Hanwha Group unveiled an investment of a USD 5 billion infrastructure plan for Hanwha Philly Shipyard as part of South Korea’s commitment to supporting the growth of the U.S. shipbuilding industry through a USD 150 billion investment fund. The announcement was made in time for the christening of a new training vessel, the U.S. Maritime Administration’s (MARAD) third National Security Multi-mission Vessel (NSMV).
The USD 5 billion program will be dedicated to the installation of two additional docks and three quays to raise the capacity. Hanwha 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 less than two vessels to up to 20. As a global leader in LNG vessels, Hanwha aims to produce LNG carriers, naval modules and blocks, and, in the long term, naval vessels out of its U.S. shipyard.
The previous year, Hanwha acquired Philly Shipyard through a USD 100 million investment, building a landmark hub for shipbuilding in America. It is investing in modernizing infrastructure and creating a digitally-enabled, high-efficiency shipyard, with world-class automation as well as smart yard technology.
The company has announced that it has ordered 10 medium-range (MR) oil and chemical tankers from its affiliate, Hanwha Philly Shipyard, with the first tanker expected to be delivered by early 2029. The vessels will be designed to support the U.S. Jones Act fleet renewal and other strategic initiatives. Hanwha Shipping also unveiled that it has exercised its option to order a second liquefied natural gas (LNG) carrier from Hanwha Philly Shipyard.
Executive Statement
According to Hanwha Ocean CEO Hee Cheul Kim, the christening ceremony is the embodiment of their two nations working side by side to reindustrialize for the sake of shared security and prosperity. They are creating good manufacturing jobs, building the world’s most advanced ships, and fostering a new skilled workforce right here in America. Hanwha is committed to being a partner in building the next chapter of American shipbuilding.