Caravel Group and Celsius Tankers have established a joint venture to own and operate LNG bunkering vessels, marking the first joint ownership project between the two companies after more than a decade of collaboration.

The partnership has placed firm orders for two 20,000 cbm LNG bunkering vessels with China Merchants Industry Group 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 shipyard where Celsius is building six 180,000 cbm LNG carriers. Celsius will lead commercial operations while Caravel Group will provide strategic capital support and operational expertise.

Dr. Harry S. Banga, Chairman and CEO of Caravel Group, said: "The shipping industry is undergoing unprecedented and profound transformation, and we are honoured to further deepen our partnership with Celsius through this investment in the LNG bunkering vessel business. These technologically advanced vessels will not only power global trade but also help it transition to a low-carbon future."

The new vessels will feature subcooling systems, dual-fuel propulsion systems, and retractable bow azimuthing thrusters. They will be equipped with Type C tanks suitable for LNG bunkering and small-scale LNG trade, with design provisions for bio-LNG blending.

The vessels are designed to comply with Maritime and Port Authority of Singapore regulations and Fuel EU Maritime regulation.

Construction supervision and technical management will be handled by Celsius Tech Limited, a joint venture between Celsius and Fleet Management Limited, a wholly owned subsidiary of Caravel Group.

Jeppe Jensen, Founder and Chairman of Celsius Group, said: "Through this partnership, we combine technological excellence, shipyard reliability, and commercial scale. Celsius and Caravel Group share a highly aligned strategic goal: to become long-term leaders in LNG bunkering. These vessels will set new industry benchmarks in performance and compliance."

According to the companies, over 1,150 LNG dual-fuel vessels are expected to be in operation worldwide by 2028, with annual LNG bunkering demand projected to exceed 50 million tonnes by 2045.

Caravel Group manages, operates, and owns over 650 ocean-going vessels, including dry bulk carriers, chemical/gas tankers, and container ships. Celsius Group operates an LNG carrier fleet and holds a market position in the container feeder sector.