Garden Reach Shipbuilders & Engineers received an additional contract from Germany’s Carsten Rehder

With a reputation for producing top-notch, cutting-edge ships, Garden Reach Shipbuilders & Engineers Ltd. (GRSE) has a long and illustrious history spanning over 130 years. The shipyard, which has built a variety of vessels for the Indian Navy and Coast Guard, including frigates, corvettes, patrol boats, and offshore patrol vessels, has been instrumental in enhancing India’s maritime capabilities. Apart from catering to the local market, GRSE has effectively expanded its operations globally by exporting ships to nations like Mauritius, Sri Lanka, and the Seychelles. The company has established itself as a dependable partner in the international shipbuilding industry thanks to its dedication to innovation, quality, and timely delivery. Modern facilities and a highly qualified workforce enable GRSE to continuously push the envelope and create new standards in the shipbuilding industry. GRSE, being the leading shipbuilding company in India, is committed to enhancing the nation’s economic development and maritime safety by providing top-notch goods and services.

GRSE received an order of $54 million from Germany-based Carsten Rehder:

Carsten Rehder Schiffsmakler and Reederei GmbH & Co., located in Germany, placed a $54 million order with GRSE yesterday for the building and delivery of four more multipurpose vessels. In a stock exchange filing, the company stated, “We would like to inform you that on September 18, 2024, the company received a confirmation from the customer to buy and deliver an additional four multi-purpose vessels on the existing terms and conditions.”

The vessels will be designed, built, and delivered over 33 months from the original contract signing date. The deal does not involve any related party transactions. To build and deliver four multipurpose ships, with the option to build four more soon, GRSE and the German shipping company Carsten Rehder Schiffsmakler and Reederei GmbH and Co. KG signed a contract.

Each of the 120-meter-long and 17-meter-wide vessels can transport 7,500 tonnes of cargo. To carry bulk, general, and project cargoes, each vessel will have a single cargo hold with the option to carry containers on hatch covers. Additionally, the ships were built to carry several large windmill blades on deck. This raises the total contract value for the design and building of eight 7,500 DWT multipurpose vessels to about $108 million.

Garden Reach Shipbuilders & Engineers Ltd. stock is 2% up in intraday:

At present, Garden Reach Shipbuilders & Engineers Ltd. (GRSE) is trading at Rs. 1,743.55, indicating a nearly 2% intraday increase in share price. On the BSE, GRSE shares increased 5.47% to a high of Rs 1,811.20. As a result, the stock has already generated a 102% return in 2024.

Conclusion: Carsten Rehder, a German company, is exposing GRSE to foreign markets, which is positive for the company’s sales and growth prospects.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.