Hanwha announces $5 billion investment in Philly Shipyard, Philadelphia, USA

Hanwha Group announced a $5 billion investment plan for Hanwha Philly Shipyard in Philadelphia as part of South Korea’s commitment to supporting the U.S. shipbuilding industry through a $150 billion fund.

The announcement was made in time for the christening of a new training vessel, the U.S. Maritime Administration’s (MARAD) third National Security Multi-mission Vessel (NSMV).\

The naming ceremony, which took place at Hanwha Philly Shipyard, was attended by South Korean President Lee Jae Myung, the First Lady, and other senior officials. Pennsylvania Governor Josh Shapiro and Senator Todd Young also joined the event.

The ceremony followed summit talks between President Lee and U.S. President Donald Trump. Earlier, the Lee administration had pledged $150 billion in American shipbuilding investments during a trade deal between Korea and the U.S. Hanwha Philly Shipyard is expected to play a key role in future collaboration between the two countries.

Hanwha acquired Philly Shipyard last year through a $100 million investment, building a landmark hub for shipbuilding in America. It is investing to modernize infrastructure and create a digitally-enabled, high-efficiency shipyard, with world-class automation and smart yard technology.

The $5 billion program will be dedicated to the installation of two additional docks, and three quays to increase capacity. Hanwha is also reviewing the build-out of a new block assembly facility.

Through this expansion, Hanwha aims to increase Philly Shipyard’s annual production volume from less than two vessels to up to 20. As a global leader in LNG vessels, Hanwha aims to produce LNG carriers, naval modules and blocks, and, in the long-term, naval vessels out of its U.S. shipyard.