This photo taken on July 20, 2025, and provided by Hanwha Ocean Co., shows Hanwha Philly Shipyard in Philadelphia. (Yonhap)
SEOUL, Aug. 25(Korea Bizwire) — Hanwha Ocean Co., a major South Korean shipbuilder, will invest an additional US$70 million “to expand” its shipyard in Philadelphia, according to the White House’s website Monday.
Hanwha Group acquired Philly Shipyard for 140 billion won (US$100 million) last year to enter the U.S. shipbuilding market, with a long-term goal of securing U.S. Navy contracts.
Two group affiliates, Hanwha Ocean and defense solutions provider Hanwha Systems, hold 40 percent and 60 percent stakes in the shipyard, respectively.
Hanwha Ocean aims to boost the shipyard’s annual shipbuilding capacity to eight to 10 vessels by 2035 from the current 1 to 1.5. It also seeks to increase annual sales tenfold, from $400 million to $4 billion, over the same period.
Hanwha Ocean has yet to confirm the additional investment.
This photo provided by Hanwha Group shows a panoramic view of Philly Shipyard Inc. in Philadelphia, Pennsylvania. (Image courtesy of Yonhap)
Hanwha Philly Shipyard is the first U.S. shipyard acquired by a South Korean shipbuilder and has emerged as a centerpiece of bilateral shipbuilding cooperation between Seoul and Washington, dubbed “Make American Shipbuilding Great Again” (MASGA).
U.S. President Donald Trump has stressed the need to revive the U.S. shipbuilding industry and highlighted the role of allies such as South Korea, a global leader in naval vessel construction.
South Korean President Lee Jae Myung is scheduled to visit the shipyard on Tuesday (U.S. time), a day after his summit with Trump in Washington.
(Yonhap)
