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 July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Salvage

Fire on Subsea Viking

An exclusion zone was set up around Hatston Pier earlier as the offshore support vessel Subsea Viking which was tied up alongside at the time caught fire at Hatson

Boxships Collide in Port Klang, Malaysia

The container ships MOL Empire and Northern Democrat collided at around 1430 LT Aug 1 in Westport harbor at Port Klang, Malaysia, reportedly while mooring.   Container or containers fell overboard,

Five Rescued from Yatch in Solent, UK

Five people have been rescued from the Solent after their small leisure boat suffered engine failure and began taking on water.   The occupants of the boat made

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1079 sec (9 req/sec)