Swan Defence inks $220 million LoI for building six chemical tankers at Pipavav
The vessels will be designed by Marinform AS & StoGda, Norway, and classed by DNV
Swan Defence and Heavy Industries Ltd (SDHI), has signed a Letter of Intent (LoI) with European ship owner and operator Rederiet Stenersen AS for construction of six IMO Type II chemical tankers, valued approximately $220 million. This is the first shipbuilding order bagged by the company after it acquired and revived the “sick” shipbuilding yard at Pipavav.
The vessels will be built at Pipavav shipyard in Gujarat, stated an official release here. Vivek Merchant, Director, Swan Defence and Heavy Industries Ltd (SDHI) stated “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 for tankers with 18,000 DWT capacity. also contains an option for additional six ships to follow under the same class.
The vessels will be designed by Marinform AS & StoGda, Norway, and classed by DNV. Each ship will be built to Ice Class 1A standards and feature an advanced hybrid propulsion system.
The hybrid system supports operational modes with advanced automation for improved manoeuvrability, lower emissions, and 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.
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.
Published on November 10, 2025
