Greece, US boost ties with ONEX-Hanwha agreement

A cooperation agreement was signed at the US Department of Transportation between ONEX Shipyards & Technologies and the Hanwha Power Systems group, in the presence of Foreign Minister of Greece George Gerapetritis and US Deputy Secretary of State Michael Rigas.

The ceremony was part of the broader context of discussions on energy security and the upgrading of critical infrastructure in the region, with both sides presenting the cooperation as a starting point for further developments in the fields of shipbuilding and energy cooperation, CE Report quotes ANA-MPA.

"We gathered today to celebrate a milestone in this new era of U.S.-Greek-Korean relations. The partnership between Greece and the US, long anchored by our ironclad defense cooperation, is evolving. Today, we are adding dynamic new chapters to that legacy. While defense remains a pillar of our alliance, the future of our collaboration lies in the strategic intersection of Economic Diplomacy, Energy, Artificial Intelligence, and Shipbuilding. These sectors represent the next frontier where Greek Korean and US enterprises - working in tandem - can drive global innovation and contribute to sustainable peace and growth," Foreign Minister George Gerapetritis stated and added: "Indeed, in recent days, our focus has sharpened on the Vertical Energy Corridor aiming at enhancing our energy cooperation and decoupling Europe from Russian energy."

Gerapetritis underlined that "today, we see the opportunities offered through the partnership between ONEX and Hanwha. The recently announced U.S. Maritime Action Plan represents a historic shift, signaling a new openness for foreign shipyards to support both commercial and naval shipbuilding for the United States.

The intent is clear. Engaging trusted allies like Greece and South Korea to rejuvenate U.S. shipbuilding is a decisive move in the right direction.

This agreement is a quintessential win-win. It extends beyond the shipyard, unlocking potential in large-scale energy projects. Greek shipowners have a legendary intuition for opportunity; they were the first to support Korean shipyards after World War II, helping build an industrial titan. I have no doubt they will be the first to recognize the value of this ONEX-Hanwha alignment and lead the way once again."

US Ambassador to Greece Kimberly Guilfoyle described the signing as a historic moment, noting that the cooperation of allies aims to revitalize the American shipbuilding industry. She also stressed that energy cooperation between Greece and the United States has expanded in recent years, while referring to the financial support of 125 million dollars from DFC for the privatization and upgrade of the Elefsis Shipyards. As she said, the shipyard is already supporting maintenance work on LNG ships that transport US energy to the region.

Guilfoyle stated that Greece and the United States have made significant progress in energy cooperation, but efforts are not limited to a single area. The goal is to strengthen every aspect of US-Greece economic cooperation, making both countries stronger, more resilient and more competitive.

Referring to the prospects that are opening up, Minister of Maritime Affairs and Insular Policy Vassilis Kikilias pointed out that "this cooperation will create an exchange of know-how, open mutual opportunities for our people and businesses and, of course, enhance development."

On his part, ONEX President and CEO Panos Xenokostas said that the signing is a continuation of an effort that began in 2020, highlighting the role of the US government and DFC in the revival of Elefsis Shipyards. He noted that from a period in which there was no production activity and workers remained unpaid, the shipyard was transformed into an active industrial hub with international prospects.

According to the participants' statements, the ONEX-Hanwha agreement is part of a broader strategy to connect the shipbuilding industry, energy infrastructure and transatlantic cooperation, with the aim of strengthening the industrial base and deepening economic ties.