Swan Defence Signs $220 Million LoI to Build Six Chemical Tankers at Pipavav.

Swan Defence and Heavy Industries Ltd (SDHI) has signed a Letter of Intent (LoI) with Norwegian ship owner Rederiet Stenersen AS for the construction of six IMO Type II chemical tankers valued at approximately $220 million. This marks SDHI’s first shipbuilding order since acquiring and reviving the previously distressed Pipavav shipyard in Gujarat.

The vessels, each with a capacity of 18,000 DWT, will be constructed at the Pipavav facility. The LoI also includes an option for an additional six ships under the same class.

Vivek Merchant, Director of 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 deal underscores India’s growing shipbuilding capabilities and SDHI’s emergence as a key player in the global maritime industry.