The agreement includes an option for six sister vessels, with the first due in 33 months and others to follow at regular intervals.
Swan Defence and Heavy Industry (SDHI) has won one of the largest shipbuilding deals for an Indian company to date. The Pipavav, Gujarat-based shipyard, on Friday announced the signing of its first newbuild contract for six International Maritime Organisation (IMO) Type II chemical tankers, each of 18,000 Deadweight Tonnage (DWT).
Valued at $227 million (₹19 billion), the contract from leading European shipowner Rederiet Stenersen AS represents one of India’s largest single commercial shipbuilding orders and the first chemical tanker order awarded to an Indian shipyard.
The agreement also includes an option for six additional sister vessels. The first vessel is scheduled for delivery within 33 months, with subsequent deliveries planned at regular intervals. Each tanker will have an overall length of nearly 150 metres and a beam of around 23 metres.
Commenting on the contract, Vivek Merchant, Director, SDHI, said, “The order from Rederiet Stenersen AS underscores global confidence in our ability to deliver future-ready, high-quality vessels. This agreement is not only a significant achievement for SDHI but also a strong endorsement of India’s growing commercial shipbuilding ecosystem. Progressive maritime policies, including the Shipbuilding Financial Assistance scheme, have enabled Indian private shipyards to compete successfully with leading global peers.”
This is the first newbuild order at India’s largest shipyard following its revitalisation under the new management of Swan Corp. Ltd, the parent company of SDHI. The company acquired the shipyard from Reliance Naval and Engineering Ltd in 2024 for ₹20 billion, marking a turning point in India’s private shipbuilding revival.
John Stenersen, Director of Ship Management, Rederiet Stenersen AS, said, “This is our first newbuilding contract placed with an Indian shipyard, following a comprehensive technical and commercial evaluation. Our decision reflects strong confidence in SDHI’s infrastructure, engineering capabilities, and readiness to deliver specialised vessels that meet Stenersen’s global standards, while remaining cost competitive.”
The contract follows the signing of a Letter of Intent (LoI) between SDHI and Rederiet Stenersen AS in November 2025.
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 liquefied natural gas (LNG)-ready hybrid propulsion, enabling multiple operational modes supported by high levels of automation.