunkering at Scale
The joint venture has placed firm orders for two 20,000 CBM LNG bunkering vessels, which will be constructed by China Merchants Industry Holdings Co. Ltd. and China Merchants Heavy Industry Jiangsu Co. Ltd.. Delivery of the vessels is expected in the third and fourth quarters of 2027.
These next-generation vessels will be built at the same shipyard currently engaged in constructing six 180,000 CBM LNG carriers for Celsius, ensuring consistency in build quality, project oversight, and execution.
This is the first co-ownership initiative between Caravel and Celsius, marking a significant milestone in a relationship that began with ship management and newbuilding supervision. Celsius will spearhead the commercial strategy, utilizing its deep chartering networks, while Caravel will provide strategic capital and operational excellence.
Executive Insights: Driving the Future of LNG Bunkering
Dr. Harry S. Banga, Chairman and CEO of The Caravel Group, remarked “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.”
Mr. Jeppe Jensen, Founder and Chairman of Celsius Group, added “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.”
Next-Generation LNG Bunkering Vessel Specifications
Designed for the future of maritime energy, the two LNG bunkering vessels will incorporate a suite of advanced technologies and features that position them among the most capable and compliant units in their class:
- High-Efficiency Sub-Cooler System for optimal LNG conditioning.
- Dual-Fuel Propulsion, providing superior fuel flexibility and lower emissions.
- Retractable Bow Azimuth Thruster for enhanced maneuverability in tight harbor and bunkering operations.
- Type-C Cargo Tanks capable of supporting both LNG bunkering and small-scale LNG trading.
- Manifold Configuration Ready for Bio-LNG Blending, aligning with future fuel regulations.
- Full compliance with Singapore MPA Regulations and FuelEU Maritime environmental standards.
These features ensure that the vessels will meet the rapidly growing needs of LNG-fueled ships, and provide a crucial piece of the infrastructure puzzle as the global fleet continues to decarbonize.
Built by Experts, Managed with Precision
The vessels will benefit from robust construction oversight and technical management delivered by Celsius Tech Limited, a joint venture between Celsius and Fleet Management Limited—a wholly owned subsidiary of The Caravel Group.
This partnership guarantees:
- Rigorous safety protocols
- Best-in-class project management
- Technical excellence from yard to launch
With Celsius’s deep shipbuilding experience and Fleet Management’s oversight of over 600 vessels, the vessels will be delivered on time, on budget, and fully optimized for operational reliability.
Addressing the Global LNG Bunkering Demand
The timing of this initiative is critical. As the maritime sector embraces LNG as a transition fuel, demand for LNG bunkering is projected to exceed 50 million tonnes annually by 2045. With over 1,150 LNG dual-fuel vessels expected to be in operation by 2028, bunkering infrastructure must scale quickly to meet industry needs.
The Caravel-Celsius joint venture is built not only for immediate impact, but for long-term scalability, offering a platform that invites charterers, fuel suppliers, cargo owners, and infrastructure stakeholders to join in building a more sustainable maritime ecosystem.
About Celsius Tankers
Founded in 2012, Celsius Tankers \ Celsius Shipping is a full-service ship owning company that has rapidly become one of the most dynamic players in the maritime industry. With a modern fleet of over 50 vessels, Celsius operates across LNG carriers, Chemical and Product Tankers, and Container Feeders. Known for its strategic agility, Celsius combines deep market insight with commercial discipline to create long-term value through both asset appreciation and operational performance.
Headquartered across Monaco, Copenhagen, Hong Kong, and South Korea, Celsius continues to expand its influence in key shipping markets.
About The Caravel Group
Based in Hong Kong, The Caravel Group is a globally diversified, privately held enterprise with significant operations across:
- Maritime Services
- Dry Bulk Commodity Trading
- Institutional Asset Management
- Philanthropy
Caravel’s maritime services division includes Fleet Management Limited, the world’s second-largest ship management company, with over 600 vessels under technical management and 120+ under newbuilding supervision. The Group also owns and operates the International Maritime Institute (IMI) in India—fostering talent and leadership in maritime training.
Beyond shipping, Caravel Asset Management invests globally across public and private markets, while The Caravel Foundation empowers underprivileged youth through education and community support in Hong Kong, China, and India.
Source Caravel Group