An Athens Court of First Instance approved the restructuring plan for Elefsis Shipyards submitted by ONEX Group, following the revamp of the Syros Shipyards.
The group is expected to proceed with a three-year investment plan of more than 300 million euros, while it has already secured a loan of 125 million dollars from the United States International Development Finance Corporation (DFC).
In fact, the group had started investments in the shipyards before the court issued its decision. Last March, the tank No.1 of the Elefsis Shipyards was successfully lifted, which was characterized as “an extremely complex project due to the poor condition in which it was, after decades of abandonment, in combination with its stay at the bottom of the facilities of the Elefsis Shipyards (from September 5, 2018).”
Over 300 ships in the group
According to the plan, as revealed by the president and managing director of the ONEX group, Panos Xenokostas, more than 300 ships will be repaired annually in the two shipyards of the group, since the goal for Elefsis Shipyards is to reach 200 ships, while the Shipyards in Syros have exceeded 100 ships on an annual basis.
According to ONEX, the Elefsis Shipyards constitute a critical infrastructure of the highest strategic importance for Greece and global shipping, while it is expected to boost up to 1% the country’s GDP on an annual basis within the next five years.
Wind power
In addition to commercial ship repairs, Xenokostas recently revealed the company’s plans in offshore wind energy while speaking at an Economist conference.
“Our plans extend beyond the traditional areas of shipbuilding and repair. Wind power is going to be the backbone of the future electricity system and is expected to cover 25% of the electricity demand in Europe by 2030,” he noted and added:
“Offshore wind will allow us to produce large amounts of green, clean energy, while creating the conditions for green hydrogen production and the development of seawater desalination.”
The Elefsis Shipyards, according to the group’s plans, will play a leading role in the energy security of the region and in “green” shipping, facilitating the industrial transition in terms of achieving the goals of reducing emissions of coal.
Defense material
Elefsis Shipyards also cooperates with the large Italian shipbuilding group Fincantieri in the field of defense equipment.
Last June, it announced the extension of the collaboration with the Italian shipbuilding group Fincantieri. The new deal includes a new ship production line under the group’s defense shipbuilding company, ONEX Elefsis Naval & Maritime.
It envisages “the construction of corvettes up to the most advanced surface ships, and frigates, offering the Navy modern, interoperable high-tech solutions in order to significantly upgrade its operational capabilities in the Eastern Mediterranean.”
