Posted on March 2, 2026
A major cooperation agreement between the Greek ONEX Shipyards & Technologies and Hanwha Power Systems was signed on Wednesday, February 25, in the presence of Greek foreign minister George Gerapetritis and U.S. deputy secretary of state Michael Rigas. The trilateral agreement linking the United States, Greece and South Korea was signed at the US department of transportation, marking a new phase in transatlantic shipbuilding and energy cooperation.
Officials said the ONEX-Hanwha deal fits into a broader strategy linking shipbuilding, energy infrastructure and transatlantic cooperation, aimed at strengthening the industrial base and deepening strategic ties between the United States, Greece and South Korea.
According to the Greek foreign minister, the ONEX-Hanwha agreement goes beyond the boundaries of shipbuilding, opening prospects for large-scale energy projects. He also recalled the historic role played by Greek shipowners by supporting Korean shipyards after the World War II and helping build an industrial titan.
ONEX, which operates shipyards in Greece, said in a press release that the deal lays the foundations for an industrial cooperation, optimization of shipbuilding production, and for the development of newbuilding ships capable of using LNG. It also strengthens reliable supply chains based in the USA and accelerates the development of critical energy infrastructure.
In his remarks, Gerapetritis described the agreement as a “milestone” inaugurating a new era of trilateral alignment among the United States, Greece and South Korea. He emphasized that the future of this collaboration lies in the strategic intersection of economic diplomacy, energy, artificial intelligence, and shipbuilding.
“In recent days, our focus has sharpened on the Vertical Energy Corridor aiming at enhancing our energy cooperation and decoupling Europe from Russian energy,” Gerapetritis noted.
He also highlighted the recently announced U.S. Maritime Action Plan, which signals a new openness for foreign shipyards to support both commercial and naval shipbuilding for the United States.
According to the Greek foreign minister, engaging trusted allies such as Greece and South Korea to rejuvenate the U.S. shipbuilding is a “decisive move in the right direction.”
Greek minister of maritime affairs and insular policy, Vasilis Kikilias, said the cooperation will facilitate know-how exchange, create new business opportunities, and boost economic development.
“The agreement foresees the exchange of know-how, the creation of new jobs, and joint programs for the construction of commercial ships, including LNG vessels, opening mutually beneficial prospects for the shipyards and the wider maritime ecosystem of the country. Strengthening shipbuilding activity in our country means more jobs, higher added value, and support for the national economy, shaping a stronger growth and prosperity outlook for Greek citizens,” the minister noted.
“The Greek company ONEX is signing a cooperation agreement with the South Korean giant Hanwha in Washington, so that ships that will transport LNG and floating energy production sites can be built in the US,” Greek development minister Takis Theodorikakos said in a statement to SKAI TV.
Theodorikakos pointed out that the extension of this agreement provides for such ships to be built also in Elefsis, Greece in the future. “The goal is for ONEX to obtain an even greater turnover, to make new investments and to create new jobs. This is the crucial thing that interests everyone,” he noted.
The development minister underlined that such agreements benefit citizens as a whole. “These are agreements that contribute to the transformation of Greece into an energy hub, which means security for our country. It means new investments and better-paid jobs. This is the plan that we are implementing, especially for our children. New opportunities are now opening up for the professional development of young people in our country, in a very important sector, such as shipbuilding.”
The agreement was signed between Onex Shipyards & Technologies president and chief executive officer Panos Xenokostas and the global chief strategy officer of Hanwha Group Alex Wong, in the presence of Greek foreign minister George Gerapetritis, U.S. deputy secretary of state Michael Rigas, Administrator of the Maritime Administration (MARAD) at the U.S. department of transportation Stephen M. Carmel and the United States ambassador to Greece, Kimberly Guilfoyle.
