Syros shipyards resurrected from near bankruptcy


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Neorion Shipyards on the Greek island of Syros have made a comeback from near bankruptcy, after a one-year closure following its purchase from new owner Onex.

“Syros and the shipyard have a know-how that hardly anyone finds in the whole world - not only in the Mediterranean," Antonis Hatzantonis, chairman of the Neorion Labour Association, said to Greek news agency ANA.

The shipyards are now recording high occupancy rates after coming close to bankruptcy with employees holding repeated strikes as they were unpaid for 25 months.

Onex's investment plan for the next day of "Neorion Syros" includes the expansion of its activities by providing additional services such as Mega Yachting, repair and construction of platforms, oil and gas extraction and ship conversion to the so-called "green" ships with respect to the environment. The new company management also expects gradual improvement in turnover and profit margins, and positive operating results from the first full year of operation.

Panos Xenokostas, president and CEO of ONEX, in an interview with ANA spoke about his vision for Neorion Syros, which is nothing more than "getting to the top."

"My vision for the recovery of the shipyards in the country is true, with tangible results and based on the truth and the good and healthy conditions for the employees. Whatever I say in words, I prove it in practice and I always keep my word," he reassured.


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