Shipbuilding at Posidonia 2024
Greece’s revitalized shipbuilding industry will be prominently represented during Posidonia 2024, signaling a strong recovery following decades of decline and disrepair.
The sector’s Greek renaissance is on the cards after the completion of the consolidation of the country’s shipbuilding units on Syros and at Elefsina, and also due to the resumption of activities at the Skaramangas shipyard and an increase in work at Halkida.
Neorion Shipyards on Syros and Elefsis Shipyards in West Attica have repaired over 500 ships, foreign and Greek-owned, since the New York-based ONEX Shipyards and Technologies group took over their operations in 2019. Combined with further domestic output from other ship repair and shipbuilding operations, Greece is now seen as an important contributor to European shipyards’ annual production value of around 43 billion euros, which comprises a collective civil and naval orderbook value that surpasses that of their Asian counterparts.
“Greece is resurfacing as a credible shipbuilding cluster for vessel repair, conversion, and potentially for the construction of newbuildings for Greek and international shipowners and naval forces. This revival follows decades of underperformance and underinvestment, marked by the absence of a strategic vision,” said Theodore Vokos, managing director at Posidonia Exhibitions.
Through a slate of strategic partnerships and multimillion investments, Greek shipyard operators and the Greek government are making a statement of their long-term commitment to a sector estimated to currently account for 1% of Greek GDP. The sector’s revival will further strengthen both the country’s economy and security. Partnerships will, among others, include naval projects, as the Greek government discusses the joint design and co-production of the new generation of Constellation frigates with the US, while increased activity at the shipyards will empower and support Greek maritime equipment manufacturers, further enhancing Greece’s contribution to Europe’s 50% market share and global dominance in marine equipment manufacture and supply.
Furthermore, private and institutional investors are seeing the opportunity presented by Greece’s geographic location, maritime heritage, commitment of the Greek shipowning community, and political will to fund the sector.
