Foremost Group, a New York-based shipping and trading enterprise, has signed financing agreements with China Exim Bank and Taiwan’s First Commercial Bank.

Under the agreement, the two banks will together provide $300m financing to support Foremost Group’s newbuilding project of two 180,000dwt bulkers in China. Foremost Group ordered the two vessels at CSIC-affilated Qingdao Beihai Shipbuilding Industry in 2014.

It is the first time that financial institutions in China and Taiwan have worked together on a ship financing deal.