Caravel Group and Danish shipowner Celsius Tankers have announced a joint venture to jointly own and operate a new fleet of liquefied natural gas (LNG) bunkering vessels.
The joint venture has formally placed an order with China Merchants Industry Holdings and China Merchants Heavy Industry Jiangsu for two 20,000 m3 LNG bunkering vessels, with delivery expected in the third and fourth quarters of 2027, respectively.
Two new vessels will be constructed by China Merchants Heavy Industries Haimen Shipyard (CMHI Haimen Shipyard). These vessels will be equipped with Type C tanks, enabling simultaneous LNG bunkering and small-scale LNG trading operations. Their design incorporates additional manifold systems and readiness for bio-LNG blending.
It is reported that this order marks the first time a shipyard under China Merchants Industry has secured a contract for an LNG bunkering vessel, signifying another major breakthrough for China Merchants Industry in the shipbuilding sector.
Celsius will lead the commercial strategy for the two newly ordered vessels, while Caravel will provide strategic capital and operational expertise. Celsius and Caravel’s Fleet Management subsidiary have a history of over a decade of collaboration.
Celsius representatives stated: “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.”
Since the beginning of this year, the LNG bunkering vessel market has announced orders for 25 new vessels (including confirmed orders and options). It is expected that the number of LNG-fueled vessels will double by 2030. Currently, approximately 60 LNG bunkering vessels are in operation worldwide.
Notably, CMHI Haimen Shipyard, which is responsible for building the two LNG bunkering vessels, is also constructing multiple 180,000 m3 LNG carriers for Celsius.
On December 30, 2022, Celsius signed a contract with China Merchants Industry for the construction of 4+2+2 180,000 m3 LNG carriers; On October 23, 2023, the first two option vessels became effective, with an additional four option vessels (i.e., Vessels 9 to 12) added, bringing the total number of LNG carriers contracted by China Merchants Industry to 12 (6+2+4). This new series of vessels is being constructed at CMHI Haimen Shipyard. The first vessel has officially commenced construction and is scheduled for delivery in the fourth quarter of 2025.
In the fourth quarter of 2024, Celsius partnered with Swiss energy company MET Group to place an order for one 180,000 m3 LNG carrier with China Merchants Heavy Industry Jiangsu. This brings Celsius’ total order for 180,000 m3 LNG carriers with China Merchants Industry to 13 vessels (7+2+4).
According to its official website, Celsius was founded in 2012 as a full-service shipowning company specializing in special opportunity and infrastructure investments within the maritime industry. It currently operates a fleet of 30 vessels, including 21 LNG carriers, 1 chemical tanker, 1 product tanker, and 7 feeder container vessels. The company maintains offices in China, Monaco, Copenhagen, Hong Kong, and South Korea.
Caravel is a diversified enterprise group with maritime, commodities, and investment management as its three key business areas. It currently manages, operates, or owns a total fleet of over 650 vessels.