Landmark agreement between ONEX Group and Hanwha Ocean
Greece re-emerges as a global force in defense shipbuilding,
backed by American technology and Korean expertise
In a landmark deal that reshapes the geopolitical landscape of defense shipbuilding, ONEX Shipyards & Technologies Group and global shipbuilding leader Hanwha Ocean have joined forces, positioning Greece at the epicenter of the defense shipbuilding industry in the Mediterranean, Southeast Europe and the Black Sea region.
The strategic cooperation agreement was signed today at a dedicated ceremony held at the HANWHA headquarters in Seoul, South Korea, in the presence of senior executives from both sides, government representatives, and diplomatic delegations.
Advancing the vision set out in the historic Washington agreement, ONEX Shipyards and Technologies Group has become the first Greek shipbuilding group with a truly global outlook, now holding a leading position in the worldwide market for defense vessels, submarines, and next-generation manned and unmanned systems.
Greece as Hanwha Ocean’s strategic arm
Through this partnership, the shipyards of ONEX Group become Hanwha’s central shipbuilding arm in the region. This collaboration creates the most powerful shipbuilding ecosystem in the Mediterranean, uniquely combining Hanwha’s Korean shipbuilding supremacy, the most advanced American defense technologies, and Greece’s distinguished shipbuilding craft and expertise.
Technological superiority and domestic production exceeding 70%
The agreement provides the Hellenic Navy with direct access to state-of-the-art vessels and submarines, while for the first time, Greece gains the capability for:
• Full domestic construction of warships and submarines, with Greek participation soaring above 70%.
• Export activity to third countries, strengthening Greece’s international standing as a defense shipbuilding hub.
• Establishment of a permanent production and MRO (Maintenance, Repair & Overhaul) line in Greece, serving the entire broader geographical region.
Economic impact and job creation
This investment breathes new life into the Greek economy, creating thousands of new, highly paid jobs and delivering unprecedented benefits to the domestic industrial ecosystem.
Backed by the seals the United States and Korea, ONEX Group is driving Greece to the forefront of the global defense industry, safeguarding the region’s security and prosperity.
Statement by Mr Panos Xenokostas, Chairman & CEO of ONEX Shipyards & Technologies Group:
“Today, our Group’s shipyards are not merely turning a page; they are leading a global defense revolution. Our strategic partnership with Hanwha Ocean is the tangible vindication of our vision for a Greece that does not simply consume technology but produces and exports it.
Within the framework of the historic Washington Agreement, we are building in our homeland the most powerful shipbuilding ecosystem in the region, combining American cutting-edge technology with Korean supremacy. For the first time in our history, we are constructing next-generation warships and submarines with Greek hands, securing domestic added value exceeding 70%.
We are not only reinforcing the deterrent power of our Navy, but creating thousands of well-paid jobs, transforming Greece into an international innovation hub bearing the seal of the United States and Korea.
The future of the global shipbuilding industry now runs through Greece as well.”
About ONEX Shipyards & Technologies Group
ONEX Shipyards & Technologies Group is a cornerstone of the shipbuilding industry in Greece, operating two modern shipyards in Syros and Elefsina, along with proprietary port facilities. The Group’s investment program in Greece exceeds €650 million, and its operations support more than 3,000 direct and indirect jobs. ONEX is a member of the Hellenic Ports Association (E.LIM.E.) and has set the strategic goal of creating a fully Integrated Hub in the Eastern Mediterranean, combining shipbuilding and port operations, energy, and logistics.
About Hanwha Ocean
Hanwha Ocean, a member of the Hanwha Group, is one of the largest shipbuilding groups in the world, with extensive experience in the construction of naval vessels, submarines, commercial ships, and floating energy units. The company maintains a global network of strategic partnerships and is at the forefront of developing cutting-edge maritime technologies.
