ONEX and Hanwha Ocean sign landmark defense shipbuilding deal

A strategic cooperation agreement has been signed between ONEX Shipyards & Technologies Group and South Korea’s shipbuilding group Hanwha Ocean, aimed at developing defense shipbuilding activity in Greece and the wider regions of the Mediterranean and Southeast Europe.

The agreement was signed in Seoul in the presence of executives from both companies, as well as representatives of governments and diplomatic missions.

Following the vision set out in the landmark Washington agreement, the ONEX Group is emerging as the first Greek shipbuilding group with a truly outward-looking orientation, now holding a leading position in the global market for defense vessels, submarines, as well as next-generation manned and unmanned systems.

Greece as Hanwha Ocean’s strategic hub

Through this partnership, ONEX shipyards are becoming Hanwha’s central shipbuilding arm in the region. The collaboration creates the most powerful shipbuilding ecosystem in the Mediterranean, uniquely combining Hanwha’s Korean shipbuilding excellence, cutting-edge US defense technologies, and Greece’s high-level shipbuilding craftsmanship and expertise.

Technological edge and over 70% domestic participation

The agreement ensures that the Hellenic Navy gains immediate access to state-of-the-art vessels and submarines, while for the first time Greece acquires the capability to:

– Fully construct ships and submarines domestically, with Greek participation expected to exceed 70%.

– Develop export activity in third countries, strengthening the country’s international standing.

– Establish a permanent production and maintenance, repair and overhaul (MRO) base in Greece serving the wider region.

– Economic footprint and job creation.

This investment is set to provide a major boost to the Greek economy, creating thousands of new, high-paying jobs and delivering unprecedented benefits to the domestic industrial ecosystem.

Backed by the United States and South Korea, ONEX is positioning Greece at the forefront of the global defense industry, enhancing both regional security and prosperity.

In a statement, ONEX Chairman and CEO Panos Xenokostas said: “Today, our shipyards are not simply turning a page—they are leading a global defense transformation. Our strategic partnership with Hanwha Ocean is a tangible validation of our vision for Greece that does not merely consume technology, but produces and exports it.

Within the framework of the landmark agreement, we are creating in our country the most powerful shipbuilding ecosystem in the region, combining American technological leadership with Korean excellence. For the first time in our history, we are building next-generation ships and submarines with Greek hands, ensuring domestic value added exceeding 70%.

We are not only strengthening the deterrent capability of our Navy, but also creating thousands of well-paid jobs, transforming Greece into an international innovation hub bearing the seal of the United States and Korea.

The future of the global shipbuilding industry now also runs through Greece.”