Splash 24/7 – Grieg Green gets ABN Amro cash in quest to end beaching vessels

Written by Holly Birkett

Access the original article

11 December 2015 - 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.