After more than a decade of stagnation, Greek shipyards are undergoing a dramatic and definitive turnaround. Historic facilities in Elefsina, Syros, Salamina, and Skaramagas, which had been reduced to industrial voids, are now making a comeback.
This resurgence is fueled by the entry of private investors, comprehensive administrative restructuring, and escalating international demand for ship repair and shipbuilding services. Furthermore, European defense initiatives, particularly the SAFE (Security Action for Europe) program, are providing a boost.
The sector's revitalization is driven by significant private investment across the major facilities:
Skaramagas Shipyards: Under the control of shipowner George Prokopiou since March 2023, the yard has become a reconstruction hub with the explicit goal of returning to the forefront of the international ship repair market.
Syros and Elefsina Shipyards: Managed by ONEX Shipyards & Technology (Panos Xenokostas), these units are evolving into modern, outward-looking industrial centers. Annual repairs have exceeded 220, and investment plans include the construction of new vessels, energy platforms, and specialized LNG carriers.
Salamina Shipyards: This yard has emerged as one of the most dynamic pillars of Greek shipbuilding. By participating in the construction of the FDI HN frigate Formion and two others for the French Navy, Salamina became the first Greek unit to export military shipbuilding material. With a five-year, €15 million investment program, Salamina is expanding its activities through international collaborations, research projects for unmanned vessels, and participation in the planned "National Ship" program.
According to the Hellenic Statistical Authority (ELSTAT), ship repairs at Greek yards have more than doubled over the last decade, climbing from 330 in 2013 to 700 in 2024. This recovery is generating tangible social impact: hundreds of workers are returning to the docks, and dozens of smaller contractors are now operating at full capacity, leading to renewed prosperity in local areas like Perama.
A critical component of this new trajectory is the SAFE (Security Action for Europe) program, a European initiative with a total budget of €150 billion. SAFE provides member states with long-term, low-interest loans for joint procurement and investment in critical defense capabilities.
Greece has been approved for €787.6 million under the SAFE program, a sum that can substantially strengthen the domestic defense and shipbuilding industry, upgrade essential infrastructure, and support participation in European production programs.
As noted by Hellenic Chamber of Commerce and Industry President Vassilis Korkidis, SAFE acts as a "lever for growth," enhancing the shipyards' involvement in European programs and creating both jobs and significant added value for the Greek economy.
The sector is poised for massive domestic work, notably the planned acquisition of four new submarines for the Hellenic Navy. This project is expected to be a cornerstone of Greek naval power for the next decade.
A competitive tender has attracted proposals from leading yards in Sweden, Germany, France, Italy, and South Korea, with a strong likelihood that the construction of the new submarines will take place at Greek facilities.
The successful launch of the FDI HN frigate Phormion in Lorient, France, last May, showcased the industry's capabilities, as sections of the vessel were built at Salamina Shipyards. This collaboration with Naval Group marked a pivotal moment, opening the door for future international agreements.
Greece aims for a minimum of 25% local participation in armament programs to ensure technology transfer, knowledge integration, and the creation of a stable, long-term production infrastructure.