Swan Defence Shares Rally 5% on Securing Order from Energy ONE 

Shares of Swan Defence and Heavy Industries Ltd rose 5% on 7 April after the company announced securing an order between Rs 1,500 and Rs 3,000 crore. 
 
In its regulatory filing, the company said that it had acquired India’s first ammonia dual-fuel bulk carrier order. According to the filing, Swan Defence has received an order from Energy ONE Limited to build four 92,500 DWT dual-fuel ammonia bulk carriers, which is a first for the country.

Swan Defence classified the order as category 4, ranging from Rs 1,500 to Rs 3,000 crore.

“These will be the first ammonia dual-fuel ships built in India and are also among the largest commercial vessels ever to be built at an Indian shipyard,” Swan Defence said in a filing.

Each of the dual-fuel vessels will be 229.5m long with a 37m beam and powered by an ammonia-fueled propulsion system. The vessels will be developed by KMS-EMEC of South Korea and classed by Det Norske Veritas (DNV), one of the world’s premier classification societies.
 
The first vessel is expected to be delivered in October 2029, with additional deliveries scheduled every four months.
 
Swan Defence (previously Reliance Naval and Engineering) is a shipbuilding and heavy fabrication company, having a market capitalisation of around Rs 9,300 crore, according to NSE data as of 7 April.

At 12:51 pm, the shares of Swan Defence were trading 4.32% higher at Rs 1,779.80 on NSE.

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