In the runup to DEFEA 2025, Panos Xenokostas, President of the Hellenic Shipyards Association and President and CEO of Onex Shipyards and Technologies Group, talks to Business Partners about the capabilities and potential of Greece’s shipyards to contribute to Europe’s rearmament and Greece’s economic growth.
Europe is rearming and defense budgets are increasing. What is the situation in Greece, considering the announced 12-year program and the challenges facing the domestic defense industry?
The domestic defense industry suffered a significant setback over the past decade due to the economic crisis. However, the fact that we can revive the industry is demonstrated by the cases of the Syros and Elefsina shipyards. We are ready to build and support any type of vessel the Navy requires—from patrol boats and corvettes to frigates and submarines—fully equipped with integrated weapon systems. Unfortunately, the Navy has not shown the level of interest we had hoped for, and we are witnessing Greek authorities turning to large European shipyards, creating conditions of unfair competition.
Further institutional support for Greek industry is essential to prevent such distortions. We also need measures that promote closer collaboration with the Navy and the establishment of a unified institutional framework. Such measures could contribute to significantly increased investment in the sector, allowing Greece to fully benefit from the European Union’s rearmament program.
The time is now to support Greek talent, Greek businesses, and Greek workers
Is there room for the national defense industry to become more autonomous?
In terms of geopolitical positioning, Greece maintains the advantage of a strategic location. Our highly skilled workforce and the quality of our services add considerable value.
Greek shipyards have become internationally competitive. Our goal is to diversify and expand into markets beyond the Mediterranean to strengthen our global partnerships. This is one of the few remaining industrial sectors where Greece can produce integrated, high-value products, adding measurable value through its broader industrial ecosystem. Its potential must be fully exploited—domestically, across Western Europe, and internationally.
Since the competition is global, if our country is to take the lead, the state must treat this sector as an essential part of the maritime industry—offering the flexibility it needs to succeed. I have concrete proposals for reforms aligned with the current demands and challenges of the sector. We’ve consistently emphasized the importance of partnerships and collaboration to ensure the transition to the next phase happens under favorable conditions.
How is Onex Group positioned to meet these increased demands?
Modern shipyards now have far greater capabilities than in the past and are able to construct any type of vessel, including defense ships, which are particularly relevant to the discussion of military equipment. Through this dynamism, and by enhancing national security, we are also playing a role in safeguarding the energy transition, something increasingly vital in today’s geopolitical context.
Onex shipyards in Syros and Elefsina are leading the international competition, backed by investments exceeding $130 million. We’ve proven over the years that we’re capable. We have both the experience and the resources—human and technical—to surpass our international competitors, many of whom benefited from the inevitable pause in the Greek defense sector’s progress during the national crisis caused by the Memoranda.
What we ask of the state is to follow through on its responsibilities so it can match our momentum. To support Greek talent, Greek businesses, and Greek workers. By doing so, it will offer real support to Greek society at a time when the international environment continues to generate insecurity and uncertainty.