Hanwha Commits $5 Billion To Philly Shipyard As South Korea Backs U.S. Shipbuilding

Hanwha Group has announced a $5 billion investment to expand Hanwha Philly Shipyard, one of the largest commitments to U.S. shipbuilding under South Korea’s $150 billion industry plan. The announcement came during the christening of the U.S. Maritime Administration’s (MARAD) third National Security Multi-mission Vessel (NSMV) at the shipyard.

The naming ceremony was attended by South Korean President Lee Jae Myung, the First Lady, and other senior South Korean officials. U.S., Pennsylvania Governor Josh Shapiro and Senator Todd Young were also present. The event followed summit talks between President Lee and U.S. President Donald Trump, during which South Korea confirmed its $150 billion plan to support U.S. shipbuilding growth.

Hanwha Vice Chairman Dong Kwan Kim welcomed the leaders and thanked both governments for their support. He said that the partnership was about more than shipbuilding, describing it as a joint effort to strengthen security, reindustrialise, and create prosperity. He said the expansion would help generate skilled jobs, produce advanced vessels, and build a stronger workforce in the U.S.

Hanwha acquired Philly Shipyard last year in a $100 million deal, making it a central hub for its U.S. shipbuilding operations. The company is modernising the yard with smart technologies, automation, and advanced infrastructure to improve efficiency.

The new $5 billion program will include two additional docks, three quays, and a possible block assembly facility. With this expansion, Hanwha expects to raise annual production capacity from fewer than two vessels to as many as 20. The company plans to use the site to build LNG carriers, naval modules, blocks, and eventually naval vessels.

Alongside infrastructure investments, Hanwha Shipping, the group’s U.S. subsidiary, confirmed an order for 10 medium-range (MR) oil and chemical tankers from Hanwha Philly Shipyard. The first delivery is planned for early 2029. The vessels will support Jones Act fleet renewal and other U.S. maritime initiatives.

Hanwha Shipping also exercised its option to purchase a second LNG carrier from the yard, following last month’s announcement of the first U.S.-ordered LNG carrier for the export market in nearly 50 years.

Reference: Hanwha Group

Source: Maritime Shipping News