
Shipping Corporation of India (SCI) has signed a shipbuilding contract with Mazagon Dock Shipbuilders Ltd for a 3,000 deadweight tonne (DWT) platform supply vessel (PSV) powered by green methanol dual-fuel technology. According to reports from CNBC TV18, this marks SCI's first alternative fuel ship under clean shipping efforts, with the vessel designed to support offshore oil and gas operations including transporting supplies, equipment and personnel. The contract was executed on March 18, 2026, at 1315 hours, marking a pivotal step in SCI's commitment to green shipping initiatives.
The contract aligns with the government's broader push towards greener shipping under the National Green Hydrogen Mission, as reported by CNBC TV18. This development signals an early shift in India's maritime sector towards lower-emission fuels such as green methanol, representing a significant step in the country's clean shipping initiatives. The new PSV will be the first in SCI's fleet designed to operate on Green Methanol, an alternative fuel, underscoring SCI's dedication to sustainable and environmentally friendly maritime operations.
Shares of SCI were trading higher, up around 2% on the NSE following the announcement, according to Sensex Today market updates. Mazagon Dock Shipbuilders shares also gained, rising nearly 4.5% intraday. The positive market reaction reflects investor confidence in the strategic partnership and SCI's expanding clean energy initiatives. The move comes amid improving financial performance for SCI, with the company reporting a sharp rise in tanker segment earnings that helped more than double net profit in the December quarter.
The move comes amid improving financial performance for SCI, as reported by CNBC TV18. In the December quarter, a sharp rise in tanker segment earnings helped more than double net profit, with operating profit from the segment jumping significantly year-on-year, even as the liner business remained under pressure. This demonstrates SCI's operational strength and ability to capitalize on favorable market conditions while investing in sustainable technologies.