Grieg Green Shuts Down After 15 Years: Citing Harsh Market Realities and Rising Competition
Norway’s Grieg Green, a pioneering name in sustainable ship recycling and environmental advisory services, has announced its closure after fifteen years of operation. The company, which functioned as the ship recycling and ESG advisory arm of the Grieg Maritime Group, said it was left with no choice but to wind up due to increasingly difficult market conditions and mounting competition that have made it hard for premium service providers to remain viable.
Based in Bergen, Grieg Green’s decision takes effect immediately, marking the end of an era for one of the maritime industry’s most respected advocates for responsible ship recycling. In an official statement, the company noted that the closure follows “an extended period of challenging conditions” in the global recycling sector, which has been under pressure from fluctuating steel prices, uneven regulatory enforcement, and cost-cutting tendencies that favor cheaper and less sustainable options.
Founded in 2010, Grieg Green was born out of a vision to prove that end-of-life ships could be dismantled safely and sustainably, in ways that respected both workers and the environment. Over the past fifteen years, the company successfully oversaw the recycling of more than 80 vessels and nearly 70 offshore rigs, many of them large and complex assets. Its operations extended across Europe and Asia, where it worked closely with vetted yards that adhered to international environmental and labor standards.
“Our purpose was to show that it was possible to recycle maritime assets sustainably and responsibly,” the company said in a statement. “With this mission completed, we see that it is increasingly difficult for high-end service providers like Grieg Green to remain competitive.”
The announcement underscores the growing tension between commercial realities and environmental ideals within the ship recycling industry. While global attention to sustainability has increased, many shipowners continue to prioritize lower recycling costs, often choosing yards in South Asia where safety and environmental compliance are less stringent but prices are far more attractive. This competitive imbalance has squeezed companies like Grieg Green, which built their reputation on offering transparency, compliance with the Hong Kong Convention, and adherence to ESG (Environmental, Social, and Governance) principles.
Matt Duke, CEO of Grieg Maritime Group and chair of Grieg Green, said the decision followed months of careful evaluation. “We have looked at different scenarios throughout the last months and found that the right thing to do is to close these activities down,” Duke said. “We are proud of the difference Grieg Green has made and thank the team and partners who have been part of that journey.”
Industry observers note that Grieg Green’s exit reflects broader challenges facing the ship recycling market. Despite increasing talk about sustainable shipping and green transitions, the economics of recycling remain harsh. The sector has been hit by volatile scrap prices, complex international regulations, and uneven demand for end-of-life vessels. The cost of maintaining high operational standards, certifications, and environmental audits often makes it difficult for responsible operators to compete with lower-cost facilities elsewhere.
For Grieg Green, however, its closure is not seen as a failure but as the conclusion of a chapter that helped reshape industry norms. Since its inception, the company has been a strong voice in promoting sustainable dismantling practices and transparency in an industry once notorious for pollution and labor exploitation. Its work also influenced policy development and awareness around green recycling options.
As the company bows out, its legacy remains significant. Grieg Green demonstrated that sustainability and profitability could coexist—at least for a time—and set benchmarks that others in the industry continue to follow. While its departure leaves a gap in the responsible recycling landscape, it also serves as a reminder that the path toward a greener maritime future remains fraught with economic and ethical challenges.
The Grieg Maritime Group, meanwhile, will continue its shipping operations, reaffirming its broader commitment to sustainable practices within the maritime sector, even as it bids farewell to one of its most pioneering ventures.
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