December 11 - Grieg Star subsidiary Grieg Green has joined forces with Dutch bank ABN Amro in an attempt to create a more sustainable shipping industry.

Grieg Green has focused on the green recycling industry for the last five years, making sure old vessels are sustainably recycled instead of being beached. To enable it to grow further, ABN Amro will provide bespoke financing and cash management solutions to Grieg Green.

"The core business for Grieg Green is to provide one-stop solutions for ship owners. 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," said Grieg Green ceo Petter Heier.

Annette Berg, head of maritime Norway, energy, commodities and transport (ECT) clients at ABN Amro, added: "By enabling Grieg Green to grow and bringing them in touch with our network, more ship owners can recycle their ships sustainably."

Watch a video about the cooperation below: