ONEX at the launch of the Seo Hui: a Greek delegation in South Korea and the €1.35 billion Project Trident

A Greek delegation with representatives of the armed forces, the Greek ambassador in Seoul and a representative of industry attended the launch of the submarine Seo Hui at Hanwha Ocean’s Okpo yard on Geoje island. In a post on LinkedIn, ONEX Elefsis Shipyards presents its participation in the ceremony as sealing its strategic cooperation with the Korean group and as a step towards what it calls the “Southern Shipbuilding Pillar of Europe”.

Who attended

The delegation included representatives of the Hellenic National Defence General Staff (HNDGS) and the Hellenic Navy, Greece’s ambassador in Seoul, Loukas Tsokos, and the chairman and chief executive of the ONEX Shipyards & Technologies group, Panos Xenokostas. ONEX describes the mission as “high-level”.

The Seo Hui is the second submarine of the KSS-III Batch-II class, displacing 3,600 tonnes. It was launched on Tuesday, November 3, and is expected to be delivered to the South Korean Navy in 2028, after sea trials. It has a vertical launch system (VLS) for missiles and combines air-independent propulsion (AIP) with lithium batteries.

Project Trident and the €1.35 billion

ONEX places its participation within Project Trident, an investment plan of €1.35 billion under which its strategic cooperation with Hanwha Ocean falls. The Greek company says the programme brings cutting-edge know-how to the Elefsina and Syros shipyards and rests on the strategic trilateral initiative of Greece, the United States and South Korea.

The cooperation between the two groups is not new. In February the ONEX–Hanwha agreement was announced for cooperation in US shipyards and in LNG. Hanwha has also offered Greece the KSS-III, as we set out in our analysis of the Korean submarine with vertical launch cells.

“We are building the Southern Shipbuilding Pillar of Europe”

Mr Xenokostas said: “The launch of the Seo Hui shows what a shipbuilding industry with a long-term plan, know-how and investment can achieve. Through our cooperation with Hanwha Ocean, we are bringing this experience to the Greek shipyards and building the Southern Shipbuilding Pillar of Europe.”

The presence of HNDGS and Hellenic Navy officers at the ceremony is of particular interest, as discussion has opened on the Fleet’s next submarines and on the role of Greek shipyards in new construction. In September Mr Xenokostas proposed a 15-year naval construction programme for the Hellenic Navy.