Garden Reach Signs MoUs With Germany’s Carsten For Four Vessels
Garden Reach Shipbuilders and Engineers Ltd. said on Thursday that it signed memorandums of understanding with Germany-based Carsten Rehder for four multi-purpose vessels, with the final contract expected by August 31, according to an exchange filing.
Garden Reach Shipbuilders and Engineers Ltd. said on Thursday that it signed memorandums of intent and understanding with multiple global partners, expanding its pipeline beyond defence platforms. The move sent GRSE share price up by more than 1%.
The company signed a memorandum of intent with Germany-based Carsten Rehder Schiffsmakler und Reederei for four follow-on 7,500 DWT multi-purpose vessels, according to its notification to the exchanges. These will add to the eight vessels currently under construction at GRSE's Kolkata yard, it said, adding that the follow-on ships will feature hybrid propulsion systems and comply with updated cybersecurity standards. The final contract is expected by Aug. 31 2025.
The German project is part of GRSE's shift toward export and commercial shipbuilding. In its recent earnings call, Chairman and Managing Director PR Hari said the first vessel in the German eight-ship order is on schedule and should be delivered within three years, with subsequent vessels delivered every six months.
GRSE also signed an MoU with Dubai-based Aries Marine to collaborate on offshore platform and vessel design. This agreement is aimed at developing offshore orders designed by Aries and constructed by GRSE, marking its entry into the offshore construction market.
Additionally, the company signed an MoU with a global engine manufacturer to support its broader shipbuilding programme.
These international partnerships follow GRSE's recent capacity expansion. The company increased its shipbuilding capacity from 20 to 24 ships and expects to reach 28 ships by the end of 2025. It has also taken dry docks on long-term lease and is exploring greenfield projects outside Kolkata.
Hari said the company aims to balance its defence-heavy order book with non-defence opportunities, including offshore platforms and export-oriented vessels, to support future revenue visibility.
GRSE's total order book stood at Rs 22,680 crore as of March. Despite executing contracts worth Rs 5,000 crore in the financial year ending March 2025, it maintained order book levels by securing new projects, including the eight-ship German order now extended by this MoI.
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