In February, the Skaramangas Shipyard near Athens resonated with the sounds of hammer blows and welding as workers repaired a large tanker's bow. Nearby, other vessels awaited maintenance in a dry dock.
This surge of activity represents a notable transformation for the shipyard. Just a year ago, after decades of intermittent government ownership, it stood desolate—a symbol of the prolonged impact of Greece's severe debt crisis from 2009 to 2018.
"I couldn't find a job anywhere," shared Theodoros Evagelou, amid the bustling yard, engaged in sandblasting and painting vessels.
Acquired by shipping magnate George Prokopiou from the government last year, the revival of the Skaramangas Shipyard mirrors Greece's broader recovery from the crisis. The country has divested bailout stakes and shares in a significant railway and highway, indicative of revitalization.
Under the leadership of Kyriakos Mitsotakis, Greece's centre-right government has also sold its interests in the Elefsina and Syros Shipyards since 2019.
This transition has attracted shipowners who can now conduct ship repairs locally, a shift from previous preferences for Turkey, Asia, or Romania. Despite Greece boasting the world's largest merchant fleet with 5,500 vessels, its shipyards have lagged behind global competitors. However, recent privatization efforts have invigorated the industry.
Skaramangas Shipyards, now under new leadership, has repaired 37 ships in the past year, with plans to double that figure in the upcoming year. Overall, Greece witnessed a surge in ship repairs last year to nearly 700, up from 330 in 2013, according to data from the statistics service.
"We are back and we are here to stay," affirmed CEO Miltiadis Varvitsiotis.
The increased economic activity has elevated the shipyards' contribution to Greece's GDP to 1.5%, and magnate Panos Xenokostas aims to further raise it to 2.5% within five years. Ship repairs at Xenokostas' shipyards have soared, and he aspires to expand into shipbuilding and specialized repair services.
Maritime expert George Xiradakis emphasized that Greece's shipyards are regaining prominence in the Mediterranean as a repair hub, positioning themselves beside larger Turkish and Asian competitors.
Decades ago, Greece held a significant position in shipbuilding and repairs, but much of the industry shifted to government control during the 1980s economic downturn.
The resurgence of the shipyards is invigorating the working-class suburbs west of Athens. In Perama, subcontracting firms for major shipyards are thriving, and unemployment rates, which stood at 40% a decade ago, have drastically diminished. The mayor, Yiannis Lagoudakos, notes the need for infrastructure to accommodate the upsurge in economic activity, indicating a revitalized town.