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Hanwha Ocean to pump $70M more into U.S. shipyard

Published: 25 Aug. 2025, 11:57 Updated: 25 Aug. 2025, 14:40

The final process of building a national security vessel is underway at Dock 5 of Hanwha Philly Shipyard in Philadelphia on July 16. [YONHAP]

Hanwha Ocean, a major Korean shipbuilder, will invest an additional $70 million “to expand” its shipyard in Philadelphia, according to the White House website on Monday.

Hanwha Group acquired Philly Shipyard for 140 billion won ($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 one to one and a half. 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.

Hanwha Philly Shipyard is the first U.S. shipyard acquired by a Korean shipbuilder and has emerged as a centerpiece of bilateral shipbuilding cooperation between Seoul and Washington, dubbed Make American Shipbuilding Great Again, or 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 Korea, a global leader in naval vessel construction.

Korean President Lee Jae Myung is scheduled to visit the shipyard on Tuesday, a day after his summit with Trump in Washington.

Yonhap