Hanwha Group revealed a $5 billion plan to expand Hanwha Philly Shipyard, signaling strong support for American maritime growth. The investment reflects Korea’s commitment to building advanced ships in the United States while strengthening bilateral ties. The move also positions Philly Shipyard as a hub for modern shipbuilding.
Hanwha acquired the shipyard last year for $100 million and now aims to transform it into a center for large-scale production. The Hanwha shipyard investment forms part of Korea’s broader $150 billion initiative, “Make American Shipbuilding Great Again.” Through this plan, the company intends to boost production and modernize operations.
The expansion project includes two additional docks and three new quays to raise capacity. Moreover, Hanwha is reviewing plans for a block assembly facility to further support efficiency. With these upgrades, leaders expect the yard to increase output from two ships annually to as many as 20. In time, it will also construct LNG carriers, naval modules, and eventually naval vessels.
President Lee Jae Myung, who attended the christening of a new National Security Multi-Mission Vessel, praised Philly Shipyard’s legacy. He reminded audiences of its role in both world wars and its contributions to Korea’s history. Furthermore, he said the Hanwha shipyard investment represents a chance to create shared prosperity through stronger US–Korea cooperation.
Hanwha Vice Chair Kim Dong-kwan echoed that sentiment, stressing the importance of the partnership for jobs and innovation. He explained that the two nations are working together to secure prosperity through industrial revitalization. Additionally, he emphasized that the project demonstrates how shipbuilding can serve both economic and security goals.
Hanwha Shipping’s US arm also announced fresh orders for ten oil and chemical tankers to be built in Philadelphia. The first vessel is expected within the next few years, helping renew the US fleet under the Jones Act. In addition, Hanwha confirmed plans for a second LNG carrier following last month’s historic order. That vessel marked the first US-built export-ready LNG carrier in nearly five decades.
With the Hanwha shipyard investment, the company intends to combine Korea’s expertise with American demand for advanced vessels. As a result, the project will expand production, create jobs, and give new momentum to US shipbuilding.
