(Yicai) July 21 -- China’s Dajin Heavy Industry, which makes offshore wind power equipment and builds ships, said it has secured an order from a Greek shipowner for up to four bulk carriers worth a total of about CNY2.1 billion (USD290 million). 

Dajin Heavy and the unidentified client have signed a “three plus one” deal, the Fuxin-based firm announced late yesterday. In such a deal a buyer commits to ordering three ships with the option to purchase a fourth identical vessel at a later date.

Dajin Heavy will design and build the ships, each with 25,000 deadweight tonnage, and deliver them in phases between 2029 and 2030, it said, adding that the buyer must decide within two months of signing the agreement whether to proceed with the fourth vessel at the agreed price.

The deal shows renewed recognition of Dajin Heavy's shipbuilding capabilities by a top international shipowner and will likely have a positive impact on its operating performance in the coming years, the company said.

Dajin Heavy’s shares [SHE: 002487] closed 4.8 percent higher at CNY38.36 (USD5.66) a share today. The wider Shenzhen market rose by the same.

Dajin Heavy said the buyer is in crude oil and gas transportation, is an active presence in the new vessel market, has established relationships with major Asia-Pacific shipyards, and has made similar deals with the Chinese company previously.

Established in 2003, Dajin Heavy was long focused on manufacturing offshore wind power equipment, but started building ships after its base in Panjin, a coastal city in Liaoning province, was completed and began operating in 2023.

The company began securing shipbuilding orders from overseas clients at the end of this April and, within about one month, accumulated contracts for 14 211,000 DWT bulk carriers totaling USD1.04 billion. Three Greek shipowners placed orders for four, two, and two vessels, respectively. It is unclear which of them put in the latest order.

Editor: Martin Kadiev