ONEX Shipyards Wins Greece’s First Newbuild Order in Decades

Greece’s ONEX Shipyards and MEGATUGS announced an agreement to build new tugboats at the Elefsina shipyard. It makes a key milestone for the restoration of the shipyard industry in Greece, as it is the first newbuild order placed in Greece in decades.

MEGATUGS ordered two state-of-the-art tugboats to be built using Robert Allen’s RAstar 2800 design for ASD Escort/Terminal tugs. It also has an option to build two additional tugs at the Greek shipyard. Each of the tugs will be just over 28 meters (92 feet) in length with a bollard pull of up to 85 tonnes. They will be powered by twin MAN engines and Schottel rudder propellers.

The versatile tugs will be capable of escort operations, harbor, and open-sea towing. They will also be outfitted with FiFi 1 firefighting systems and an oil recovery capability.

“Today marks an important milestone for the ONEX Group Shipyards and the Greek shipbuilding industry,” said Panos Xenokostas, Chairman & CEO of ONEX Shipyards & Technologies Group and President of the Hellenic Shipyards Association. “Less than three years after the restart of the Elefsina Shipyards and seven years after the restart of the Syros Shipyards, we are operating at full production capacity, serving hundreds of vessels.”

The company highlights that it has been working to create an integrated production line and to restore the capabilities of the yards. They resumed dry dock and repair operations and recently announced the next phase of the revitalization of Greek shipbuilding and repair operations with an investment at the Syros yard.

ONEX highlighted that it took over the Elefsis shipyard after it had fallen into disrepair and debt. In 2022, it was reported that the yard had not received a commercial ship in five years. It undertook repairs on a Star Bulk vessel in November 2022 as it restarted work. In 2023, they lifted the Number 1 dry dock for the first time in five years.

A U.S. corporation, ONEX received $125 million in financing from the US International Development Financing Corporation to aid in the redevelopment of the Elefsina shipyards. US Ambassador Kimberly Ann Guilfoyle attended the signing ceremony and, in her remarks, called it a new chapter for Greek shipbuilding. She said it was tangible proof of the strategic partnership between the United States and Greece and said the U.S. looks forward to helping in the enhancement of Greece’s shipbuilding industry.