On November 12, Bestway Marine & Energy Technology Co., Ltd. issued an announcement stating that, to meet operational requirements, the company intends to provide a counter-guarantee for bank guarantees issued on behalf of its wholly-owned subsidiary, Jiangsu Dajin Heavy Industry. This arrangement pertains to shipbuilding contracts for seven new vessels of various types, which have been entered into by Dajin Heavy Industry.
The announcement discloses that Dajin Heavy Industry and its wholly-owned subsidiary, Dajin Heavy Industry (Zhenjiang) Co., Ltd., acting as joint sellers, have signed a shipbuilding contract and related legal documents for one 64,500 DWT bulk carrier (hull number: DJHC6604). In connection with the issuance of a bank guarantee by Anhui Xingtai Financing Guarantee Group on behalf of Dajin Heavy Industry for the aforementioned project—covering a guarantee amount of US$16.825 million plus applicable interest and other related costs—Dajin Heavy Industry intends to provide a counter-guarantee in the form of joint and several liability to Anhui Xingtai Financing Guarantee Group, and has entered into a “Counter-Guarantee Agreement” to this effect.
Besides, Dajin Heavy Industry, as a joint seller alongside Jiangsu New Yangchuan Maritime Development Co., Ltd. (“New Yangchuan Maritime”), has signed a shipbuilding contract and related agreements for one 6,600 DWT multi-purpose dry cargo vessel (hull number: DJHC6170). The new vessel is scheduled for delivery in the first half of 2029. Bestway Marine & Energy Technology intends to provide a counter-guarantee to New Yangchuan Maritime on behalf of Dajin Heavy Industry, covering the bank guarantees associated with this contract, for a total amount not exceeding US$6.469 million. A “Guarantee (Suretyship) Agreement” will be signed for this purpose. The effectiveness of this counter-guarantee will be triggered on a case-by-case basis, corresponding to the actual effective dates of the individual bank guarantees.
Additionally, Dajin Heavy Industry and New Yangchuan Maritime, acting as joint sellers, have signed a shipbuilding contract and related agreements for one 64,500 DWT bulk carrier (hull number: DJHC6613), with delivery of the vessel expected in the second half of 2029. In connection with the bank guarantees required for this contract, Bestway Marine & Energy Technology intends to provide a counter-guarantee to New Yangchuan Maritime for an aggregate amount not exceeding US$17.5 million, formalized via a “Guarantee (Surety) Contract.” Each specific counter-guarantee will take effect in alignment with the actual effective date of the corresponding bank guarantee.
Dajin Heavy Industry has entered into shipbuilding contracts for four 12,400 DWT heavy-lift general cargo vessels (hull numbers: DJHC6201–DJHC6204) with China Shipbuilding Trading Co., Ltd. (CSTC), alongside a corresponding “Vessel Export Cooperation Agreement.” The new vessels are scheduled for delivery between 2028 and 2029. Bestway Marine & Energy Technology plans to provide a counter-guarantee to CSTC, totaling no more than US$63 million, to support the bank guarantees required under these contracts; a “Guarantee (Suretyship) Agreement” will be executed for this purpose. Each individual counter-guarantee will take effect concurrently with the issuance and activation of the corresponding bank guarantee.
According to company records, Dajin Heavy Industry was established in 2012 and is now a wholly-owned subsidiary of Bestway Marine & Energy Technology. Its shipbuilding capabilities encompass a diverse range of vessels, including 30,000-ton class bulk carriers, container ships, product tankers, chemical tankers, multi-purpose vessels, and offshore wind turbine installation platforms.