The President and CEO of the ONEX Shipyards & Technologies Group and Chairman of the Hellenic Shipyards Association, Mr. Panos Xenokostas, participated in the Economic Forum Delphi 2026.

In the context of the “Energy & Infrastructure” dialogue, and presenting the Group’s vision for the renaissance of the Greek shipbuilding industry, Mr. Xenokostas developed the Group’s new, three-dimensional strategy to the journalist Minas Tsampopoulos and announced revised targets reflecting its dynamic growth.

From shipyards to heavy industry: a triple growth axis

Xenokostas presented the Group’s transformation around three strategic pillars:

▸ Shipbuilding & Ship Repair: The Group has exceeded 890 shipyards, with a target to reach 1,000 ships by the end of 2026. At the same time, a full tug production line is operating with 20 vessels under construction.

▸ Combined Transport & Port Infrastructure: Development of private port infrastructure in Elefsina with a current area of ~700 acres and a target of 1,300+ acres. In 2026, permitting is expected to be completed, and in a few months the railway station within the site will connect the piers to the national network, creating integrated intermodal routes to Europe.

▸ Energy, Defence & Technology: Strategic partnerships with Hanwha Power Systems and Hanwha Ocean introduce LNG technology and defense applications, turning the yards into the gatekeepers of our country’s energy independence.

Assets 1.5 billion – New target of 5 billion in 2030

Xenokostas announced that the Group has prematurely surpassed its initial valuation target: the Group’s assets now amount to over 1.5 billion euros, compared to the target of 1 billion euros set for the end of 2026. The valuation was carried out by one of the Big 4 accounting firms. Based on these dynamics, the new target is set at EUR 5 billion by 2030, with an investment plan of EUR 1.1 billion, combined with low leverage that provides operational flexibility.

Port of Elefsina: a corridor connecting the Mediterranean with Europe

In response to assessments of 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, which goes beyond the borders of the country. It is a corridor that will connect the Mediterranean with mainland Greece and the rest of Europe, in dual use.“

The development of the port is part of a wider strategic plan to create a network of alternative port routes in the region. For sceptics, Xenokostas had an answer: “Those without imagination die of surprise“, referring to the same scepticism that ONEX faced when it announced the shipyard regeneration.

Towboats, shipping and rail: an integrated ecosystem

The discussion also analysed:

▸ MEGA Tugs: We have established ONEX Shipping which is now becoming SpinOut and we already have the first order from MEGATUGS for 20 tugs. We have started a €200 million production line on our own, turning the Group into a manufacturer and shipowner at the same time.

▸ Coastal: The vision of building the first coastal ships at ONEX shipyards is being actively discussed as part of the 10-year partnership with Attica Group.

▸ ONEX RSIS – Rail: Entering the rolling stock sector is not a stand-alone business move, but the natural extension of the intermodal vision: on-site rails, pier – rail – Europe connection and “Made in Greece” train manufacturing.

Greek shipowners and human capital

Special reference was made to support for Greek shipping: 81% of the repairs in Elefsina and 79% in Neorio Syros involve Greek shipowners, proof that trust is won by results and not by appeals to patriotism.

Reference was also made to the craftsman schools operating at both shipyards: the first 35 graduates were absorbed immediately. “We need to make shipyards fashionable again,” Xenokostas said, noting that these are well-paid jobs with prospects.

Greece as a transatlantic hub

In the context of the partnership with US-based DFC, Xenokostas confirmed that the group is running 50% faster in achieving the agreed targets, while the relationship is “growing and deepening”. The three-dimensional alliance between Greece, the US and South Korea (Hanwha, DFC, SSRST)is transforming Greece into a transatlantic hub connecting Asia, Europe and the Americas.