A cooperation agreement between ONEX Shipyards & Technologies and Hanwha Power Systems was signed on Wednesday, Feb. 25, at the U.S. Department of Transportation, in the presence of Greek Foreign Minister George Gerapetritis and U.S. Deputy Secretary of State Michael Rigas.
The ceremony took place amid wider talks on energy security and infrastructure modernization, with both sides describing the deal as a catalyst for expanded cooperation in shipbuilding and energy.
In his remarks, Gerapetritis described the agreement as a “milestone” inaugurating a new era of trilateral convergence among the United States, Greece and South Korea. He emphasized that the future of this partnership rests on the intersection of economic diplomacy, energy, artificial intelligence and security.
“This new dynamic represents the next chapter, in which Greek, Korean and American companies can jointly advance global innovation and contribute to sustainable development and stability,” he said.
He stressed that the partnership takes on particular significance within ongoing efforts to strengthen the Vertical Energy Corridor and to gradually reduce Europe’s dependence on Russian natural gas.
According to the Greek foreign minister, the ONEX–Hanwha agreement goes beyond the boundaries of traditional shipbuilding, opening prospects for large-scale energy projects. He also recalled the historic role played by Greek shipowners in the development of South Korea’s shipbuilding industry after World War II.
Referring to the recently announced U.S. Maritime Action Plan, Gerapetritis described it as a historic shift that paves the way for trusted foreign partners to participate in revitalizing both the commercial and naval shipbuilding sectors in the United States.
“The message is clear,” he noted. “The involvement of reliable allies such as Greece and South Korea in the revitalization of the American shipbuilding industry is a strategic choice in the right direction.”
A “Historic Moment”
From the American side, U.S. Ambassador to Greece Kimberly Guilfoyle called the signing a “historic moment,” underscoring that cooperation among allies aims to reinvigorate the American shipbuilding industry.
She highlighted the significant expansion of U.S.–Greek energy cooperation in recent years, pointing in particular to the $125 million financing package provided by the U.S. International Development Finance Corporation for the privatization and upgrade of the Elefsina Shipyards.
She noted that the shipyard is already supporting maintenance work on LNG carriers transporting American energy to the region.
Guilfoyle said Greece and the United States had made strong progress in energy cooperation, but stressed that efforts extend beyond one sector, aiming to deepen overall economic ties, promote an open investment climate, strengthen trade and supply chains, and invest in infrastructure to counter the geopolitical weaponization of energy, shipping and trade.
In a recorded message, Greek Development Minister Takis Theodorikakos said the partnership combined U.S. and South Korean expertise in a strategic industrial sector, highlighting prospects for building LNG carriers and reinforcing allied supply chains, as Greece strengthens its role as a key European energy hub through major infrastructure investments.
He added that the initiative aligns with Donald Trump’s vision of reviving America’s shipbuilding and industrial base while boosting Greece’s geopolitical role through closer defense and security cooperation.
Greek Shipping Minister Vassilis Kikilias described the agreement as highly significant for all three countries. He noted that the exchange of expertise and the development of joint business opportunities will bolster the restructuring of the U.S. shipbuilding industry. Kikilias also recalled the contribution of the Liberty Ships after World War II to the subsequent rise of Greek shipping.
“It is of exceptional importance for all three countries, as it underpins the reconstruction of the American shipbuilding industry,” he noted.
Reviving Elefsina Shipyards
Panos Xenokostas, chairman and CEO of ONEX Shipyards & Technologies, said the agreement marks the continuation of efforts launched in 2020, crediting the U.S. government and the U.S. International Development Finance Corporation with helping revive the Elefsina Shipyards from near-closure into an active industrial hub.
Officials said the ONEX–Hanwha deal fits into a broader strategy linking shipbuilding, energy infrastructure and transatlantic cooperation, aimed at strengthening the industrial base and deepening strategic ties between the United States, Greece and South Korea.
Source: Athens-Macedonian News Agency