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
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