(Yicai Global) March 18 -- Shares in Bestway Marine & Energy Technology surged as much as 9.9 percent today after the Chinese shipbuilder said a unit and its partner will supply German shipping giant H. Vogemann Reederei Services with four bulk carriers in a deal worth USD117 million.

Bestway Marine’s share price [SHE:300008] closed up 6.15 percent at CNY4.83 (USD0.76). Earlier in the day it had hit CNY5.

Subsidiary Jiangsu Dajin Heavy Industry, partner Jiangsu New Yangzi Shipbuilding and its ship trading unit are joint suppliers of the contract, the Shanghai-based parent firm said yesterday, without specifying the division of labor and revenue split between them.

Each of the four vessels ordered by the 136-year-old German shipper has a deadweight tonnage of 40,000 tons and costs USD29.3 million, Bestway Marine said. The delivery date is Oct. 16, 2024, it added.

The value of the contract is almost two-and-a-half times Bestway Marine’s audited revenue in 2020 and will have a positive effect on the company’s performance over the next few years, it said.

Hamburg-based H. Vogemann has 12 ships being built by different Chinese shipbuilders at the moment, it added.

Editor: Kim Taylor