Hanwha Group announced a $5 billion infrastructure plan for Hanwha Philly Shipyard as part of South Korea’s $150 billion commitment to supporting growth of the U.S. shipbuilding industry.
The announcement coincided with the christening of the U.S. Maritime Administration’s third National Security Multi-mission Vessel (NSMV).
The ceremony took place at Hanwha Philly Shipyard and was attended by South Korean President Lee Jae Myung, the First Lady, Pennsylvania Governor Josh Shapiro, Senator Todd Young, and senior officials.
It followed summit talks between President Lee and U.S. President Donald Trump. During those talks, the Lee administration pledged $150 billion in American shipbuilding investments as part of a trade deal between Korea and the U.S.
Hanwha acquired Philly Shipyard last year through a $100 million investment and has since begun modernizing the facility. The $5 billion program will fund two additional docks, three quays, and a potential block assembly facility. These upgrades aim to raise the shipyard’s annual output from fewer than two vessels to as many as 20. Hanwha plans to produce LNG carriers, naval modules and blocks, and, in the long term, naval vessels in the U.S.
Separately, Hanwha Shipping, the U.S. subsidiary of Hanwha’s shipping business, announced an order for 10 medium-range oil and chemical tankers from Hanwha Philly Shipyard, with deliveries starting in 2029. It also confirmed an option for a second liquefied natural gas (LNG) carrier, following its July contract for the first U.S.-ordered LNG export carrier in nearly 50 years.
Hanwha Group is a South Korean conglomerate headquartered in Seoul. It operates across sectors including aerospace, defense, energy, chemicals, finance, and retail, and is ranked among the country’s largest business groups.
Hanwha Philly Shipyard, Inc. is a U.S. shipbuilding company based in Philadelphia, Pennsylvania. It operates as a subsidiary of Hanwha Group and focuses on constructing Jones Act–compliant vessels, supplying a significant share of the U.S. merchant fleet.