Shares of Garden Reach Shipbuilders & Engineers (GRSE) jumped over 3% in early morning trade following the company’s announcement of a significant $62 million agreement with Germany’s Carsten Rehder Schiffsmakler and Reederei GmbH & Co. The deal involves the construction of four Hybrid Multi-Purpose Vessels (MPVs), with an option to build an additional two vessels.
According to GRSE’s filing with the stock exchanges, the contract is scheduled to be executed within 33 to 42 months, reflecting a strategic expansion of the company’s global shipbuilding footprint.
This collaboration is a continuation of the successful partnership between GRSE and Carsten Rehder, following the ongoing 7,500 DWT MPV project currently under execution in Kolkata. The new hybrid MPVs highlight GRSE’s growing presence in green and commercial shipbuilding.
In a separate development, GRSE signed five Memoranda of Understanding (MoUs) with leading Indian port and infrastructure authorities, including the Deendayal Port Authority (Kandla), Syama Prasad Mookerjee Port Authority (Kolkata), Indian Port Rail & Ropeway Corporation Limited, The Shipping Corporation of India, and Modest Infrastructure.
These MoUs establish a structured framework for joint exploration and development across various sectors, such as newbuild construction, green and low-emission vessels, ship repair, green tug construction, port infrastructure development, jetty and berth expansion, multimodal logistics, last-mile connectivity, and related civil, rail, and ropeway infrastructure for ports and terminals.
