Shipbuilding: Greek shipyards are counting on growth with armament projects
After years of decline, life is returning to Greek shipyards. Defense projects in particular are expected to bring about the comeback. A German shipbuilder is also hoping for an order.
Athens - Long considered a symbol of industrial decline, Greece's shipyards are experiencing a remarkable turnaround. The country's major shipyards are once again filling with vessels and receiving orders. The growth engine lies not only in the repair of commercial ships. Greece's shipbuilding industry is increasingly turning to defense projects, tapping into a market booming due to the new European security landscape.
According to an analysis by the strategic consultants EY-Parthenon, the annual turnover of the Greek shipbuilding and ship repair industry could grow from around 197 million euros to 759 million euros in a realistic scenario. The global market share would quadruple, rising from 0.4 to 1.6 percent. A more ambitious scenario suggests 2.25 billion euros in turnover if capacities are significantly increased and demand rises accordingly.
The industry is already witnessing a rebound. The number of vessels under maintenance increased from 593 in 2022 to 656 in 2024. While the industry employed around 6,000 people in 2011, it now employs more than 11,000. Once largely idle shipyards are being modernized.
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