ONEX Group Revives Greek Shipbuilding

Key Takeaways

• ONEX fully funds 20‑tug production line at Elefsis Shipyards.
• MegaTugs ordered first two RAstar 2800 tugs, 35% complete.
• Production line targets up to 40 specialized tugs for export.
• Project backed by Greek government, US DFC, and international partners.

Pulse Analysis

The Greek shipbuilding sector, once a cornerstone of the national economy, has languished for decades as aging yards fell into disuse and competition shifted to Asia. ONEX Group’s decision to resurrect Elefsis Shipyards marks a decisive pivot back toward domestic capacity. By installing a state‑of‑the‑art line for high‑specification tugs, the consortium not only restores a historic industrial hub but also signals confidence in Greece’s ability to produce complex maritime assets on home soil. The move also aligns with EU green‑shipping initiatives.

The production line centers on the RAstar 2800 series, a design from Canadian naval architect Robert Allan Ltd. Known for robust propulsion and maneuverability, these tugs meet the stringent demands of offshore support, port assistance, and rescue operations. MegaTugs, the first strategic customer, has secured two vessels with an option for two more, and the units are already 35 % complete with delivery slated for late 2026. ONEX’s full financing eliminates the need for external capital, accelerating the schedule and allowing rapid scaling to a potential 40‑unit fleet.

The initiative enjoys backing from the Greek government, the U.S. International Development Finance Corporation, and the U.S. Embassy, underscoring its strategic relevance to both national security and economic diversification. By focusing on specialized tugs, ONEX positions Greece to compete in a niche market where demand is rising due to expanding offshore energy projects and stricter port regulations worldwide. If the export model succeeds, the Elefsis yard could become a hub for advanced maritime engineering, creating high‑skill jobs and reducing reliance on foreign shipbuilders for critical vessels.