Garden Reach Shipbuilders Secures $108M Contract for Multi-Purpose Vessels

4 Oct 2024 , 12:29 PM

Garden Reach Shipbuilders signed a contract on October 3, 2024, to construct and deliver the fifth multi-purpose vessel (MPV) of 7,500 DWT.

The contract was signed with Carsten Rehder Schiffsmakler and Reederei GmbH & Co KG, Germany, under an existing “option agreement” for four additional MPVs. In total, Garden Reach Shipbuilders will build eight vessels, with an approximate order value of $108 million.

At the time of writing, shares of Garden Reach Shipbuilders is trading at ₹1673.10 which is a 0.89% gain than the previous close. Garden Reach Shipbuilders stock has gained a total of 107% in the last one year, and almost 97% since the beginning of the year.

Each vessel will be 120 meters long, 17 meters wide, and will carry 7,500 metric tonnes of cargo, including bulk, general, and project cargoes. The MPVs are designed to transport large windmill blades on deck and containers on hatch covers.

Last month, the company received a $54-million order from the same German company for four additional MPVs.

All vessels will be delivered within 33 months of the original contract signing date. In August, the company set a revenue target of ₹10,000 crore for FY30, a significant rise from ₹3,592 crore in FY24. Commodore PR Hari, Chairman and Managing Director, expressed confidence in achieving this goal by FY30.