Shares of defence PSU Garden Reach Shipbuilders & Engineers Ltd (GRSE) rose 5% on 25 March after the company announced that it had signed a contract with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG, based in Germany, for the construction and delivery of the seventh and eighth 7,500 DWT multi-purpose vessels (MPVs).
The deal, which was finalised in Hamburg, Germany, concludes an eight-ship series under an earlier option agreement between the two companies, the business said in a regulatory filing.
With this most recent agreement, GRSE’s entire order for these vessels is still worth about $108 million, and the financial parameters have not changed. With a single cargo hold that can accommodate bulk, general, and project goods in addition to containers on hatch covers, each 120-meter-long by 17-meter-wide MPV is built to carry 7,500 tonnes of cargo.
Notably, these ships are built to support enormous windmill blades, proving GRSE’s ability to construct specialised vessels to satisfy shifting industrial needs.
Last Monday, the business signed a contract with PWD Nagaland to deliver eight double-lane modular steel bridges, enhancing connectivity throughout the state. Its already impressive portfolio of modular bridge projects is expanded with the delivery of over 5,800 units to states, the Border Roads Organisation (BRO), NHIDCL, and nations including Bangladesh, Bhutan, Nepal, Myanmar, and Sri Lanka.
At 11:40 am, the shares of Garden Reach Shipbuilders were trading 0.17% higher at Rs 1,707.60 on NSE.
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