Shandong Shipping is waiting for Munich Re to give final approval to a reinsurance guarantee that would enable it to enter North Sea decommissioning.
The business is highly profitable but high risk, and the Munich Re deal would make Qingdao-based Shandong Shipping’s venture financially feasible.
Last week, Shandong Shipping subsidiary Shanghai Twin Marine (STM) placed a long-awaited order at Yantai CIMC Raffles Offshore for a set of three vessels on an experimental design.
STM
