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Hanwha Unveils $5 Billion Plan For Philly Shipyard

port-and-ship

28 August 2025

Port Technology International

port-and-ship

Aug 28, 2025

Port Technology International

Port Technology International

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

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

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

Hanwha Vice Chairman Dong Kwan Kim, said: “Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialise 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.”

Hanwha acquired Philly Shipyard last year through a $100 million investment, building a landmark hub for shipbuilding in America.

It is investing to modernise infrastructure and create a digitally enabled, high-efficiency shipyard, with world-class automation and smart yard technology.

Hanwha will dedicate the $5 billion programme to installing two additional docks and three quays to increase capacity. Hanwha is also reviewing the build-out of a new block assembly facility.

READ: US government unveils plans to support shipbuilding supply chain

Through this expansion, Hanwha aims to increase Philly Shipyard’s annual production volume from fewer than two vessels to up to 20.

In addition to the infrastructure plan, the US 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, and Hanwha Philly Shipyard expects to deliver the first tanker 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 US-ordered, export-market-viable LNG carrier in almost 50 years.

Earlier this April, Trump passed an executive order to revitalise US shipbuilding while curbing China’s stronghold over the global shipping industry.

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International Seaways Clinches $330M Financing Deal For Six Lr1 Newbuilds

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Hanwha Unveils $5 Billion Plan For Philly Shipyard

Hanwha Unveils $5 Billion Plan For Philly ShipyardHanwha made the announcement in time for the christening of a new training vessel, the U.S. Maritime Administration’s (MARAD) third National Security Multi-mission Vessel (NSMV). South Korean President Lee Jae Myung, the First Lady, and other senior officials attended the naming ceremony at Hanwha Philly Shipyard. Pennsylvania Governor Josh Shapiro and Senator Todd Young also joined the event. The ceremony followed summit talks between President Lee and US President Donald Trump. Earlier, the Lee administration had pledged $150 billion in American shipbuilding investments during a trade deal between Korea and observers expect Hanwha Philly Shipyard to play a key role in future collaboration between the two countries. Hanwha Vice Chairman Dong Kwan Kim, said: “Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialise 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.” Hanwha acquired Philly Shipyard last year through a $100 million investment, building a landmark hub for shipbuilding in America. It is investing to modernise infrastructure and create a digitally enabled, high-efficiency shipyard, with world-class automation and smart yard technology. Hanwha will dedicate the $5 billion programme to installing two additional docks and three quays to increase capacity. Hanwha is also reviewing the build-out of a new block assembly facility. READ: US government unveils plans to support shipbuilding supply chain Through this expansion, Hanwha aims to increase Philly Shipyard’s annual production volume from fewer than two vessels to up to 20. In addition to the infrastructure plan, the US 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, and Hanwha Philly Shipyard expects to deliver the first tanker 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 US-ordered, export-market-viable LNG carrier in almost 50 years. Earlier this April, Trump passed an executive order to revitalise US shipbuilding while curbing China’s stronghold over the global shipping industry.

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Hanwha Unveils $5 Billion Plan For Philly Shipyard

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Hanwha Commits $5 Billion To Philly Shipyard As South Korea Backs U.S. Shipbuilding

Hanwha Commits $5 Billion To Philly Shipyard As South Korea Backs U.S. Shipbuilding

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Hellenic Shipping News

Rail Freight Traffic Moved More Than 1.2 Million Tonnes In The First Half Of The Year At Valenciaport

Rail Freight Traffic Moved More Than 1.2 Million Tonnes In The First Half Of The Year At Valenciaport

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Port Technology International

Cosco Eyes Stake In $2.3 Billion Panama Canal Port Project

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Port Technology International

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Bunker Port News Worldwide

Voc Port Handles 15 Million Tonnes Of Cargo This Fiscal

Voc Port Handles 15 Million Tonnes Of Cargo This Fiscal

Bunker Port News Worldwide

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Bunker Port News Worldwide

Rs 2,528 Crore Project: Cabinet Approves 104-Km Freight Corridor Connecting Vadhavan Port With Mumbai-Nagpur E-Way

Rs 2,528 Crore Project: Cabinet Approves 104-Km Freight Corridor Connecting Vadhavan Port With Mumbai-Nagpur E-Way

Bunker Port News Worldwide

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$133 Million Integrated Ship Refuelling Centre To Be Established At Saudi Arabian Port

$133 Million Integrated Ship Refuelling Centre To Be Established At Saudi Arabian Port