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

Salvage

Documentary Examines Shipbreaking Practices in Bangladesh

Toxic ships for Bangladesh: TV documentary on German ship owners and their shipbreaking practices A new documentary titled "Giftiger Tankerschrott für Bangladesch

Boater Rescued from Sailboat Blaze

The U.S. Coast Guard assisted with the rescue of a boater Monday after the man's 33-foot sailboat caught fire five miles west of Windmill Point in the Chesapeake Bay.

WWII Wrecks Found 30 Miles off US Coast

The wreck of a World War Two German U-boat and a freighter that sank 72 years ago have been discovered off the North Carolina coast by U.S. researchers, officials said.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Sonar Winch
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: 0.0944 sec (11 req/sec)