Elodie Collins 
South Korean company Hanwha Group plans to modernize the Philly Shipyard to increase output and bolster U.S. shipmaking capability to better compete with adversaries, such as China. In an interview with CBS’ 60 Minutes on Sunday, David Kim, CEO of Hanwha Philly Shipyard, shared that the company’s goal is to grow ship production from the facility’s current rate of one-and-a-half per year to 20 annually.
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How Does Hanwha Plan to Increase Ship Production in Philadelphia?
CBS noted in the interview that the Philly Shipyard has become a symbol of American industrial decline, with cranes dating back to the 1940s. Kim described the facility as “a dinosaur,” adding that Hanwha plans to install robots and automation equipment and recruit thousands of workers over the next two years to make ships at the site.
Hanwha acquired the Philly Shipyard in 2024 for approximately $100 million. The company has committed to investing $5 billion to build two additional docks and three quays at the site.
Aside from modernization, Hanwha Philly Shipyard is also ramping up training a new generation of shipbuilders. Hanwha has already deployed 50 trainers from South Korea to share their expertise with American workers.
Will the Hanwha Philly Shipyard Build Submarines?
The interview also touched on the potential of the Philly Shipyard to manufacture nuclear submarines.
Michael Coulter, CEO of Hanwha Defense USA, told CBS that South Korea makes “great submarines” and can help the U.S. refresh its aging fleet.
“We have told the U.S. government that if they so wish, we will build submarines for them in the United States, and in Philadelphia, just like we do in Korea,” the executive stated.
“The submarine program in the United States is heading in the wrong direction, and we think we can help,” he added.
