On July 9, Bestway Marine & Energy Technology Co., Ltd. issued an announcement regarding the provision of a guarantee for a subsidiary. The announcement stated that, to meet operational needs, Bestway Marine & Energy Technology would provide a guarantee—and issue a corporate letter of guarantee—for its wholly-owned subsidiary, Jiangsu Dajin Heavy Industry, in connection with the latter’s application for comprehensive bank credit facilities to support shipbuilding contracts for three vessels across two types.
According to the announcement, Dajin Heavy Industry has undertaken a shipbuilding project for two 79.2-meter, 4,000-DWT platform supply vessels (hull numbers SK738 and SK739), signing two shipbuilding contracts with the shipowner, Nam Cheong Dockyard Sdn. Bhd. Additionally, Dajin Heavy Industry has undertaken the construction of one 40,400-DWT bulk carrier (hull number DJHC6409) and signed a shipbuilding contract with the shipowner, Xinqihang Qi (Tianjin) Ship Leasing Co., Ltd.
Bestway Marine & Energy Technology intends to provide guarantees for Dajin Heavy Industry regarding the three aforementioned contracts, with a guaranteed amount of US$43.10 million (calculated based on the exchange rate of July 9, 2026; the actual guaranteed amount will be determined using the exchange rate prevailing at the time the guarantee takes effect), and to issue three Corporate Letters of Guarantee. The effectiveness of these guarantees will be triggered on a contract-by-contract basis, contingent upon actual payment status.
Furthermore, given that the comprehensive credit facility previously obtained by Dajin Heavy Industry from the Yangzhou Branch of Hengfeng Bank Co., Ltd. (hereinafter referred to as “Hengfeng Bank”) is approaching expiration, the company intends to apply for a renewed comprehensive credit facility from Hengfeng Bank. This facility will not exceed RMB 400 million (inclusive) and will have a term of no more than one year (inclusive). The funds will primarily be used for daily operational working capital and credit-related activities, such as the issuance of letters of guarantee, bank acceptance drafts, and letters of credit, as well as the provision of working capital loans. Bestway Marine & Energy Technology will provide a joint and several liability guarantee for the aforementioned credit facility, covering a maximum principal amount of up to RMB 440 million (inclusive), and will execute a “Maximum Amount Guarantee Contract.”
It is understood that this guarantee falls within Bestway Marine & Energy Technology’s 2026 external guarantee quota of RMB 5.3 billion (approximately US$782 million) and does not require separate review or approval.
Records indicate that Dajin Heavy Industry was established in 2012 and is now a wholly-owned subsidiary of Bestway Marine & Energy Technology; it is capable of constructing 30,000-dwt class bulk carriers, container ships, product tankers, chemical tankers, multi-purpose vessels, and wind turbine installation platforms, among others.