ING and the Export-Import Bank of China (China Exim) have signed a US$1bn memorandum of understanding (MoU) to strengthen their financing of Chinese-built ships (both new and second-hand) and selected offshore projects.

The three-year agreement was signed in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands.

“We are very pleased with this next step in building a deeper relationship with the Eximbank of China,” says Stephen Fewster, global head of shipping finance at ING. “China is one of the leading nations in the shipbuilding industry and many of our clients own Chinese-built ships. Both the Eximbank of China and ING have a long history in financing such vessels and by teaming up we will be in a stronger position to serve our clients.”