Hanwha Group has announced a $5 billion infrastructure plan for Hanwha Philly Shipyard as part of South Korea’s commitment to supporting growth of the U.S. shipbuilding industry through a $150 billion investment fund.
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. Hanwha aims to produce LNG carriers, naval modules and blocks, and, in the long-term, naval vessels out of its U.S. shipyard.
Hanwha acquired Philly Shipyard in 2024 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 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.
“Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialize for the sake of shared security and prosperity. We are creating good manufacturing jobs, building the world's most advanced ships, and fostering a new skilled workforce right here in America.
“This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding,” said Dong Kwan Kim, Hanwha Vice Chairman.
In addition to the infrastructure plan, the U.S. subsidiary of Hanwha’s shipping arm, Hanwha Shipping, announced that it has ordered 10 medium range (MR) oil and chemical tankers from its affiliate, Hanwha Philly Shipyard, with the first tanker expected to be delivered by early 2029.
The vessels will be designed to support the U.S. Jones Act fleet renewal and other strategic initiatives. Hanwha Shipping also announced it has exercised its option to order a second liquefied natural gas (LNG) carrier from Hanwha Philly Shipyard.
This follows Hanwha Shipping’s announcement last month that it signed a contract for the first U.S.-ordered, export-market-viable LNG carrier in almost 50 years.
