Greek professional tugboat and marine salvage service provider MEGATUGS and Greek shipbuilder ONEX jointly announced that they have reached an agreement to build 1+2 new multi-purpose tugboats at the Elefsina shipyard.
Panos Xenokostas, Chairman and CEO of ONEX and President of the Hellenic Shipbuilders Association, described this shipbuilding contract as “a significant milestone for ONEX and the Greek shipbuilding industry,” marking the first new shipbuilding order secured by Greece in decades.
MEGATUGS has ordered an ASD Escort/Terminal tugboat, based on the RAstar 2800 design, approximately 28 meters in length, with a bollard pull of up to 85 tons. It is equipped with a Schotttel rudder propeller, a FiFi Class 1 fire suppression system, and oil spill recovery capabilities. This multi-purpose tugboat can perform various tasks including escort operations, port operations and maritime towing.
Elefsina Shipyard, which undertook the construction of the new tugboat, was established in 1962 and commenced operations in 1969. As a major shipbuilding facility and repair center serving Greece’s merchant fleet, it has built the country’s largest bulk carriers. Since its inception, the yard has consistently faced financial challenges. Compounded by the crisis in Europe’s shipbuilding industry, it suffered significant setbacks and fell into severe difficulties.
In 2019, ONEX acquired the Elefsina Shipyard and has since been dedicated to restoring its production capacity and achieving comprehensive revitalization. The company plans to develop it into one of Greece’s largest shipyards, thereby restarting shipbuilding operations to serve both the Hellenic Navy and the merchant fleet.
In November 2022, Elefsina Shipyard signed a contract to repair the bulk carrier “Star Cleo,” marking its first commercial shipping deal in five years. In April 2023, Elefsina Shipyard put its No. 1 dry dock into operation for the first time in five years; in July, it completed the renovation and upgrade of its Panamax dry dock, making it one of the most modern Panamax dry docks in Greece and one of the largest in the eastern Mediterranean. Capable of accommodating Panamax vessels and equipped with an intelligent management system, it can perform a range of ship repair operations, marking a key step in the shipyard’s strategic capacity upgrade.
In May 2025, the U.S. International Development Finance Corporation (DFC) provided ONEX with $125 million in financing to rebuild the Elefsina shipyard, planning to transform it into a maritime and energy hub capable of servicing 200 vessels (including LNG carriers) annually. The plan includes integrating renewable energy sources through the construction of a new 30MW solar power plant to power the shipyard’s operations and the local power grid. The upgrade will also include reusing some of the shipbuilding infrastructure to manufacture and assemble wind turbines.
Beyond capacity expansion, Elefsina shipyard will become a subcontractor for Italian shipbuilding group Fincantieri, initially participating in the construction of Greek Navy light frigates.
Currently, ONEX is focused on establishing an integrated production line and restoring the shipyard’s core production capacity. In addition to restarting dry dock repair operations, the company recently announced the initiation of the next phase of its Greek shipbuilding and repair revitalization plan through an investment in the Syros shipyard.