Hanwha commits $5 billion to improving Philadelphia shipyard
NSMV 2 and NSMV 3 under construction in the outfitting dock at Philly Shipyard. (Image: Hanwha Philly Shipyard)
Hanwha Group said the cash would be dedicated to boosting the Philadelphia-based shipyard’s capacity and output.
South Korean business group Hanwha, which acquired Philly Shipyard last year in a US$100 million deal, has committed of a further $5 billion towards enhancing the US shipyard’s offering.
The investment will go towards the installation of two new docks and three new quays at the shipbuilding facility in Philadelphia, expanding capacity to boost annual production volume from fewer than two vessels a year to up to 20.
News of the investment came the day after South Korean President Lee Jae Myung and other senior officials including Pennsylvania governor Josh Shapiro and senator Todd Young attended the naming ceremony of
Already have an account? Log in
Want to keep reading this article?
More from Naval Warfare
-
![Greece’s newly commissioned FDI frigate deployed to Cyprus]()
Greece’s newly commissioned FDI frigate deployed to Cyprus
The recent naval modernisation efforts by the Hellenic Navy have been bolstered by the acquisition of advanced Naval Group frigates, the first of which was delivered in December 2025 and is now playing a crucial role in the latest Middle East conflict.
-
![US Navy SPY-6 approaches FRP with Raytheon already having “a hot production line”]()
US Navy SPY-6 approaches FRP with Raytheon already having “a hot production line”
Jen Gauthier, Raytheon’s VP of Naval Systems and Sustainment, told Shephard that the company is awaiting the US Navy’s green light to move “fully into full-rate production”.
-
![Ireland releases maritime strategy as it looks to new naval bases and stronger partnerships]()
Ireland releases maritime strategy as it looks to new naval bases and stronger partnerships
Ireland has a maritime area ten times the size of its land mass but has a limited naval capacity and faces an ongoing threat to critical underwater infrastructure. A new strategy is looking to address the challenge.
-
![How the Golden Fleet will change the US Navy acquisition process]()
How the Golden Fleet will change the US Navy acquisition process
The procurement of the future USN Golden Fleet is planned to be less bureaucratic than previous strategies, involving AI-enabled designs and scheduling tools to increase productivity and avoid delays.
-
![What capabilities are being tested under AUKUS Pillar II?]()
What capabilities are being tested under AUKUS Pillar II?
Collaboration on AUKUS Pillar II extends beyond the core trilateral agreement, presenting global opportunities for companies with advanced technologies.
