Signing on behalf of China was its Minister of Transport, Mr Li Shenglin.
The Singapore Transport Ministry said the latest deal supersedes an earlier one signed in 2004 and calls for greater co-operation between the two countries in shipping policy, maritime safety and security, as well as maritime research, development, education and training.
For example, China and Singapore will co-operate to encourage the development of shipping and logistics services and share best practices in port management and application of port operation technology.
Both countries will also work together to address pollution from ships in accordance with rules and regulations developed by the International Maritime Organization.
China's Minister Li highly commended the efforts by China and Singapore to come up with the new memorandum of understanding (MOU) that incorporates more areas of co-operation of mutual interest.
Meanwhile, Mr Lui said: "I am confident that this MOU will enable our two countries to jointly address the new challenges ahead in the maritime and shipping arena, building on our many common interests in the maritime sector."