On the west side of the port of Ermoupoli there is the location of Neorio, which means shipyard. It is a site of the recent history of Greece, as Neorio has indeed been, the first shipyard in the history of Modern Greece. It was built were once was the old lazaretto, after western European designs, under the supervision of Pietro Sampò and it used to be a major employer for Syros. It has always been one of the most technologically advanced shipyards for sailboats and ship engines. The original premises of the shipyard can still be found in the heart of the current establishment. Right next to the shipyard, one can see the traditional shiprepair docks (Karnaghio and Tarsanas) the traditional art of wood ship building is still practiced.
The technical supervision of the central shipyard was trusted to English and French engineers during the first years of its functioning but since 1898, it passed over to Greek engineers.
The shipyard's factory made small steam engines, pumps, boilers, presses, even small ribbed cannons for the Cretan Revolt of 1866 – 1869. The first iron steamship was constructed in 1892 and the second between 1903 and 1904, following the designs of Alexandros Krystallis.
During its long history, the management of the shipyard of Neorio has very often changed. The shipyard had gone through periods of prosperity and periods of decline. After the economic failure of Elliniki Atmoploia, the company which originally owned the shipyards in Syros, it had then passed to a foundation of fund holders of Syros, later on to a group of shipowners, to a banking corporation and since 1994 and on it has passed to companies of the private sector.