Mumbai, January 23, 2026: Swan Defence and Heavy Industries Limited (BSE: 533107 | NSE: SWANDEF) on Friday announced a landmark commercial shipbuilding contract valued at USD 227 million for the construction of six IMO Type II chemical tankers, positioning the company at the centre of India’s renewed push in high-value global shipbuilding.
The order, awarded by European shipowner Rederiet Stenersen AS, is one of the largest single commercial shipbuilding contracts executed in the country and represents the first chemical tanker newbuild order placed with an Indian shipyard. The vessels will be built at SDHI’s revitalised Pipavav shipyard in Gujarat, marking the first newbuild contract at the facility following its revival under new management.
Contract Scope and Vessel Specifications
The agreement covers six chemical tankers of 18,000 deadweight tonnes each, with an option for six additional sister vessels. The first delivery is scheduled within 33 months, with subsequent vessels to be delivered at regular intervals thereafter.Each tanker will measure approximately 150 metres in length with a beam of around 23 metres. The vessels will be designed by Marinform AS and StoGda Ship Design & Engineering and classed by DNV. Built to Ice Class 1A standards, the tankers will feature advanced dual-fuel LNG-ready hybrid propulsion systems, offering multiple operating modes supported by high levels of automation.
Strategic Milestone for Indian Shipbuilding
The order is being viewed as a significant milestone for India’s commercial shipbuilding ecosystem, particularly in complex and specialised vessel categories such as chemical tankers. For SDHI, the contract reinforces its technical and execution capabilities following the turnaround of its Pipavav facility, which houses India’s largest dry dock.Vivek Merchant, Director at Swan Defence and Heavy Industries, said the contract marks a defining moment in the company’s transformation into a globally competitive shipbuilding hub. He added that the order reflects growing international confidence in Indian shipyards’ ability to deliver technologically advanced, cost-competitive vessels aligned with global standards.
International Client Confidence
Rederiet Stenersen AS stated that this is its first newbuilding contract placed with an Indian shipyard, following a detailed technical and commercial evaluation. The shipowner highlighted confidence in SDHI’s infrastructure, engineering strength, and readiness to execute specialised vessels for international deployment.The contract follows a Letter of Intent signed between the two companies in November 2025, which laid the groundwork for the final agreement.
About the Company
Swan Defence and Heavy Industries Limited, formerly Reliance Naval and Engineering Limited, is a leading Indian shipbuilding and heavy fabrication company. Located on the west coast at Pipavav, Gujarat, the shipyard operates India’s largest dry dock and has an annual fabrication capacity of 164,000 tonnes. The company focuses on complex commercial vessels, defence platforms, and heavy industrial fabrication, with an emphasis on innovation, safety, and sustainable operations.Source:
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