Greece unveils major shipyard expansion backed by US, S. Korea

A new trilateral initiative involving Greece, the United States and South Korea aims to transform the Greek port city of Elefsina into a major regional centre for shipbuilding, logistics and defence manufacturing.

Known as Project Trident, the initiative comes as Athens seeks to revitalise its domestic defence industry and deepen strategic industrial cooperation with key allies, as Greek media outlets report.

The plan was unveiled on May 29 during the signing of a memorandum of understanding between Greek shipyard operator ONEX and South Korean shipbuilding giant Hanwha Ocean at the Athens residence of Kimberly Guilfoyle.

According to the document, Project Trident is structured around three phases:

The first stage, valued at €150 million, will focus on expanding ship repair and maintenance capabilities through the construction of new dry docks and large-scale support facilities.

The second phase, worth €200 million ($233 million), will modernise port infrastructure and enhance logistics operations.

The largest component of the project, estimated at €1 billion ($1.16 billion), will introduce advanced industrial equipment, automated production lines and specialised facilities that could eventually support submarine-related programs.

According to projections presented during the launch event, Project Trident could create up to 10,000 direct and indirect high-skilled jobs over the coming years.

Organizers also estimate that the initiative could contribute around 0.8 per cent of Greece’s annual GDP while increasing domestic industrial participation in future defence and shipbuilding programs to as much as 70 per cent.

Officials said the project would strengthen support capabilities not only for the Hellenic Navy but also for NATO and allied naval forces operating in the eastern Mediterranean and Black Sea regions, including the United States Sixth Fleet.

The initiative reflects a broader effort by Greece to position itself as a strategic maritime and defence-industrial hub at a time of growing geopolitical competition and heightened security concerns across the wider region.

By Nazrin Sadigova