Revival of Skaramangas Shipyard Boosts Greek Economy and Local Industry

Skaramangas Shipyard near Athens has experienced a remarkable revival, with workers bustling about repairing vessels and bringing new life to the once-idle facility. Previously empty and neglected during Greece’s debt crisis, the shipyard now buzzes with activity under the ownership of shipping tycoon George Prokopiou. This turnaround is part of a broader economic recovery in Greece, marked by the state divesting bailout-era stakes in banks and key infrastructure assets.

The resurgence of Greek shipyards is not only evident at Skaramangas but also at Elefsina and Syros Shipyards, which have been privatized under Prime Minister Kyriakos Mitsotakis. Private investors, including shipowners, are now choosing to repair their vessels domestically, boosting the local industry and economy. This shift marks a significant change for Greek shipyards, which had lost ground to international competition for decades.

The economic impact of the shipyard revival is already significant, with the sector’s contribution to Greece’s GDP doubling to 1.5%. Owners like Panos Xenokostas of ONEX Shipyards and Technology are driving this growth, aiming to push the sector’s contribution to 2.5% within five years. Xenokostas has ambitious plans to expand into shipbuilding, drilling platform construction, and repairs of specialized liquefied natural gas carriers. The resurgence of shipyards is not only revitalizing the industry but also bringing new opportunities and prosperity to working-class communities in the region.

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