Hong Kong’s The Caravel Group and Denmark’s Celsius Tankers have announced a joint venture to co-own and operate a fleet of LNG bunkering vessels.
This is the first co-ownership initiative between the two companies after more than a decade of collaboration in ship management and newbuilding supervision.
Under the agreement, Celsius will lead the commercial strategy, while The Caravel Group will provide strategic capital and operational expertise.
The joint venture has placed an order for two 20,000 cbm LNG bunker vessels at China Merchants Industry Holdings Co. Ltd. and China Merchants Heavy Industry Jiangsu Co. Ltd. Deliveries are 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.
According to The Caravel Group’s Chairman and CEO Dr Harry Banga, “The maritime industry is undergoing a profound transformation, and we are proud to deepen our partnership with Celsius through this investment in LNG bunkering.”
Jeppe Jensen, Founder and Chairman of Celsius Group, said the venture combines technical expertise, reliable shipyard cooperation, and commercial scale.
The vessels will feature a high-efficiency sub-cooler system, dual-fuel propulsion, a retractable bow azimuth thruster, and Type-C tanks for both LNG bunkering and small-scale LNG trading. They will also be designed for bio-LNG blending. Compliance with Singapore MPA regulations and FuelEU Maritime requirements is part of the specification.
Construction oversight and technical management will be provided by Celsius Tech Limited, a joint venture of Celsius and Fleet Management Limited, which is a wholly owned subsidiary of The Caravel Group.
The Caravel Group is a privately held diversified group headquartered in Hong Kong. Through its subsidiaries, it is engaged in maritime services, strategic asset management, and investment activities across shipping, commodities, and related industries.
Celsius Tankers is part of Denmark’s Celsius Group, which operates in international shipping markets. The company focuses on liquefied natural gas transportation and fleet management, with an emphasis on advanced vessel technology and long-term chartering relationships.