Synopsis:
Swan Defence and Heavy Industries shares hit a 5% upper circuit after signing a USD 220 million (approx Rs. 1,936 crore) LoI with Norway’s Rederiet Stenersen AS to build six 18,000 DWT hybrid chemical tankers in Gujarat.
The company is engaged in the construction of vessels, repairs, and refits of ships and rigs and heavy engineering is now in the focus after signing LOI with Norwegian ship owner Rederiet Stenersen AS for the construction of six 18,000 DWT IMO Type II chemical tankers.
With market capitalization of Rs. 5,460 cr, the shares of Swan Defence and Heavy Industries Ltd are currently trading at Rs. 986.75 per share, locked at 5% upper circuit in today’s market session, from its previous close of Rs. 939.80 per share. The stock has surged 2,510.45% over the past year, gaining 48% in the last month and rising 538% in the past six months.
About the LOI
Swan Defence and Heavy Industries Limited, formerly Reliance Naval and Engineering Limited, announced that it has signed a Letter of Intent (LoI) with Norwegian ship owner Rederiet Stenersen AS for the construction of six 18,000 DWT IMO Type II chemical tankers valued at around USD 220 million (approximately Rs. 1,936 crore), with an option for six more vessels under the same class.
The vessels will be built at SDHI’s advanced Pipavav facility in Gujarat, designed by Norway-based Marinform AS, and classed by DNV. Each Ice Class 1A hybrid tanker will feature advanced automation systems for improved manoeuvrability, reduced emissions, and operational flexibility.
The design allows future conversion to methanol or LNG fuels and supports battery capacity upgrades up to 5,000 kWh, enhancing green performance and adaptability to alternative technologies. SDHI termed this its first major export of advanced chemical tankers to Norway, marking a milestone for Indian shipbuilding exports and reaffirming its capability to build complex, future-ready vessels.
Swan Defence and Heavy Industries Limited (SDHI), formerly known as Reliance Naval and Engineering Limited, is a leading shipbuilding and heavy fabrication company in India. Strategically located on the west coast of India, the shipyard operates the country’s largest dry dock (662m x 65m) and has an impressive fabrication capacity of 164,000 tons per annum providing an unmatched advantage in SWAN OEFENCEANO HE AVY INDUST FRIES fulfilling India’s maritime and industrial ambitions. SDHI is committed to innovation, excellence, safety, and sustainability.
Written by Manideep Appana
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