On April 10, Bestway Marine & Energy Technology Co., Ltd. issued an announcement stating that, due to operational needs, the company will provide counter-guarantees for four new letters of credit secured by its wholly-owned subsidiary, Jiangsu Dajin Heavy Industry, for the purchase of multi-purpose vessels, and will also provide guarantees for Dajin Heavy Industry’s application for a comprehensive bank credit facility.
The announcement disclosed that Dajin Heavy Industry signed a construction contract for four 5,200 DWT multi-purpose general cargo vessels (hull numbers: DJHC6325/DJHC6326/DJHC6327/DJHC6328) and the corresponding “Ship Export Cooperation Agreement” with Yangzhong Yanghang Materials Co., Ltd. Bestway Marine & Energy Technology intends to provide Yanghang Materials with counter-guarantees totaling no more than $21.3 million for the performance bonds under the aforementioned main contract.
Construction of the four new buildings will begin between August and November 2026, with delivery scheduled for September through December 2027.
Recently, Dajin Heavy Industry plans to apply to the Zhenjiang Branch of Industrial Bank Co., Ltd. for a comprehensive credit facility of up to RMB 150 million to supplement working capital for production and operations and to issue performance bonds. Bestway Marine & Energy Technology will provide a joint and several guarantee for this purpose.
Jiangsu Dajin Heavy Industry Co., Ltd. is wholly owned by Bestway Marine & Energy Technology, and its core business involves the design and construction of ships and offshore engineering projects. In 2025, Dajin Heavy Industry reported operating revenue of 4.05 billion yuan and a profit of RMB 270 million.