In a move that signals the definitive rebirth of the Greek shipbuilding industry, ONEX Shipyards & Technologies Group and MEGATUGS Salvage & Towage have signed a landmark agreement for the construction of two next-generation tugboats. The ceremony, held at the Elefsina shipyard on December 19, 2025, marks the first commercial newbuild order placed in Greece in several decades.
MEGATUGS has commissioned two state-of-the-art vessels based on the internationally acclaimed Robert Allan RAstar 2800 design. Specifically engineered for demanding ASD Escort and Terminal operations, these tugs are built to handle the most rigorous maritime environments. The contract includes an option for two additional tugboats, potentially doubling the order.
The revival of the Elefsina and Syros shipyards
The agreement is the culmination of a multi-year effort to restore Greece’s industrial footprint. Panos Xenokostas, Chairman and CEO of ONEX, noted the speed of the recovery: “Less than three years after the restart of the Elefsina Shipyards and seven years after Syros, we are operating at full capacity, serving hundreds of vessels.”
Before the ONEX takeover, the Elefsis yard had faced years of neglect and debt, failing to receive a single commercial ship between 2017 and 2022. Today, the yard is a bustling hub, having recently restored its Number 1 dry dock and returned to full production capacity.
Related: The Renaissance of Greek Shipyards: From Stagnation to Strategic Hub
A strategic US-Greece partnership
The revitalization of the yard has been bolstered by significant international support. The US International Development Finance Corporation (DFC) provided $125 million in financing to modernize the facilities—a strategic move to counter regional influence and secure energy transit routes.
The signing ceremony was attended by US Ambassador Kimberly Guilfoyle, who hailed the project as “tangible proof” of the deepening alliance between the two nations. “Today is a new chapter for Greek shipbuilding,” Ambassador Guilfoyle remarked, emphasizing that the project aligns with the broader goal of reviving maritime sovereignty and creating high-quality local jobs.
This order shifts the narrative for Greek shipyards from “repair and maintenance” to “high-tech manufacturing.” By successfully securing a domestic order for world-class vessels, ONEX has positioned Greece as a competitive player in the global shipbuilding market, capable of supporting the critical LNG and energy infrastructure the world depends on.
Related: US-Greece Plan New Elefsina Port to Rival China’s Piraeus Hub
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