Challenge
As a hub of global maritime trade, Greece is critical to American strategic interests. Greek-owned ships account for more than 17 percent of the world merchant fleet in terms of deadweight tonnage and Greece is the world’s top ship-owning nation. In 2016, Cosco, a business owned by China, acquired a majority interest in the Port of Piraeus in Greece—one of Europe’s largest commercial ports—and signaled its intent to make further acquisitions in the area.
In addition to these strategic concerns, the region requires investment in the shipping sector to meet growing demand. The Mediterranean accounts for about 20 percent of worldwide maritime activity and is expected to increase LNG (liquefied natural gas) carriers as much of the world diversifies away from Russian gas.
Solution and Impact
DFC committed a $125 million loan to ONEX Elefsis Shipyards and Industries to support the acquisition and rehabilitation of a shipyard in Elefsina, Greece, located just 12 miles from the Port of Piraeus. DFC’s support countered efforts by the Government of China to expand its influence in the region.
Located near the Aegean Sea and near key regional shipping routes between the Black and Mediterranean Seas, the Elefsina shipyard serves a growing volume of shipping traffic in the Eastern Mediterranean, including energy sector vessels seeking to minimize service time between transit. Competition in the shipyard industry is a function of efficiency and quality, and the time at dock for repairs is critical.
This project was profiled in 2025.