Economou Backs $300m Green Recycling Initiative

Friday, June 05, 2009

George Economou and broking house Banchero and Costa Spa have both invested in the Green Recycling Initiative launched two weeks ago. The $300m GRI aims to integrate the needs of steel producers to be able to produce ethically sourced steel from traceable scrap and the needs of shipowners to recycle ships in a more environmentally friendly manner. The launch investors were Italy-based Siba Ships and Netherlands-based Seaarland Shipping Management.

The Green Recycling Initiative (GRI) is building a fund to buy around 120 obsolete ships during 2009/10. Investors will be drawn from both the shipping and steelmaking industries. It will begin recycling these at established environmentally friendly ship recycling yards run by the International Ship Recycling Association while it builds its own recycling facility.

Both Cardiff Marine and DryShips are global shipping transportation companies specializing in the management and transportation of various commodities in both the drybulk and the energy sector. The fleet managed by Cardiff Marine is in excess of 10 million deadweight tons.

Banchero and Costa Spa is one of the world's leading maritime broking houses and shipping services groups. It has offices in Genoa, Monte Carlo, London, Geneva, Moscow, Hong Kong and Beijing.

The Green Recycling Initiative is a Singapore-based company specifically formed to buy and recycle ships and to trade steel scrap on a global basis. It is run by Pearl Minerals and Metals Ltd, an Australia-based minerals fund.

(www.gri.com.sg)

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Salvage

Sunken WWII Landing Craft Refloated

LCT 7074, the last known landing craft to survive the D-Day invasion in 1944, has been refloated as part of a project to lift and save the vessel which began in March 2014,

How Difficult is it to Obtain a Jones Act Waiver?

The American Salvage Association’s Jon Waldron provides the ultimate cabotage primer. There always seems to be constant chatter about waiving the Jones Act. In reality,

Italy Region, Island Seek $274m in Concordia Damages

Officials for Italy's Tuscany region and the island of Giglio said on Monday they would seek a total of 220 million euros ($274 million) in damages from Costa Cruises,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0943 sec (11 req/sec)