Swan Defence shares in focus on chemical tanker order win from European shipowner

Shares of Swan Defence and Heavy Industries Ltd (SDHI), formerly Reliance Naval and Engineering Ltd, are likely to remain in focus after the company announced the signing of its first newbuild contract following the revival of its Pipavav shipyard in Gujarat.

SDHI said it has secured an order to build six IMO Type II chemical tankers of 18,000 deadweight tonnes (DWT) each for European shipowner Rederiet Stenersen AS. The contract is valued at $227 million and also carries an option for an additional six sister vessels.

According to the company, the order is among the largest single commercial shipbuilding contracts awarded to an Indian shipyard and is the first and largest chemical tanker order secured domestically. Construction of the vessels will take place at SDHIs revitalised Pipavav facility, which is India’s largest shipyard.

The first tanker is scheduled for delivery within 33 months, with subsequent vessels to be delivered at regular intervals. Each ship will have an overall length of around 150 metres and a beam of around 23 metres.

The vessels will be designed by Marinform AS and StoGda Ship Design & Engineering and will be classed by DNV. Built to Ice Class 1A standards, the tankers will feature dual-fuel LNG-ready hybrid propulsion systems and advanced automation, allowing multiple operational modes.

Commenting on the development, Vivek Merchant, Director at SDHI, said, “This marks a historic milestone in the shipyard’s new journey toward becoming a state-of-the-art shipbuilding hub. The order from Rederiet Stenersen AS underscores global confidence in our ability to deliver future-ready, high-quality vessels.”

John Stenersen, Director – Ship Management at Rederiet Stenersen AS, stated, “This is our first newbuilding contract placed with an Indian shipyard, following a comprehensive technical and commercial evaluation.”

The contract follows a letter of intent signed between SDHI and Rederiet Stenersen AS in November 2025 and represents the first newbuild order at the Pipavav shipyard since its takeover by Swan Corp Ltd, the parent company of SDHI.