Swan Defence Signs $220 Million Deal to Build Six Chemical Tankers for Norway’s Rederiet Stenersen

Swan Defence and Heavy Industries Limited (SDHI), India’s largest shipbuilding and heavy fabrication company, has signed a Letter of Intent (LoI) with European ship owner and operator Rederiet Stenersen AS for the construction of six IMO Type II chemical tankers, each with a capacity of 18,000 DWT.

Valued at approximately USD 220 million, the agreement marks a major milestone for India’s shipbuilding exports. It also includes an option for an additional six vessels of the same class.

The ships will be constructed at SDHI’s advanced shipyard in Pipavav, Gujarat, and designed by Norway-based Marinform AS, under classification by DNV. Each vessel will be built to Ice Class 1A standards and equipped with a hybrid propulsion system featuring advanced automation for enhanced manoeuvrability, lower emissions, and improved operational flexibility.

Each tanker has been conceived as future-ready, the design allows conversion to methanol or LNG fuel and includes the provision to upgrade battery capacity up to 5,000-kWh, enabling significant improvements in green performance and adaptability for alternate fuels and technologies.

Commenting on this contract, Vivek Merchant, Director, Swan Defence and Heavy Industries Limited (SDHI) said “This partnership marks a defining moment for SDHI and for Indian shipbuilding, our first major export of advanced chemical tankers to Norway. We see this as a step towards realizing India’s maritime ambitions by building large and complex vessels across tankers, bulkers, and specialized segments. The trust placed in us by Rederiet Stenersen AS reflects global confidence in India’s shipbuilding capabilities and SDHI’s commitment to deliver world-class, future-ready vessels.”

The LoI was officially signed in the presence of Vivek Merchant, Director, and Rear Admiral Vipin Kumar Saxena (retd), CEO of SDHI, alongside Sigve Stenersen and John Stenersen representing Rederiet Stenersen AS. Delivery timelines and detailed commercial terms will be finalized under the subsequent shipbuilding contract.

Rederiet Stenersen AS, established in 1974, owns and operates a fleet of 19 chemical/product tankers ranging from 16,000 to 19,000 DWT, primarily trading in Northern Europe. The company is known for maintaining the highest standards of vessel quality and environmental compliance suited to the demanding North European market.