Hanwha announces $5 billion Philly Shipyard investment as part of S. Korea's commitment to U.S. shipbuilding growth

• As part of South Korea's $150 billion U.S. shipbuilding investment, Hanwha announces infrastructure plan, which will boost Philly Shipyard's annual capacity and deliver world-class technology
• South Korean President Lee Jae Myung and senior U.S. officials attend key christening ceremony of U.S. training vessel at Hanwha Philly Shipyard
• Hanwha Group Vice Chairman Dong Kwan Kim: "Hanwha is committed to being a partner in building the next chapter of American shipbuilding."

PHILADELPHIA, Aug. 26, 2025 /PRNewswire/ -- Hanwha Group 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 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.

In his welcome address, Hanwha Vice Chairman Dong Kwan Kim expressed gratitude to the leaders of both countries and emphasized the importance of joint partnership in bolstering the shipbuilding industry.

"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," said Kim. "This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding."

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.

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.

Hanwha Ocean CEO Hee Cheul Kim and Hanwha Global Defense CEO Michael Coulter were also present at the christening ceremony. Through joint synergy between its world-class shipbuilder Hanwha Ocean and U.S. affiliate Hanwha Philly Shipyard, Hanwha looks to drive mutual growth across both markets, fostering job creation and the development of a robust industry ecosystem.

Hanwha Group

Hanwha is South Korea's seventh-largest business group, with innovative businesses in the areas of aerospace & mechatronics, clean energy & ocean solutions, finance, and retail & services. We are a multinational company with a robust global network of affiliates, which allows us to leverage synergy to deliver transformative solutions and impactful innovations that catalyze sustainable growth across industries and communities. With strong fundamentals in core industries, we enhance lives through our technologies, products, and services.

For more information, visit: www.hanwha.com 

About Hanwha Philly Shipyard
Hanwha Philly Shipyard is a leading U.S. shipbuilder that has earned a reputation as a preferred provider of ocean-going merchant vessels with a track record of delivering quality ships, having delivered around 50% of all large ocean-going U.S. Jones Act commercial ships since 2000. The shipyard is part of Hanwha Group, a multinational company with a robust network of affiliates in the energy, shipbuilding, defense, aerospace, finance, and retail & services industries.

For more information, visit: https://hanwhaphillyshipyard.com

SOURCE Hanwha Group