By Michalis Psilos

Panos Xenokostas, President of the Hellenic Shipyards Association and Chairman of ONEX Shipyards & Technologies Group, called on Europe to assume its responsibilities and take immediate action to accelerate the revival of European shipbuilding on the global stage. He made the remarks during his participation at the Waterborne conference held in Athens, supported by the Eugenides Foundation and under the auspices of the Ministry of Maritime Affairs and Insular Policy.

c stated: “We call for immediate measures to eliminate distortions in the European regulatory framework that create unfair competition in favor of third countries - particularly in a market that is inherently international and globalized.” He emphasized that Greece acts as Europe’s buffer, stressing that now is the time for an urgent shift in European policy to safeguard the continent’s autonomy.

Responding to questions from Naftemporiki.gr editor-in-chief Michalis Psilos, Panos Xenokostas delivered a strong message on the need to overturn the status quo, outlining a new doctrine for the Greek shipbuilding industry.

“Unfair competition within the EU”

He also highlighted a frequently overlooked risk: unfair competition within the EU itself, where two to three major European shipbuilding groups absorb the bulk of defense funding and programs, effectively relegating other shipyards to low-cost subcontractors.

Regarding the institutional changes required, he outlined the following priorities:

Abolition of State Aid restrictions:

“A completely outdated regulatory framework that effectively benefits third countries must be urgently updated and transformed into a tool that promotes changes in the regulatory operating framework of European and Greek shipyards,” said Xenokostas.

On environmental regulations, Xenokostas said, “Europe is right to legislate environmental standards, but we comply, others do not, and they end up being more competitive on cost.”

Introduction of a “European & Greek Preference”:

Public tenders should incorporate national, social, and environmental criteria. “It is neither nationally nor economically acceptable that, when ferry routes are subsidized or when Greek ports issue tenders for tugboats, companies receiving Greek and European funding choose to build vessels in shipyards outside the EU,” said Xenokostas.

He illustrated this with figures: “When a project remains in Greece, value does not simply stay within a single company - it benefits the entire national economy. Even if a commercial vessel costs, in absolute terms, 30% more to build in Greece compared to an Asian shipyard, the overall GDP impact from domestic participation far exceeds that 30%. It can return to the economy three or even four times the price differential. That is a real added value for the country.”

Establishment of a European Export Credit Agency & a Shipbuilding Recovery Fund:

He noted that Asian shipyards operate within comprehensive frameworks of guarantees and state-backed financing packages. He called for unused funds and new resources to be mobilized into a modern Shipbuilding Recovery Fund.

“In this sector, Europe is moving forward with two engines, but one is switched off: while defense shipbuilding is making progress - albeit in a distorted manner - the commercial and energy segments remain stuck in endless discussions. Unless immediate action is taken, European seas will cease to ‘speak European,’” Xenokostas explained.