Greek shipbuilder Onex partners with Hanwha on energy and offshore projects

The agreement was signed on 25 February at the US Department of Transportation in Washington, DC, by Onex chairman and chief executive Panos Xenokostas and Hanwha Group global chief strategy officer Alex Wong. The counterparty to the deal is Hanwha Power Systems, a provider of advanced energy equipment.

The announcement came during the Transatlantic Gas Security Summit in Washington this week, where Onex was in attendance.

Hanwha has been at the forefront of efforts to revitalise the US shipbuilding and maritime industry, and Onex is now partnering with the South Korean group to capitalise on this, pursuing new projects and broader co-operation in the US.

The signing ceremony was witnessed by Greek and US officials, including US ambassador to Greece Kimberly Guilfoyle. Greek foreign affairs minister George Gerapetritis referred to the recently issued US Maritime Action Plan, noting that it creates opportunities for co-operation with trusted allies such as Greece and South Korea.

A key priority under the partnership will be the expansion of US-based maritime industrial capabilities and the acceleration of critical energy infrastructure development. Areas of focus include marine operations supporting offshore and onshore regasification facilities, power generation, and energy production and storage platforms.

The bilateral agreement also envisages the development of LNG-capable newbuild vessels, as well as co-operation in production engineering and workflow optimisation for newbuilding programmes.

The two partners have further agreed to expand joint activities in the United States, with an emphasis on reshoring maritime energy manufacturing and integration activities.

“This agreement sets a clear course for rapid progress in LNG and next-generation offshore and onshore energy platforms, centred on US-based integration and production,” Mr Xenokostas said.

First commercial shipbuilding order in decades

Onex operates two of Greece’s largest shipyards – Elefsina in Attica and Syros in the Cyclades – with total investments exceeding €650M (US$766M). The group has played a central role in the revival of the Greek shipbuilding industry, alongside shipowner George Prokopiou, who acquired the Skaramangas shipyard.

A significant milestone for Onex has been securing Greece’s first commercial shipbuilding contract in decades. Megatugs Salvage & Towage has placed an order for two escort tugboats at the Elefsina yard, with options for two additional units.

Onex previously received financial backing from the US International Development Finance Corp, supporting infrastructure upgrades and the restart of operations at its facilities.