Jane Edwards 
President Donald Trump emphasized his administration’s efforts to revitalize U.S. shipbuilding and highlighted the growing partnership with South Korea during his address at the Asia-Pacific Economic Cooperation CEO Summit on Wednesday.
“And today we’re not really building ships and we’re going to start and we’re going to have a very thriving, very thriving shipbuilding industry and we’re working it with South Korea very much so. In fact, some of the people in this room, they bought the Philadelphia shipyard,” Trump said in his remarks at the APEC Summit in South Korea. “I think it’s going to be one of the most successful yards in the world anywhere in the world. It’s great.”
His remarks come as South Korea-based conglomerate Hanwha continues to expand its Philadelphia shipyard operations through a multibillion-dollar investment aimed at boosting U.S. shipbuilding capacity and training skilled personnel.
What Is the Scope of the Hanwha Philly Shipyard Infrastructure Plan?
In August, Hanwha announced a $5 billion infrastructure plan to support the installation of two additional docks and three quays at Philly Shipyard. The expansion is expected to increase the yard’s annual production capacity from roughly one ship to up to 20 vessels.
Hanwha is also evaluating plans to build a new block assembly facility as part of the plan.
The investment supports U.S. efforts to expand shipbuilding capacity and rebuild the industrial workforce.
In 2024, Hanwha acquired Philly Shipyard through a $100 million investment to expand its global shipbuilding footprint and advance the deployment of naval systems.
