Mr. Panos Xenokostas, Chairman and CEO of the ONEX Shipyards & Technologies Group and President of the Hellenic Shipbuilders’ Association, participated in the Delphi Economic Forum 2026 as part of the “Energy & Infrastructure” panel discussion, presenting the Group’s vision and transformation. Starting with the revival of the Greek shipbuilding industry, Mr. Xenokostas outlined to journalist Minas Tsamopoulos the Group’s new, three-pronged strategy and announced revised targets that reflect its dynamic growth.
From Shipbuilding to Heavy Industry: A Three-Pronged Growth Strategy
Mr. Xenokostas presented the Group’s transformation centered on three strategic pillars:
Shipbuilding & Ship Repair: The Group has completed over 890 ship repairs, with a target of reaching 1,000 ships by the end of 2026. At the same time, it operates a full tugboat production line with 20 vessels under construction.
Intermodal transport & port infrastructure: Development of private port infrastructure in Elefsina, currently covering ~700 acres with a target of 1,300+ acres. Licensing is expected to be completed by 2026, while in a few months the rail station within the site will connect the docks to the national network, creating integrated intermodal routes to Europe.
Energy, Defense & Technology: Strategic partnerships with Hanwha Power Systems and Hanwha Ocean are introducing LNG technology and defense applications, transforming the shipyards into guardians of our country’s energy independence.
Assets of €1.5 billion – New target of €5 billion by 2030
Mr. Xenokostas announced that the Group has surpassed its initial valuation target ahead of schedule: the Group’s assets now total over €1.5 billion, compared to the €1 billion target set for the end of 2026. The valuation was conducted by one of the Big 4 accounting firms. Based on this momentum, the new target is set at €5 billion by 2030, with an investment plan of €1.1 billion, combined with low debt that provides operational flexibility.
Port of Elefsina: A Corridor Connecting the Mediterranean with Europe
Responding to assessments regarding competition with Piraeus, Mr. Xenokostas was categorical:
“What we are creating in Elefsina is an alternative route for goods. It is neither complementary to Piraeus nor competitive; it is something more, extending beyond the country’s borders. It is a corridor that will connect the Mediterranean with mainland Greece and the rest of Europe, serving a dual purpose.”
The port’s development is part of a broader strategic plan to create a network of alternative port routes in the region. For the skeptics, Mr. Xenokostas had a response: “Those who lack imagination will be taken by surprise,” referring to the same skepticism ONEX faced when it announced the revitalization of the shipyards.
Tugs, Coastal Shipping, and Railways: A Comprehensive Ecosystem
The discussion also covered:
MEGATUGS Tugs: We have established ONEX Shipping, which is now becoming a spin-off, and we have already received the first order from MEGATUGS for 20 tugboats. We have launched a production line worth €200 million on our own, simultaneously transforming the Group into both a manufacturer and a shipowner.
Coastal Shipping: The vision of building the first coastal shipping vessels at ONEX shipyards is actively being discussed as part of the 10-year partnership with Attica Group.
ONEX RSIS — Railways: Entry into the rolling stock sector is not a standalone business move, but the natural extension of the intermodal vision: rails within the facilities, connecting the pier to the railway to Europe, and the construction of “Made in Greece” trains.
Greek Shipowners and Human Capital
Special mention was made of the support for the Greek shipping industry: 81% of repairs in Elefsina and 79% at Neorio Syros involve Greek shipowners, proof that trust is earned through results and not by appeals to patriotism.
Reference was also made to the technical schools operating at both shipyards: the first 35 graduates were immediately hired. “We need to make shipbuilding trendy again,” emphasized Mr. Xenokostas, noting that these are well-paid jobs with good prospects.
Greece as a Transatlantic Hub
In the context of the partnership with the U.S.-based DFC, Mr. Xenokostas confirmed that the Group is on track to achieve the agreed-upon goals 50% faster, while the relationship “is growing and deepening” . The three-way alliance between Greece, the U.S., and South Korea (Hanwha, DFC, SSRST) is transforming Greece into a transatlantic hub connecting Asia, Europe, and America.
“Where others see piers, we see roads connecting our islands and the Mediterranean to the northern part of Europe. Through our work, we want Greece to regain what it once had: heavy industry, real production, and the ability to be proud of ourselves and our children.”