Hanwha Group has announced a major $5 billion infrastructure investment at Hanwha Philly Shipyard, part of South Korea’s broader $150 billion fund to support U.S. shipbuilding. The announcement coincided with the christening of the U.S. Maritime Administration’s (MARAD) third National Security Multi-mission Vessel (NSMV) at the Philadelphia shipyard.
By Jarryd Sinovich
The ceremony was attended by South Korean President Lee Jae Myung, Pennsylvania Governor Josh Shapiro, U.S. Senator Todd Young, and senior officials from both nations, underscoring the strategic importance of the U.S.-Korea partnership in shipbuilding.
Hanwha acquired Philly Shipyard last year through a $100 million investment, and the new expansion plan will modernize the yard with digitally enabled infrastructure, automation, and smart yard technology. The program includes the installation of two additional docks and three quays, with plans for a new block assembly facility. Production capacity is expected to increase from fewer than two vessels annually to up to 20, supporting LNG carriers, naval modules, and, eventually, naval vessels.
The expansion follows Hanwha Shipping’s orders for 10 medium range (MR) oil and chemical tankers, with deliveries beginning in 2029, and a second LNG carrier under the Jones Act. The initiative will bolster U.S. shipbuilding capabilities, create skilled manufacturing jobs, and reinforce the long-term industrial partnership between the two countries.
Hanwha executives, including Vice Chairman Dong Kwan Kim, Ocean CEO Hee Cheul Kim, and Global Defense CEO Michael Coulter, highlighted the strategic significance of the project, calling it a step toward reindustrialization, workforce development, and mutual growth across the U.S. and South Korean maritime sectors.
Hanwha Philly Shipyard is poised to become a flagship hub for advanced shipbuilding in America, blending cutting-edge technology with international collaboration.
