The Trident plan, which aims to establish Greece as a key pillar of Western shipbuilding, defense, and industrial production, was presented by ONEX Chairman and CEO Panos Xenokostas at the “Greece 2030,” outlining a plan that spans from shipyards and port infrastructure to energy and the defense industry. As he emphasized, Trident essentially represents “a vote of confidence from the West in Greece and the Greek shipbuilding industry.”
According to the head of ONEX, the revival of the shipyards in Syros and Elefsina was only the first step. “The revival is complete; now the plan begins,” he noted, arguing that the country can evolve into the “southern pillar” of Europe’s shipbuilding industry.
The total investment plan, announced recently, amounts to 1.35 billion euros. The first phase, worth 150 million euros, concerns the further development of the Elefsina facilities as a maintenance, maintenance, and repair (MRO) center for the Hellenic Navy, allied fleets, and U.S. naval forces operating in the broader Eastern Mediterranean region.
The second phase, worth 200 million euros, includes investments in port infrastructure and multimodal transport, with the aim of interconnecting ports, railways, road networks, and airports. P. Xenokostas emphasized that following the Russian invasion of Ukraine, it became clear just how critical the role of port infrastructure is for Europe’s security and operational readiness, noting that “the plan can also contribute to the EU’s strategic mobility.”
The goal
Trident’s central goal is to create a fully integrated shipbuilding ecosystem in Greece. As he explained, the country can evolve into a hub for the design, construction, and support of modern ships.
“If we were to sign a contract today for the construction of submarines in the country, in eight years’ time the Navy would have its first submarine, built in Greece,” he noted. According to him, the combination of Korean shipbuilding expertise, American systems, and Greek industrial production can fill the gap that has existed for the past 30 years.
“Essentially, we are creating a southern pillar of vertically integrated shipbuilding production. This is particularly important for the Navy, as it will be able to be closely involved in the construction process, monitor the progress of projects, and immediately incorporate operational requirements and improvements. At the same time, the production of ships and submarines for foreign fleets creates significant economies of scale and strengthens the country’s position,” he emphasized, noting that this is an ambitious but entirely realistic plan.
In this context, he said that the major beneficiary would not only be Greece and its shipbuilding industry, but the entire Greek shipbuilding ecosystem, which in 2019 was in a state of disarray and today supports thousands of businesses operating around the shipyards. He added that the European shipbuilding ecosystem would also benefit, noting that the creation of this pillar is not intended to take work away from existing European capabilities, but rather to strengthen the West’s overall footprint in the face of growing competition from Asia. “Through Trident, we are seeking to create a model of cooperation involving Europe, the United States, and Asia, with everyone coming out ahead,” he added.
In fact, he described the role of a modern shipyard. As he said, traditional shipyards are now a thing of the past. “A shipyard is no longer just a shipyard. The shipyard of the future is at the center of a broader ecosystem, connected to ports, maritime transport, the energy transition, and supply security. “The goal is for it to serve as a hub that will provide the country with strategic security, energy upgrades, and greater autonomy in critical sectors of the economy and defense,” he noted.
The head of ONEX also linked this project to the country’s geopolitical position. As he noted, Greece has a geopolitical footprint far greater than its geographical size, as it lies on Europe’s southernmost border, in a region traversed by critical maritime corridors, energy routes, and undersea communication cables.
“Europe must stop viewing Greece as a mere consumer and treat it as a producer and exporter,” he said emphatically.
Finally, referring to the trajectory of the shipyards in Syros and Elefsina, he emphasized that their decline was not due to a single factor. As he noted, there were business mistakes, unhelpful policy choices, and systemic issues that developed over time within the industry. At the same time, he spoke of the prevalence of a mindset of skepticism and doubt, according to which Greek shipyards could not become viable.