Greek dry bulk company M/Maritime is completing two special surveys of its modern ships at a local shipyard and intends all of its remaining vessels to follow.
The shipowner said dry-docking of the 34,900-dwt Avra.GR (built 2016) has been just completed at ONEX Syros Shipyards. A second ship, the 61,200-dwt Armonia.GR (built 2016), is expected to follow in July.
M/Maritime, a company backed by the Mytilineos family that started operations with newbuildings in 2016, said in a statement that it has the intention to complete the special survey of its remaining vessels at the same yard.
This is the clearest sign of confidence yet that after decades of decline, the traditional ship-repair facility has regained the favour of its home country’s shipowners.
Soaring wage costs and labour union unrest had led ONEX Syros, previously known as Neorion, in disrepute, scaring away the few clients prepared to give it business to rival facilities in neighbouring Turkey and the Balkans.
Several of these clients have been flocking back after ONEX, a versatile technology group founded by Greek businessman Panos Xenokostas, took over Neorion in 2019 and breathed new life into the yard.
Falling labour costs in the wake of Greece’s debt crisis and new labour union leadership willing to cooperate with management have helped in the turnaround.
The facility has completed about 230 dry-dockings under its new ownership so far, commercial manager George Altouvas told TradeWinds.
Greek clients, including major names such as M/Maritime, the Tsakos Group and Martinos family companies, represent more than 80% of all incoming business.
This provides between 500 and 700 jobs on Syros — a rare example of a big industrial facility on an Aegean island.
Sources said ONEX's prices are still somewhat above regional rivals, but the shipbuilder manages to compensate by providing swift quality work for vessels up to panamax size.
In its statement, M/Maritime praised the shipyard’s “accuracy and quality”.
Political reasons also play a part. Some Greek shipowners have become increasingly reluctant to rely on Turkish shipyards amid the fraught relationship between the two countries.
“M/Maritime proudly continues to honour the Greek maritime industry showing respect to the country’s shipbuilding and maintenance operations,” the shipowner said.
