Swan Defence and Heavy Industries Limited (SDHI), the Mumbai-listed shipbuilding company that operates India's largest dry dock at Pipavav in Gujarat, has secured the country's first-ever order to build ammonia dual-fuel bulk carriers.
The deal, signed with Energy ONE Limited on April 7, 2026, covers four 92,500 DWT bulk carriers, each measuring 229.5 metres in length and 37 metres in beam, equipped with an ammonia-fuelled propulsion system. SDHI classified the order Category 4, which meant its value falls between ₹1,501 crore and ₹3,000 crore.
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Many reports suggest the estimated deal size to be $240–280 million (₹2,230–₹2,603 crore). Following the announcement, SDHI stock soared more than 4 per cent on the NSE.
These will also rank among the largest commercial vessels ever built in India.
The ships will be designed by KMS-EMEC of South Korea and classed by Det Norske Veritas (DNV), one of the world's foremost maritime classification bodies. The first vessel is scheduled for delivery in October 2029, with subsequent ships following at four-month intervals.
SDHI Director Vivek Merchant said, "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."
Ammonia is rapidly gaining traction globally as a zero-carbon marine fuel under the International Maritime Organisation's (IMO) Net-Zero Framework, which penalises high-emission vessels and rewards compliant ones.
Cochin Shipyard and Mazagon Dock are separately investing in green shipbuilding yards under the government's ₹44,700 crore shipbuilding scheme, and the SDHI deal for the ammonia-fuel ship order adds to this.