Jane Edwards
South Korea-based Hanwha Group will invest $5 billion in its Philly Shipyard infrastructure as part of its commitment to driving the growth of the U.S. shipbuilding industry.
Scope of Shipyard Investment
Hanwha said Wednesday the investment will support the installation of two additional docks and three quays as it aims to increase Philadelphia-based Philly Shipyard’s annual production capacity to up to 20 vessels.
Hanwha is also assessing the development of a new block assembly facility as part of its $5 billion infrastructure plan.
Tanker Construction
Aside from the infrastructure plan, the U.S. subsidiary of Hanwha’s shipping business – Hanwha Shipping – ordered 10 medium-range oil and chemical tankers from Hanwha Philly Shipyard. It expects the first tanker to be delivered by early 2029. Hanwha Shipping also exercised its option for a second liquefied natural gas carrier.
In June 2024, Hanwha acquired Philly Shipyard through a $100 million investment to broaden its global shipbuilding footprint and advance the deployment of naval systems.
