Hanwha invests $5B in Philly Shipyard as part of ‘US shipbuilding push’

Hanwha Group has unveiled a $5bn infrastructure plan for Hanwha Philly Shipyard as part of South Korea’s commitment to supporting growth of the U.S. shipbuilding industry through a $150bn investment fund.

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

The naming ceremony, which took place at Hanwha Philly Shipyard, was attended by South Korean president Lee Jae Myung, the first lady, and other senior officials. Pennsylvania governor Josh Shapiro and senator Todd Young also joined the event.

The ceremony followed summit talks between president Lee and U.S. president Donald Trump. Earlier, the Lee administration had pledged $150bn in American shipbuilding investments during a trade deal between Korea and the U.S.

The $5bn program will be used for the installation of two additional docks, and three quays to increase capacity.

Hanwha, which acquired Philly Shipyard last year through a $100m investment, is also reviewing the build-out of a new block assembly facility. Through this expansion, Hanwha aims to increase Philly Shipyard’s annual production volume from