Hanwha and Greece’s Onex Shipyards Partner to Expand U.S. Shipbuilding

Why It Matters

The alliance expands U.S. shipbuilding capacity for LNG and FSRU vessels, supporting national energy security and the Maritime Action Plan, while revitalizing Greek yards and opening new markets for Hanwha.

Key Takeaways

• Hanwha to supply LNG equipment to Greek shipyards
• Onex plans U.S. shipyard to tap Maritime Action Plan
• $125M U.S. financing upgraded Elefsis, boosting capacity
• Partnership targets LNG carriers and FSRU units
• Collaboration strengthens U.S.-Greek-Korean maritime supply chain

Pulse Analysis

The U.S. Maritime Action Plan, rolled out under the Trump administration, emphasizes rebuilding domestic shipbuilding to meet growing demand for clean‑fuel vessels. LNG carriers and floating storage‑regasification units (FSRUs) are central to the nation’s strategy for energy diversification and maritime security, creating a lucrative niche for shipyards that can deliver high‑efficiency, low‑emission platforms. By positioning a new shipyard on American soil, Hanwha and Onex aim to capture federal incentives, streamline supply chains, and meet the Navy’s and merchant marine’s expanding requirements.

Onex Shipyards has undergone a dramatic turnaround since acquiring the bankrupt Elefsis and Syros facilities in Greece. A $125 million U.S.‑backed financing package in 2023 funded critical upgrades, converting Elefsis into a bustling production hub capable of handling complex LNG projects. Hanwha’s involvement brings deep technical know‑how in LNG propulsion and FSRU construction, allowing Onex to accelerate its learning curve and offer competitive bids on international contracts. The partnership also promises to create skilled jobs in both Greece and the United States, reinforcing the broader goal of revitalizing legacy shipbuilding regions.

Strategically, the trilateral deal weaves together the maritime strengths of three allied nations. For the United States, it secures a reliable supply chain for advanced energy vessels without over‑reliance on non‑allied sources. Greece benefits from renewed investment and technology transfer, bolstering its historic shipbuilding reputation. Hanwha gains a foothold in Western markets, expanding its global footprint beyond Asia. Collectively, the collaboration signals a shift toward integrated, cross‑border shipbuilding ecosystems that can respond swiftly to evolving energy and defense priorities.