The South Korean Hanwha Group is planning to invest $5 billion in the US shipyard Philly Shipyard in Philadelphia.
The infrastructure plan is part of a comprehensive commitment by Seoul to strengthen US shipbuilding as part of a $150 billion fund. The aim is to significantly increase the annual capacity of the US shipyard and introduce modern technologies.
The announcement was made on the occasion of the christening of the third National Security Multi-Mission Vessel (NSMV) of the US Maritime Administration (MARAD) in Philadelphia. Among the guests were South Korean President Lee Jae Myung, Pennsylvania Governor Josh Shapiro and Senator Todd Young. The ceremony followed on from talks between President Lee and US President Donald Trump in Washington, during which investment in US shipbuilding was agreed.
“We are creating good industrial jobs, building the most modern ships in the world and promoting a new, highly qualified skilled workforce right here in the USA,” said Hanwha’s Vice Chairman Dong Kwan Kim, emphasizing the importance of the partnership.
Hanwha plans to build LNG carriers
Specific plans include the construction of two additional docks, three additional berths and a block assembly hall. The aim is to increase production from the current maximum of two newbuilds per year to up to 20. Hanwha also plans to manufacture LNG carriers, marine modules and blocks in Philadelphia in the future, as well as naval vessels in the long term.
At the same time, Hanwha Shipping has placed an order for ten MR oil and chemical tankers, which are to be delivered from 2029. The units are intended for the Jones Act fleet and other strategic programs. In addition, an option for a second LNG vessel was taken – following the announcement last month of an order for the first exportable LNG carrier to be built in the USA in almost 50 years.
Hanwha acquired Philly Shipyard last year for $100 million and developed it into a central location for US shipbuilding. The expansion is intended to turn the shipyard into a state-of-the-art production center with digitalized processes, automation and smart yard technologies.South Korea wants to make huge investments in the US shipyard in Philadelphia. South Korean President Lee Jae Myung has now personally visited the shipyard as part of his trip to the US (© Hanwha Group)
“State of Maine” was built with four other identical training ships at Philly Shipyard. (© Philly Shipyard)
