Hanwha pledges USD 5 billion to expand Philadelphia shipyard under MASGA initiative
Hanwha Shipyard hosts US secretary of the Navy John Phelan and director of the Office of Management and Budget Russell Vought in August (Source: Hanwha)
Hanwha Group will significantly expand its US shipbuilding capacity with a USD 5 billion investment in Hanwha Philly Shipyard, announced during the US–Korea summit in Philadelphia. The commitment, fifty times greater than the USD 100 million spent to acquire the yard in 2023, makes Hanwha the first South Korean shipbuilder with full manufacturing facilities in the US.
Kim Dong-kwan, vice chairman of Hanwha, unveiled the plan during the christening of a US Maritime Administration vessel at the yard. He pledged that Hanwha would “play a pivotal role in making the US shipbuilding industry great again,” aligning with the Make America Shipbuilding Great Again (MASGA) initiative highlighted by President Lee Jae Myung, Governor Josh Shapiro, and Mayor Cherelle Parker.
The investment is Hanwha’s largest ever in a single facility and forms part of Seoul’s USD 150 billion shipbuilding fund agreed with Washington. The Philadelphia yard will be upgraded with two new docks, three quays, a 396,700-m2 block production base, and advanced automation. Capacity is set to rise from 1.5 vessels annually to 20, with a focus on LNG carriers and naval platforms.
In parallel, Hanwha’s Shipping arm has placed a commercial order for ten MR chemical tankers and one LNG carrier at Philadelphia, due to deliver from 2029, ensuring a running start for the shipyard.
