Garden Reach Shipbuilders Receives Additional Order Worth $54 Million From German Firm

Garden Reach Shipbuilders & Engineers Ltd. received confirmation from Carsten Rehder Schiffsmakler and Reederei GmbH & Co. for the construction and delivery of four more multi-purpose vessels on Wednesday.

The shipbuilder had signed an agreement with the German firm on June 22, 2024, for the construction and delivery of four multi-purpose vessels of 7,500 dead weight tonnes each, with an option of building another four ships in the near future.

The broad consideration will include an additional approximation of $54 million for four more vessels. The total value would be approximately $108 million for all eight vessels.

The entire order of eight vessels is to be executed within 33 months from the date of signing of the contract.

"The vessels will be 120 meters long and 17 meters wide with a maximum draft of 6.75 meters. Each of them can carry 7,500 metric tonnes of cargo," the filing said.

The vessels will feature one cargo hold each for bulk, general, and project cargoes, with containers placed on the hatch covers. They are specially designed to transport large wind turbine blades on the deck.

The contract will not fall within existing party transactions.

Shares of Garden Reach Shipbuilders & Engineers closed 1.26% lower at Rs 1,717.10 apiece on the NSE, compared to a 0.16% advance in the NSE Nifty 50.