Garden Reach Shipbuilders Secures $54 Million Order for Four Multi-Purpose Cargo Vessels

Garden Reach Shipbuilders & Engineers Ltd (GRSE) has recently announced a significant contract win, securing a $54 million order for the construction of four additional multi-purpose cargo vessels. This contract, finalized on September 18, 2024, with the German shipping company Carsten Rehder Schiffsmakler und Reederei GmbH & Co., further strengthens GRSE’s position in the maritime industry.

The newly awarded vessels are slated for delivery within 33 months from the signing date. The order aligns with the existing terms and conditions of GRSE's earlier agreement with Carsten Rehder, which was inked in June 2024. This deal involves the design, construction, and delivery of four vessels, each capable of carrying 7,500 tonnes of cargo.

Design and Specifications

The multi-purpose vessels will be 120 meters in length and 17 meters in width, equipped to handle bulk, general, and project cargoes. They will feature a single cargo hold with the versatility to transport containers and multiple large windmill blades on deck. This design highlights GRSE’s commitment to meeting diverse cargo requirements and supporting renewable energy infrastructure.

Market Impact and Future Prospects

The contract increases the total value of GRSE’s agreements with Carsten Rehder to approximately $108 million, encompassing the design and construction of eight multi-purpose vessels. This expansion reflects a robust demand for versatile cargo solutions in the shipping industry.

Despite this positive development, GRSE’s shares experienced a slight decline, closing at ₹1,717.25, down by ₹8.40 or 0.49% on the Bombay Stock Exchange (BSE). This drop could be attributed to market fluctuations or broader economic factors impacting investor sentiment.

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The latest order underscores GRSE’s ongoing growth and its ability to secure high-value international contracts. It also aligns with the company’s strategic goals and demonstrates its capability to deliver advanced maritime solutions.

Source: CNBC-TV18