Hanwha and Greece’s Onex Shipyards Partner to Expand U.S. Shipbuilding

Greek Foreign Minister — Greece's Foreign Minister speaking during the event for the Hanwha - Onex partnership (Greek Foreign Ministry)

A new trilateral agreement was formalized between Onex Shipyards & Technologies, which is working to revitalize Greek shipbuilding, and South Korea’s Hanwha Power Systems, with American officials looking on during the signing event. According to the reports, the effort will support the efforts in Greece but also looks to leverage the emerging opportunities in the United States under the Trump administration’s U.S. Maritime Action Plan.

Onex reports that the agreement focuses on the development of newbuildings with LNG capacity as well as critical energy infrastructure, including FSRU units. The two companies report they will cooperate on shipyard production optimization and efficiency and to strengthen reliable supply chains based in the United States.

Hanwha reportedly will become a supplier of equipment to Onex, which operates two shipyards in Greece. Onex also looks to benefit from Hanwha’s deep expertise in the construction of LNG and FSRU ships.

The companies are reportedly also looking to develop a U.S.-based shipyard that would realize the opportunities of the Trump plan and emphasis on expanding the U.S. Navy and revitalizing the U.S. merchant marine. U.S. Ambassador to Greece Kimberly Guilfoyle highlights that the Trump plan seeks to leverage American allies' shipbuilding capabilities to support the U.S. industry. The maritime plan includes a call for developing shipbuilding enterprise zones and the involvement of foreign shipbuilders.

The U.S. has been backing Onex since the company took over two Greek shipyards that were largely bankrupt and out of work. Onex highlights that, with no production work and unpaid workers in 2020, Elefsis Shipyards has transformed into a busy center with international prospects. Onex received a U.S.-backed financing program in 2023 that provided $125 million for the upgrade of Elefsis, and last year, Onex announced it was starting the second phase of investments to expand the shipyard at Syros.

Speaking during the event in Washington, Greece’s Minister of Foreign Affairs called the agreement a milestone in U.S.-Greek-Korean relations. He noted that Greek shipowners had been the first to support the emerging Korean shipbuilders after World War II and said the new agreement unlocks the potential for large-scale energy projects.