Hanwha Group has unveiled a $5 billion infrastructure investment plan for Hanwha Philly Shipyard, supporting South Korea’s broader initiative to revitalise the US shipbuilding industry.
This forms part of a wider $150 billion fund dedicated to enhancing bilateral industrial cooperation.
The announcement coincided with the christening of the U.S. Maritime Administration’s (MARAD) third National Security Multi-Mission Vessel (NSMV), held at the shipyard.
The event was attended by South Korean President Lee Jae Myung, the First Lady, and senior officials, alongside Pennsylvania Governor Josh Shapiro and U.S. Senator Todd Young.
The ceremony followed recent summit talks between President Lee and US President Donald Trump, during which South Korea reaffirmed its commitment to large-scale investments in US shipbuilding.
Observers anticipate Hanwha Philly Shipyard will serve as a cornerstone in this growing partnership.
READ: GCMD drives biofuel transparency with tracer success
Speaking at the event, Hanwha Vice Chairman Dong Kwan Kim stated: “Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialise for the sake of shared security and prosperity.
“We are creating good manufacturing jobs, building the world’s most advanced ships, and fostering a new skilled workforce right here in America. This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding.”
Following its $100 million acquisition of the shipyard last year, Hanwha is now investing in modernising the facility.
Plans include upgrading infrastructure with smart yard technology and automation to create a digitally enabled, high-efficiency operation.
As part of the expansion, Hanwha intends to add two new docks and three additional quays.
The company is also evaluating the development of a block assembly facility to further scale production capacity.
These enhancements are expected to boost annual output from fewer than two ships to up to 20 vessels.
