$125 million U.S. loan will help revive Greece’s Elefsina shipyard

Written by Nick Blenkey
U.S. official at Elefsina shipyard

U.S. Ambassador to Greece George Tsunis greets Elefsina workers after ceremony formalizing the granting of $125 million U.S. loan. [Photo: DFC]

The U.S. development finance agency, the Development Finance Corporation (DFC) has signed financing agreement to provide a $125 million loan to ONEX Elefsis Shipyards and Industries (ONEX) to rehabilitate and modernize the Elefsina shipyard (the former Neorion Elefsis) near Athens, Greece.

The Greek government formally approved the transfer of the shipyard, which has been going through bankruptcy restructuring, to ONEX on October 11, subject to final court approval, which came on October 20. The DFC funding, which had reportedly been approved in June, was key to the restructuring.

This is the second Greek shipyard turnaround to be undertaken by ONEX, following its reopening of the Neorion shipyard in Syros.


DFC says that its financing will help create a strategically critical maritime and energy supply hub for the region by expanding the shipyard’s capacity to service LNG carriers (presumably including those carrying U.S. LNG exports), promoting European energy security and diversification, creating new local jobs, and bolstering the U.S.-Greece partnership through a transparent, high-quality investment.

“DFC’s investment in the Elefsina shipyard will develop a maritime and energy supply hub that will create good local jobs here in Greece and help the country and region become less reliant on Russian energy,” said DFC CEO Scott Nathan. “DFC is proud to advance this high-quality infrastructure project that will generate more reliable access to energy and foster greater economic growth and prosperity for our partners across the region.”

Nathan joined Greek Minister of Development and Investment Kostas Skrekas and U.S. Ambassador to Greece George Tsunis at the shipyard for the signing ceremony. With DFC support, ONEX will expand the shipyard’s capacity to repair and upgrade ships, particularly ships that service the nearby Revithoussa LNG terminal. DFC says this will promote increased access to reliable, secure energy in the Western Balkans and Eastern Europe by expanding high-quality infrastructure to support diversification of LNG supply for the region – a critical undertaking amid Russia’s attempts to destabilize regional energy access.

The Elefsina shipyard is strategically located near several key gas trade routes. ONEX will use DFC financing to transform the shipyard into an energy supply hub supporting LNG shipping lanes in the Mediterranean and Aegean seas and supporting Greece’s renewable energy goals.

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