Home Uncategorized ONEX Shipyards Spearheads the American Response to Chinese Dominance of Piraeus

ONEX Shipyards Spearheads the American Response to Chinese Dominance of Piraeus

June 6, 2025

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PHOTO: ONEX Shipyards in Elefsis, near Pireaus

By Nick Stamatakis

Greek Shipbuilding is a centuries-old tradition, reinforced during the last century by the production of top talent in shipbuilding engineering by the famous Athens Polytechnic. The rise of Korean and Chinese shipbuilders two to three decades ago, led hundreds of those talented young engineers to seek work in the Far East. In recent years, this trend has had a chance to be reversed through the intervention of the U.S., particularly through the International Development Finance Corporation (DFC). This organization is closely tied to the State Department and directs funds towards strategic objectives.

Especially since Trump was elected president, it has been a stated goal of the new administration to re-energize shipbuilding. This industry was downgraded to produce only a handful of ships annually in the US. In Greece, the development of shipbuilding – particularly this venture of ONEX Shipyards, recently financed by DFC – has another goal: spearheading an effort to halt the expansion of Chinese influence in Greece, which has been inflated following the purchase of the port of Piraeus by the Chinese giant COSCO.

Since 2016, China’s state-owned COSCO Shipping has held a majority stake in the Port of Piraeus, transforming it into the busiest container port in the Mediterranean and a critical node in China’s Belt and Road Initiative. This investment has significantly enhanced China’s logistical reach into Europe.

PHOTO: A small part of COSCO’s massive operations in Pireaus

However, in January 2025, the U.S. Department of Defense added COSCO to a list of companies linked to China’s military, aiming to deter U.S. entities from engaging with it. While not a legal sanction, this move has raised concerns in Greece about potential economic repercussions and the broader implications of Chinese involvement in critical infrastructure.

On May 15, 2025, a significant event took place at the Elefsina Shipyards in Greece, marking the completion of the 700th ship serviced by ONEX Shipyards. This milestone was celebrated during the anniversary event titled “700 Ships – A Vision,” organized by ONEX Shipyards & Technologies Group. The ceremony underscored the revitalization of Greece’s shipbuilding industry and highlighted the collaborative efforts between ONEX and the U.S. International Development Finance Corporation (DFC) – link here.

The event was attended by prominent figures, including:

Takis Theodorikakos, Greece’s Minister of Development,
Vassilis Kikilias, Minister of Maritime and Island Policy.
George Mylonakis, Deputy Minister to the Prime Minister.
George Kotsiras, Deputy Minister of Economy and Finance.
Lazaros Tsavdaridis, Deputy Minister of Development.
Athanasios Bouras, Deputy President of the Parliament.
Members of Parliament, and
Panos Xenokostas, President and CEO of ONEX Shipyards.

During the event, Minister Theodorikakos emphasized the strategic importance of the shipbuilding industry for Greece, stating that “Made in Greece” in shipbuilding must become the ultimate success story. He acknowledged the decisive contribution of the DFC to the investment in the regeneration of the Elefsina Shipyards, highlighting it as a national endeavor with significant developmental impact and job creation potential.
The event celebrated the ongoing cooperation between ONEX and the DFC, and there are some reports indicating the attendance of Mildred Callear, DFC’s Chief Financial Officer, or Maria Olson, Chief of Staff at the U.S. Embassy in Greece, at this specific ceremony. Both officials have been actively involved in supporting the partnership between ONEX and the DFC. Notably, on May 15, 2025, Minister Theodorikakos met with a delegation from the DFC, led by Mildred Callear, and representatives from the U.S. Embassy, including Maria Olson, to discuss the strengthening of the shipbuilding and ship repair industry in Greece. During this meeting, Callear described the DFC’s investment in Greece as a “real success” and expressed interest in further investments.

The collaboration between ONEX and the DFC, formalized with a $125 million loan agreement signed on November 6, 2023, aims to modernize the Elefsina Shipyards, transforming them into a strategic maritime and energy supply hub in the Mediterranean region. This investment is expected to enhance Greece’s shipbuilding capabilities, promote energy security, and create thousands of jobs.

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ONEX Shipyards in Syros, another traditional shipbuiding town in Greece.

HERE IS A SUMMARY OF ONEX SHIPYARDS PROGRESS IN GREECE

ONEX Shipyards Powers Greece’s Maritime Resurgence with €1.3 Billion in Strategic Initiatives

Athens, Greece – December 2024 – ONEX Shipyards & Technologies Group has announced a series of transformative agreements that underscore its leading role in revitalizing Greece’s maritime industry, integrating green technologies, and boosting national shipbuilding capabilities.

€280 Million Tugboat Construction Agreement

ONEX has partnered with Robert Allan Ltd. to construct up to 40 RAstar 2800 tugboats over the next five years. The €280 million project will be carried out at ONEX’s Elefsina and Syros shipyards, aiming to:

Modernize Greece’s aging tugboat fleet,
Enhance safety and port operations,
Create hundreds of skilled jobs.

MAN Energy Solutions SE will supply propulsion systems for the first 20 vessels, with an option for 20 more, emphasizing efficiency and environmental compliance.

€1 Billion Green Retrofit Program with Attica Group

In a landmark decarbonization initiative, ONEX signed a €1 billion Memorandum of Cooperation with Attica Group to retrofit 45 ferries to modern environmental standards. This 10-year program focuses on:

Sustainable maintenance and repairs,
Greening of Greece’s ferry fleet,
Long-term revitalization of national shipyard infrastructure.

$125 Million U.S. Investment in Elefsina Shipyard

ONEX has secured a $125 million loan from the U.S. International Development Finance Corporation (DFC) to:

Modernize the Elefsina Shipyard,
Increase service capacity to 200 ships annually,
Construct a 30MW solar farm to support green shipbuilding and regional energy needs.