Greek Shipyards Experience Resurgence: Warship Construction Fuels Orders
After years of decline, Greece's shipbuilding industry is witnessing a revival, fueled by renewed interest in warship construction. Once symbols of economic downturn, Greek shipyards are now poised to become key players in military shipbuilding. This sector, which currently contributes about one percent to the national GDP, could expand to 2.5 percent within five years, market observers predict.
The revival can be largely attributed to two private investors. Onex Technology Systems, led by Greek entrepreneur Panos Xenokostas, acquired the historic Neorion Shipyard on the island of Syros in 2018 and the Eleusis Shipyards near Athens in 2020. Since 2019, Onex has repaired and serviced over 500 ships across its facilities, with plans to invest $550 million to modernize these shipyards into a Mediterranean shipbuilding hub.
The largest Greek shipyard, formerly known as Hellenic Shipyards , was acquired by ship magnate George Prokopiou in 2023 and renamed Skaramangas Shipyards. Once inactive for 14 years, the shipyard has already completed 37 repair orders last year and anticipates doubling its workload by 2025.
As Greece embarks on a historic defense procurement program worth up to 25 billion euros, the shipyards aim to secure orders from both Greek and international clients. This includes the Greek navy's procurements, expected to total up to 7 billion euros, fostering local shipyard involvement in constructing and modernizing its fleet of frigates, corvettes, and submarines.
Skaramangas Shipyards has a longstanding history in military shipbuilding and is seeking to leverage partnerships, such as with Thyssenkrupp Marine Systems for modernizing Greek naval vessels. Similarly, Salamis Shipyards near Piraeus is involved in producing parts for the French Naval Group's "Belharra" frigates, soon to be delivered to Greece.
Looking forward, Onex's Xenokostas suggests that Greek shipbuilders collaborate on domestic frigate designs targeting exports, potentially establishing a core national defense manufacturing industry. This strategic move could position Greece as a significant player in the global military shipbuilding industry.

Source: https://www.rnd.de/politik/griechische-werften-im-aufwind-bau-von-kriegsschiffen-soll-auftraege-bringen-K7OWZ7HYXBHPPF2SAPXTUFFWZM.html