In recent years, initiatives by the International Maritime Organization, along with the European Union's Green Deal directives have created significant growth opportunities by directly impacting the maritime, shipbuilding and repair sectors. At the national level, Greece’s newly developed strategy for the shipbuilding and repair industry aims to strengthen the sector through targeted initiatives that promote both commercial and military shipbuilding activities. Together, these factors foster an environment highly conducive to the further growth of Greece’s shipbuilding and repair sector. Syros Shipyards SA is the only major Greek shipyard located on an island, with a long history dating back to 1861 that encompasses various periods of prosperity and decline. Its operations have historically contributed significantly to the local development of Syros and continue to be a crucial factor for both the island’s and the nation’s economy. This study examines a development plan for the Neorion Shipyard, aiming at the integrated development of the Greek island of Syros. It begins with an analysis of the shipyard’s status and the applicable legislative framework, focusing on development prospects over the next seven years. An overview of Syros’s existing situation is also provided, along with alternative development scenarios for the shipyard that prioritize enhancing its connection with the island. These scenarios are evaluated using the ELECTRE I multi-criteria decision-making method to identify the optimal development pathway, which is then explored in terms of practical implementation. The study concludes with recommendations for the sustainable growth of the shipyard, focusing on reinforcing its relationship with the island. Overall, this research offers a comprehensive analysis of the future prospects of the Neorion Shipyard and its pivotal role in the broader development of Syros.