Swan Defence Secures Contract for Four Ammonia Dual-Fuel Bulk Carrier; Shares Rise 1.99%

Mumbai, April 7: Swan Defence and Heavy Industries Limited has secured a Category 4 shipbuilding contract from Energy ONE Limited for four 92,500 DWT ammonia dual-fuel bulk carriers.

The order under Category 4, has a contract value range between ₹1,501 crore and ₹3,000 crore which signals not just scale, but also revenue visibility over a multi-year execution cycle.

These vessels will be among the first ammonia dual-fuel ships constructed in India. As global shipping inches toward cleaner fuels, ammonia is emerging as a serious contender.

Each vessel will span about 229.5 metres in length with a beam of 37 metres. The propulsion system will run on ammonia fuel. Design responsibility sits with South Korea-based KMS-EMEC, while classification will be handled by Det Norske Veritas, according to the filing.

The first delivery is expected in October 2029. Subsequent vessels will follow at four-month intervals.

“Winning this project is an important step forward for us. It reflects the confidence global stakeholders are placing in Indian shipbuilding, and in the capabilities, we have developed at Pipavav. Ammonia as a marine fuel is still at an early stage, and we are proud to be part of that transition – building vessels that are not just relevant for today but aligned with where the industry is heading,” company director Vivek Merchant said.

Stock Market Snapshot

Swan Defence share price edged higher after the announcement, reflecting incremental confidence in the company’s order book and its positioning in green shipbuilding.

As of 9:17 IST on April 7, 2026, the stock was trading at ₹1,740.00, up ₹33.90 or 1.99% from the previous close of ₹1,706.10, as per exchange data. It opened at ₹1,732.00 and moved up to ₹1,747.30 during the session so far.

Company Background And Strategic Positioning

Swan Defence and Heavy Industries Limited, formerly known as Reliance Naval and Engineering Limited, operates one of India’s largest shipbuilding facilities at Pipavav.

In recent years, the company has been repositioning itself. Moving away from legacy challenges and toward specialised, higher-value shipbuilding programmes.

The counterparty, Energy ONE Limited, is associated with New Energy One, an investment platform focused on low-emission maritime assets. Backed by an estimated USD 2 billion capital programme, the platform is aimed at accelerating adoption of cleaner shipping technologies.

Conclusion

The order strengthens Swan Defence’s forward visibility and reinforces its entry into next-generation vessel construction.

The long delivery cycle means financial impact will be gradual. Still, the contract positions the company within a segment that is likely to see structural demand over the coming decade.

Source:

• https://www.nseindia.com/get-quote/equity/SWANDEF/Swan-Defence-and-Heavy-Industries-Limited
• https://nsearchives.nseindia.com/corporate/SWANRNEL_07042026073849_SDHI_Press_Release_07032026s.pdf