Neorion Shipyard Faces Seizure Due to Debts


Greece’s Secretary of Public Revenue Harry Theocharis has taken the unilateral decision to apply for the seizure by a third party of Neorion shipyard on the island of Syros, ignoring moves by the Navy and the Greek government to save the ailing port. The yard had recently signed business deals to repair twelve ships and naval tanker.

The Greek Navy tried to help Neorion Shipyards to stand on its feet, offering as many jobs as possible. Employees had a chance to start being positive again, after a really long time in the doldrums. Their hopes vanished however, when Theocharis applied for a seizure due to the yard’s debts.

The yards are already out of business and all deals are cancelled. No income means no way for Neorion to pay its debts.

The Greek governent has not approved Theocharis’ decision but it remains to be seen whether or not it will take actions to protect Neorion yards from closure.


  1. If Greece had NOT become a Euro-state member Syros and other shipyards including the quays at Perama would be booming with business. People would be working and smaller off-dock shops would be doing sub-contracting work. While under the Euro, unions and punitive taxes there is NO way ship repair facilities can compete with bigger lower cost yards enjoying greater economies of scale. Like the dairy industry, ship construction and repair will become just another distant memory. Now tell us Mr. Samaras how are you going to create another 12,000 jobs?

  2. He will simply rehire them all as journalists and assign them the scripts pre-written by his propaganda machine. These articles will summarily be sent out on a daily bases to the greater share of mass media news distributors in Greece–then all will be happy. . . happy. . . happy. . .

  3. Samaras is going to need to borrow a little more from the ECB/IMF as journalists even some good ones are very expensive. But by the time the house of cards collapses he will be long gone chastising his successor from the safety of Brussels, Geneva or New York for the disaster he created.

  4. Poly, it wasn’t Samaras that decided to close the shipyard, just saying.
    It was an ND public revenue minister on behalf of an as yet unnamed 3rd party, despite clear and practical support for this historic shipyard from the Navy and Ministry of Defence.

    Since by any sensible reckoning it is best for Greece to have at least one Greek-owned shipyard to serve the Navy, the $63,000 question is WHO is this 3rd party, where do they come from/interests represent, and WHY was this unilateral decision made?


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