News

Published: June 24, 2024
Updated: June 24, 2024

Garden Reach Shipbuilders Stock Soars 8% on New Export Order

Significant Stock Surge

Shares of Garden Reach Shipbuilders & Engineers Ltd (GRSE) experienced a notable jump on Monday, rising by over 8% following the announcement of a new commercial vessel agreement. The stock reached a high of Rs 1,783.55 on the BSE, though it remains below its peak of Rs 1,904.65 from June 19.

New Export Order Announcement

GRSE signed a deal with Carsten Rehder Schiffsmakler and Reederei GmbH & Co for the construction and delivery of four multi-purpose vessels, each with a 7,500 DWT capacity. This agreement also includes an option for an additional four ships in the near future. The vessels will be 120 metres long and 17 metres wide, with a maximum draft of 6.75 metres.

Vessel Specifications

According to the company's filing with stock exchanges, the new vessels will each be able to carry 7,500 metric tonnes of cargo. They will feature a single cargo hold designed to accommodate bulk, general, and project cargoes. Containers will be transported on hatch covers, and the ships are specifically designed to carry multiple large windmill blades on deck.

GRSE's Export Milestones

This recent order continues GRSE's history of significant export achievements. In 2014, GRSE exported the CGS Barracuda, an Offshore Patrol Vessel, to Mauritius, marking India's first warship export. In 2021, the GRSE-built Fast Patrol Vessel PS Zoroaster was delivered to the Seychelles and later returned to GRSE for a record-time refit earlier this year.

Ongoing International Projects

Currently, GRSE is working on several international projects, including six patrol boats and a TSH dredger for the Government of Bangladesh. In 2023, GRSE delivered the MV Ma Lisha, a passenger-cum-cargo ocean-going ferry, to the Cooperative Republic of Guyana, which now stands as the largest and most advanced ferry in the country.

The new export order has significantly boosted GRSE’s stock performance, underscoring the company's continued success in the international maritime sector. This deal further solidifies GRSE's position as a key player in shipbuilding and export, showcasing its capability to deliver advanced maritime vessels globally.