Hanwha Group plans to invest 100 billion won ($71.8 million) in Philly Shipyard as part of a long-term strategy to transform the facility into a high-tech shipyard, reports Korea JoongAng Daily.
Hanwha to invest in Philly Shipyard
Hanwha Group aims for the facility to be capable of building 10 vessels annually and generating $4 billion in revenue by 2035. This investment represents Hanwha’s latest effort to strengthen its footprint in the U.S. market following its acquisition of the shipyard last year. The investment plans to support dock upgrades and the introduction of automation systems throughout the shipbuilding process. Furthermore, the group recently brought Korean analysts to the site to present its vision, which includes the construction of liquefied natural gas (LNG) carriers.
The investment follows recent initiatives by both the Trump administration aimed at revitalizing the domestic shipbuilding industry, along with new requirements from the U.S. Trade Representative that would require LNG producers to transport 1% of exports on U.S.-built vessels by April 2028, gradually increasing to 15% by 2047.
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Source: Korea JoongAng Daily
