Delphi Economic Forum: Panos Xenokostas: Greek submarines and surface ships made in Greece

Within this big picture, ONEX Group emerges as one of the most characteristic exponents of the new era. From the revival of Greek shipyards to participation in complex energy and defense programs, its activity is no longer limited to shipbuilding production, but extends to an integ

You told us about the 2030 bet. But we know that ONEX, through the US-Korean alliance, has big plans for the defense sector as well. What will make ONEX a real protagonist in this sector as well and how does this change Greece's position on the world map?

Look, we are no longer talking about plans on paper, but about a new reality. ONEX shipyards are transforming into the defensive fortress of the Mediterranean, ensuring our national sovereignty with Greek submarines and surface ships. We have already broken the barrier of 1.5 billion euros in assets and are heading full speed towards 5 billion by 2030. The real power, however, is not only in the numbers. It is in the triangle of power that we compose: the USA, Korea and Greece joining forces. Through our strategic alliance with Hanwha, we are bringing to Greece the cutting-edge technology for the complete construction of ubmarines and corvettes on Greek soil. We will not simply do assembly. We are talking about complete construction "made in Greece" with domestic added value exceeding 70%. And we are not stopping there. ONEX is introducing Greece to the era of autonomous warfare, designing and manufacturing state-of-the-art unmanned ships (USVs) and underwater vehicles (UUVs). These systems, along with our submarines, are not just for the Navy. Our goal is the international market. Greece is now becoming a global exporter of defense technology, an industrial hub that will serve the Mediterranean, the Black Sea and all of Southeast Europe. When I talk about 2030, I mean a Greece that is no longer a customer, but a manufacturer and guarantor of stability. The ecosystem of hundreds of businesses that we are building around our shipyards is the driving force that accelerates this transition. Our national sovereignty begins with our own tanks and our own piers.

We see you signing one deal after another. For those who don't follow you closely, would you like to reintroduce yourself?

To reintroduce ourselves in the terms of 2026, the ONEX Group today is no longer just a shipbuilding powerhouse. It is an integrated industrial, energy and transit pillar of the country. Let us therefore give the quantitative stamp of this new era. We are implementing a 1.1 billion euro investment plan that transforms our infrastructure to international standards, while the group's assets have exceeded 1.5 billion euros. We have confirmed the enormous surplus value we created by withdrawing from inertia units that were considered "finished". Our transformation is based on three axes: First, Combined Transport: we are transforming Eleusis into a strategic commercial gateway, bringing the rails into the shipyard and directly connecting the sea with the heart of Europe. Second, Energy Ships & LNG: we actively participate in LNG Carriers and FSRU programs, transforming our shipyards into a support station for the energy security of the Mediterranean. Third, the Future of Energy & SMRs: our strategic goal includes the adoption and support of nuclear energy through small modular reactors, placing Greece at the forefront of clean, uninterrupted energy.

The port of Eleusis is not an isolated project, it is the heart of a strategic alternative axis that the ONEX Group is developing as we never operate in a one-dimensional manner. Eleusis is part of a broader plan that connects the Mediterranean with Central Europe. We are creating, first of all, an alternative trade corridor. With the development of the container terminal and the connection to the train, a “box” from Eleusis reaches European markets faster than ever. At the same time, we are not just building a pier, but a hub that combines shipbuilding, cargo management, LNG and energy production. This is a holistic approach that Piraeus, due to its size and structure, cannot cover. I hear reservations. However, these are the same skeptics who a few years ago said that “there can be no shipyards in Greece”. We heard the same skepticism about the port. But we have the plan, we have the vision and, most importantly, the market itself wants and demands it. Eleusis is the missing piece of the puzzle for Greece to become the dominant player in the Eastern Mediterranean. Where others see obstacles and skepticism, we are building the connections of the future. We said it for the shipyards and we did it, we are now saying it for the port.

A few weeks ago, you held the keel laying ceremony in Elefsina for the first two tugboats that you are building for MEGATUGS. How important are tugboats for the operation of a modern port and what does this construction mean for the Greek shipbuilding industry?

The keel laying ceremony for the MEGATUGS tugs marks Greece's return to new construction. However, to understand the scope of our strategy, we must also refer to ONEX Shipping. This is the company of our group that operates as a shipowner. Its job is not the daily management, but to own state-of-the-art ships and collaborate with operators in an extremely flexible manner. Our goal is to provide the "tools" to the market so that managers can focus on their work with the most modern fleet. In this sector, we have already invested in ships worth 200 million euros, while there is an active option for an additional 200 million, meaning we are talking about a total exposure of 400 million, which reflects our confidence in the dynamics of Greek shipbuilding. This investment activity comes at a time when the tugboat fleet is being modernized thanks to new regulations in ports such as EL.PE., DESFA, Thessaloniki and Patras, ports that rightly set age limits, retiring 50 and 60 year old vessels. This dynamic of modernization, however, also highlights a distorted reality. Why has the country's largest port, the PPA, been delaying for three years to issue a towing regulation? Tugboats are responsible for 20% of carbon dioxide emissions in ports, it is necessary to ensure that services in Piraeus are provided by modern vessels that guarantee safety and environmental protection.

Shipyards, ports, tugboats and now railway. ONEX RSIS is your new activity. How are all these connected? What is the ONEX Group?

Your question touches the essence of our vision. For us, shipyards, the port, tugboats, railway and coastal shipping are not parallel activities, they are the links of a single national supply chain. ONEX RSIS did not come simply to maintain trains. It came to bring the rails into the port of Eleusis. Imagine a cargo that arrives by ship, is unloaded at our piers and in no time is on a train destined for Central Europe. This automated route changes the rules of the game. This is where coastal shipping organically fits in. With our strategic partnership with Attica Group, we are not only aiming at building new “green” ships, but at connecting the railway network with the Aegean sea routes. Eleusis becomes the hub where the train from Europe meets the ship for Crete or the Dodecanese, ensuring speed, lower cost and zero environmental footprint. Through ONEX Shipping, we are already investing 400 million euros in ships and options in this fleet, offering operators the most modern and energy-efficient ships, built in our own shipyards. ONEX Group is an integrated provider of combined transport and energy. The shipyards build and maintain. The tugboats guarantee safety. The port and the railway transport. And coastal shipping connects mainland Greece with the islands, thus completing the road from the rails of Europe to every corner of the Aegean. In closing, I would like to underline something that is the essence of our strategy: at ONEX Group, shipyards, ports, trains and coastal shipping are not separate boxes but integral parts of a living, unified ecosystem, which when operating in synergy produces a multiplier effect. With investments of 1.1 billion euros and a plan that embraces the sea and the rails, we are transforming Greece from a passive spectator to a dominant player exporting know-how and industrial power throughout the Eastern Mediterranean and Europe. We have proven that Greece can produce, innovate and lead and that our horizon is now global.