The former head of Norwegian green recycling consultancy Grieg Green is in business to create a new market for old ships as an alternative to the scrap yard.

Petter Heier’s green cash buyer project Calmocean expects a wave of relatively young vessels made obsolete by stringent regulations and by financiers and charterers increasingly picky about environmental, social and corporate governance (ESG) matters.

“I want to purchase assets that are going for recycling, but that can be rebuilt or repurposed instead,” he told TradeWinds.