Caravel and Celsius Tankers' new joint venture to operate LNG bunkering ships

Hong Kong-based shipowner the Caravel Group and Danish counterpart Celsius Tankers have established a new joint venture company that will own and operate a fleet of LNG bunkering vessels.

The joint venture has formally placed orders for two 20,000-cubic-metre LNG bunkering vessels to be built by China Merchants Industry Holdings and China Merchants Heavy Industry Jiangsu. The ships are scheduled for delivery between the third and fourth quarters of 2027.

The bunkering vessels will be equipped with IMO type C cargo tanks to meet the needs of LNG bunkering and small-scale LNG trade simultaneously. The tanks' design will also include multiple sets of additional manifold systems and reserved bio-LNG mixing functions.

Under the joint venture, Celsius will be responsible for commercial strategy development while Caravel will provide capital and operational expertise.

Celsius Tech, a joint venture formed by Celsius and Caravel wholly owned subsidiary Fleet Management, will be responsible for the ships' construction oversight and technical management.