GRSE inks pact with German firm for two more multi-purpose vessels

Garden Reach Shipbuilders & Engineers said that it has signed a contract with Germany-based Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG for the construction and delivery of the seventh and eighth 7,500 DWT multi-purpose vessels (MPVs).

The contract was formally signed and finalized on 24 March 2025 in Hamburg, Germany.

This agreement follows the 'option agreement' between the two parties for the procurement of four additional MPVs, bringing GRSEs total order to eight vessels. The overall contract value remains at approximately $108 million, with no change in financial terms.

Each MPV will be 120 meters long, 17 meters wide, and have a maximum draft of 6.75 meters. It is capable of carrying 7,500 tonnes of cargo. Each vessel will feature a single cargo hold designed to accommodate bulk, general, and project cargoes, with containers carried on the hatch covers. These ships are specifically designed to transport multiple large windmill blades on deck.

State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into an engineering business with a product profile of prefabricated steel bridges, various deck machinery items, and assembly, as well as testing & overhauling of marine diesel engines. As of 31 December 2024, the Government of India holds 74.50% in the company.

The company's net profit climbed 11.26% to Rs 98.19 crore on a 37.69% rise in revenue from operations to Rs 1,271 crore in Q3 FY25 over Q3 FY24.

Shares of Garden Reach Shipbuilders & Engineers (GRSE) rose 0.93% to Rs 1,720.55 on the BSE.

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