Greek Skaramangas Shipyards and South Korea’s HD Hyundai Heavy Industries signed a memorandum of understanding (MoU) on Tuesday, June 2 in the context of the international shipping exhibition ‘Posidonia 2026’ in Athens to jointly build surface vessels for the Hellenic Navy and the Hellenic Coast Guard.
The agreement aims to foster long-term collaboration not only for the domestic Greek needs but also for broader European defense and shipbuilding markets.
Both companies emphasized the MoU’s potential to expand into non-EU markets as well.
The MoU was signed by Vice-President and CEO of Skaramangas Shipyards Miltiadis Varvitsiotis and Senior Vice-President of HD Hyundai Heavy Industries Kim Jae Rak, in the presence of Maritime Affairs and Insular Policy Deputy Minister Stefanos Gkikas and Republic of Korea Ambassador to Greece Ju-seong LIM.
In his remarks, Varvitsiotis described the agreement as strategically vital, especially given that it comes just two years after Skaramangas Shipyards resumed operations. He expressed gratitude to both the Greek and Korean governments for their support in advancing this partnership.
On his part, Kim Jae Rak referred to HD Hyundai Heavy Industries’ longstanding ties with Greek shipping, noting that the support of Greek shipowners played a decisive role in the company’s growth. As he pointed out, the memorandum establishes the foundation for a long-term cooperation, with prospects of expansion both in the European market and beyond.
“At the beginning of its business activity in the Shipbuilding sector, Hyundai Heavy Industries was supported by Greek shipowners and with this support, which continues to this day, it has become the largest private shipyard in the world today,” he said. “This trust became friendship and with the Memorandum of Understanding with Skaramangas Shipyards, the foundations were laid for long-term cooperation not only for the Greek market but also for the expansion of cooperation to the EU market and beyond.”
Industry observers view the partnership as a potential catalyst for increased investment, technology transfer and future shipbuilding programmes in Greece, reinforcing the country’s position within the regional maritime and defense sectors.
