Grieg Green gets ABN Amro cash in quest to end beaching vessels

Dutch bank ABN Amro has given cash injection to Grieg Green that the company says will be used to ensure old vessels are recycled sustainably, rather than being beached.

“The core business for Grieg Green is to provide one-stop solutions for shipowners. The vessel will be recycled in a sustainable way with us. We wanted to make more impact, so we needed more transactions, to buy and sell vessels. For this we needed a substantial financial backbone,” Petter Heier, Grieg Green CEO (pictured), said in a statement.

Part of Norway’s Grieg Shipping Group, Grieg Green handpicks the world’s top recycling yards using its own ‘score-card’ rating method.

The company says it wants to be able to respond quickly when a shipowner wants to recycle a ship, in order to provide a “financially and operationally viable” alternative to beaching.

“I believe we can accelerate positive change by steering our know-how and financial strength in the right direction,” said Gust Biesbrock, head of transportation clients at ABN Amro.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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