Celsius, Caravel Group debut LNG bunker vessel JV with two-ship order

The venture has already ordered two 20,000-m³ vessels at China Merchants Industry Holdings and China Merchants Heavy Industry Jiangsu, with deliveries scheduled through Q4 2027. The ships will be built at the same yard where Celsius is constructing six 180,000-m³ LNG carriers. Notably, the company currently oversees a fleet of 21 LNG carriers, including nine newbuildings.

This marks the first co-ownership initiative between the two partners, following over a decade of collaboration in shipmanagement and newbuilding supervision. Celsius will lead the commercial strategy, while The Caravel Group will contribute strategic capital and operational expertise.

The new vessels will feature a high-efficiency sub-cooler system, dual-fuel propulsion, and a retractable bow azimuth thruster. They will also be fitted with Type-C tanks capable of supporting both LNG bunkering and small-scale LNG trading.

Construction oversight and technical management will be provided by Celsius Tech Ltd, a joint venture between Celsius and Fleet Management Ltd, a wholly owned subsidiary of The Caravel Group.

Leaders in the market

The Caravel Group chairman and chief executive Dr Harry Banga emphasised the maritime industry’s ongoing transformation, noting the company’s pride in deepening its partnership with Celsius. “These vessels are not only technologically advanced, they will also power global trade in a lower-carbon future,” he said.

Celsius Group founder and chairman Jeppe Jensen said the partners are fully aligned in their ambition to become long-term leaders in LNG bunkering. “These vessels will set a new benchmark for performance and compliance,” he added.

Growing market interest

The LNG bunker vessel market has attracted significant attention this year, with newbuilding contracts emerging in China and South Korea. According to Clarksons’ latest monthly update, 15 LNG bunker vessels were ordered between January and July 2025, compared with just nine large LNG carriers.

Analysts attribute this momentum to anticipated growth in the LNG dual-fuel fleet. Celsius and The Caravel Group noted with over 1,150 LNG dual-fuel vessels expected in operation by 2028, and LNG bunkering demand projected to exceed 50M tonnes annually by 2045, modern, compliant bunkering infrastructure is urgently needed.