Celsius Tankers and Caravel Group Form JV to Operate LNG Bunkering Vessels

Celsius’ Jeppe Jensen and The Caravel Group COO Angad Banga and CEO Harry Banga. Image Credit: The Caravel Group and Celsius Tankers

Celsius Tankers and Hong Kong’s The Caravel Group have formed a joint venture to co-own and operate LNG bunkering vessels.

This marks the first co-ownership initiative between the two firms after more than a decade of collaboration in ship management and newbuilding supervision, Caravel Group told Ship & Bunker on Wednesday.

The partners have placed a firm order for two 20,000 m3 LNG bunkering vessels at China Merchants Industry Holdings and China Merchants Heavy Industry Jiangsu, with deliveries set for late 2027.

The vessels will feature dual-fuel propulsion, advanced manoeuvrability, and bio-LNG blending readiness, and will comply with Singapore MPA and FuelEU Maritime requirements.

Celsius will lead the commercial strategy through its LNG chartering network, while Caravel will provide capital and operational expertise.

Technical management will be handled by Celsius Tech Limited, a joint venture between Celsius and Caravel subsidiary Fleet Management.

“With this initiative, we are combining technical excellence, shipyard reliability, and commercial scale," Jeppe Jensen, founder of Celsius Group, said.

"Celsius and The Caravel Group are fully aligned in our ambition to become long-term leaders in the LNG bunkering space."

“The maritime industry is undergoing a profound transformation, and we are proud to deepen our partnership with Celsius through this investment in LNG bunkering," Dr. Harry S. Banga, Chairman and CEO of The Caravel Group, said.

"These vessels are not only technologically advanced, they will also power global trade in a lower-carbon future."