Splash247: Caravel and Celsius form LNG bunkering JV

The Caravel Group and Celsius Tankers have formed a joint venture to co-own and operate a new fleet of LNG bunkering vessels. 

The joint venture has placed a firm order for two 20,000 cu m LNG bunker vessels 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 180,000 cu m LNG carriers. The ships will be equipped with Type-C tanks capable of handling both LNG bunkering and small-scale LNG trading. The design includes additional manifolds and readiness for bio-LNG blending.

Celsius will lead the commercial strategy, while Caravel will provide strategic capital and operational expertise. Celsius has worked with Caravel subsidiary Fleet Management for more than a decade.

Jeppe Jensen, founder and chairman of Celsius Group, commented: “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.”

The LNG bunkering segment has seen around 25 newbuilding moves in the year to date, including firm orders and optional units, as the number of LNG-powered ships is expected to double by the end of the decade. Currently, about 60 LNG bunker vessels are in service.