Mar 19, 2026
South Korean shipbuilder gains European foothold as US-Korea-Greece trilateral shipbuilding partnership starts to take shape
What Happened
Hanwha Ocean signed a strategic cooperation agreement with ONEX, Greece's largest shipbuilding group, to jointly pursue naval and coast guard procurement programs in Greece and across Europe.
Why It Matters
For Hanwha, the agreement constitutes a fast-track entry into the European and NATO naval ecosystems, giving the S. Korean shipbuilder a much-needed local footprint. Rather than competing for contracts as a geographically distant partner, Hanwha ties itself to an established European shipbuilding infrastructure, thereby gaining a structural advantage in Greek tenders as well as those elsewhere in Europe. For ONEX, the partnership layers S. Korean naval shipbuilding expertise onto its existing infrastructure, strengthening its value proposition to Athens and to other NATO customers.
The strategic context extends beyond the two countries:
ONEX has long been backed by the U.S. International Development Finance Corporation, which provided $125 million in financing for the upgrade of its Elefsis shipyard in 2023, a signal of Washington's sustained interest in the Greek shipbuilding sector.
In November 2025, US Ambassador to Greece Kimberly Guilfoyle publicly stated that a trilateral shipbuilding agreement between the US, South Korea, and Greece would be signed in the near future, describing it as a top priority of President Donald Trump.
Washington's stake in this industrial platform was further signaled by the presence of senior US and Greek officials at the Hanwha–ONEX signing ceremony.
What to Watch
How quickly Greek Navy and Coast Guard tenders — particularly those involving submarines — advance, and whether the Hanwha–ONEX team secures flagship contracts that validate the partnership as a deal-winning structure.
Whether cooperation expands into third-country markets, particularly in the Eastern Mediterranean and Black Sea, where NATO navies are modernizing.
Whether Hanwha replicates this model elsewhere — exclusive partnerships with local yards in other NATO member states — which would signal that Greece is a template for a broader European naval strategy rather than a one-off arrangement.
In February 2026, President Trump stated: "We will continue discussing rebuilding America's great shipyards and building frigates in Greece to create jobs and opportunities for both countries." Whether that political commitment translates into awarded contracts — and how large a role South Korean technology plays in delivering them — is likely to be the defining question for this trilateral framework.
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