MARITIME: US Government Commits $125m to rebuilding Elefsina Shipyard in Greece
By Our Correspondent
The U.S. federal government has approved a $125 million loan to facilitate the revitalization and modernization of the ELEFSINA SHIPYARD, located in Elefsina Bay, Greece, according to FleetMon.
It stated: “The financial support is extended through the U.S. International Development Finance Corporation (DFC).
“The shipyard had filed for bankruptcy after falling $462.16 million into debt. The investment by the US government will help in the restructuring of the shipyard’s debts and allow it to function again.
“The beneficiary of the DFC investment is ONEX Elefsis Shipyards and Industries, tasked with converting the shipyard into a pivotal energy and maritime supply hub for the entire region. The efforts will focus on expanding the shipyard’s capabilities to service and upgrade vessels, with a particular emphasis on LNG vessels destined for the Revithoussa LNG terminal.
“The DFC investment is anticipated to significantly enhance the shipyard’s servicing capacity to 200 vessels per year. Additionally, the funding will support the establishment of a 30MW solar energy farm, catering to the energy needs of both the shipyard and the local power grid. Furthermore, a section of the shipyard will undergo repurposing to accommodate the construction and assembly of wind turbines.
“Strategically positioned along critical gas trade routes, the revitalized shipyard will enable ONEX to establish it as a central energy supply hub for LNG shipping lanes in the Mediterranean and Aegean seas.”
