Bestway Marine expands subsidiary guarantees for shipbuilding projects

Bestway Marine & Energy Technology (Bestway Marine) has announced a series of new guarantees and counter-guarantees for its wholly-owned subsidiary, Jiangsu Dajin Heavy Industry Co., Ltd. (Dajin Heavy Industry). The company will issue a RMB 7.1152 million guarantee for Dajin Heavy Industry's 40,400 DWT bulk carrier project and provide a $14.875 million counter-guarantee for another 40,400 DWT bulk carrier project.

Additionally, Bestway Marine will provide a $38.814 million counter-guarantee for Dajin Heavy Industry's six 6,600 DWT multi-purpose dry cargo vessel projects. The company is also guaranteeing RMB 23.00 million in financing lease obligations for Dajin Heavy Industry and providing an overarching RMB 80.00 million maximum guarantee for other financing lease activities.

These new guarantees will increase Bestway Marine's total effective external guarantee amount for subsidiaries to approximately RMB 353.60674 million, representing 168.91% of its net assets as of December 31, 2024. All guarantee amounts are within the previously approved annual guarantee limits.