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American funding agreed for Greek shipyard

Photo of Sam Chambers Sam ChambersJune 27, 2023
3 1,579 Less than a minute
Elefsis Shipyards

The US Congress has approved $125m in funding for Elefsis Shipyards, located near Piraeus.

The US International Development Finance Corporation (DFC), America’s development bank, will provide the loan to ONEX, the company which owns the shipyard which is going through a restructuring after suffering many years of high debts.

ONEX is controlled by Panos Xenokostas who has laid out plans to make the yard the busiest in Greece, capable of handling up to 200 ships a year.

ONEX already controls the country’s most active shipyard, Neorion Shipyards based on the island of Syros.

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Photo of Sam Chambers Sam ChambersJune 27, 2023
3 1,579 Less than a minute
Photo of Sam Chambers

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Comments

  1. Help me Sam …. How does this serve American taxpayers like me?

    The US is suffering from being at the nadir of political leadership.

    1. I’d assume the thought was that if the funding doesn’t come from the US then the Chinese belt and road would be in the frame (believe they have stakes in other greek infrastructure)

      Additionally, there are presumably scenarios where there is a conflict in the black sea and Greece would offer close safe ports (particularly with Turkey possibly being a less than reliable ally)

  2. So, explain why the U.S. Federal government pushed to close the Long Beach Naval shipyard?

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