Mazagon Dock Signs $39 Million Contract with SCI for India’s First Methanol Dual-Fuel Vessel

Mumbai, March 18, 2026: Mazagon Dock Shipbuilders Limited (MDL) has entered into a contract with Shipping Corporation of India (SCI) for the construction and sale of a 3000 DWT Methanol Dual-Fuel Platform Supply Vessel (PSV). The contract is valued at approximately USD 39 million and marks a major step toward green shipping in India.

The vessel will operate on methanol as an alternate fuel, aligning with the National Green Hydrogen Mission (NGHM) and India’s commitment to sustainable maritime operations. The construction and delivery of the PSV will follow a mutually agreed contractual schedule between MDL and SCI.

Key Highlights

Contracting Parties: Mazagon Dock Shipbuilders Ltd. (MDL) & Shipping Corporation of India Ltd. (SCI)
Vessel Type: 3000 DWT Methanol Dual-Fuel Platform Supply Vessel (PSV)
Contract Value: USD 39 million (~₹320 crore approx.)
Significance: First PSV in SCI’s fleet designed to operate on green methanol
Objective: Support India’s green shipping initiative under the NGHM

Lalatendu Acharya, Company Secretary of MDL, stated that the contract is part of MDL’s ordinary business operations, but its materiality under SEBI regulations prompted public disclosure.

Strategic Importance

This contract is a milestone for India’s shipping industry, bringing environmentally friendly fuel technology to commercial vessels.
The dual-fuel PSV reduces dependency on conventional marine fuels, cutting carbon emissions and promoting sustainable operations.
It positions MDL as a leader in green shipbuilding, showcasing its ability to deliver innovative maritime solutions on a global scale.

The project reinforces India’s commitment to Atmanirbhar Bharat in shipbuilding and contributes to the country’s broader green energy and climate action goals.