China’s Dajin Heavy Industry, a manufacturer of offshore wind power equipment and shipbuilder, announced it has secured an order from a Greek vessel owner for up to four bulk carriers, valued at approximately CNY2.1 billion (around USD290 million).
The company and the unnamed client have entered into a “three plus one” agreement, wherein the buyer commits to purchasing three ships with an option to buy a fourth identical vessel at a later date. Dajin Heavy will be responsible for designing and constructing the ships, each with a deadweight tonnage of 25,000, with deliveries scheduled in phases from 2029 to 2030. The buyer has two months after signing the contract to decide whether to proceed with the fourth vessel at the predetermined price.
This deal highlights a renewed confidence among a leading international shipowner in Dajin Heavy’s shipbuilding expertise and is expected to positively influence the company’s operational results in the upcoming years.
Shares of Dajin Heavy closed today at CNY38.36 (USD5.66), reflecting a 4.8% increase from the previous close. The wider Shenzhen stock market experienced a similar rise.
The buyer operates in oil and gas transportation, actively participates in the new vessel market, maintains strong relationships with major shipyards across the Asia-Pacific, and has previously engaged in similar agreements with the Chinese firm.
Founded in 2003, Dajin Heavy initially focused on offshore wind power equipment manufacturing. The company expanded into shipbuilding after completing and beginning operations at its new base in Panjin, a coastal city in Liaoning Province, in 2023.
Since late April, the company has secured overseas shipbuilding contracts, including a total of 14 bulk carriers with a combined deadweight of 211,000 DWT, worth about USD1.04 billion. Orders came from three Greek shipowners, with some vessels already contracted—each owner placing orders for two or four ships—though it remains uncertain which client executed the latest order.