Hanwha Ocean is preparing to pump an additional $70m into Philly Shipyard, marking the latest step in the Korean group’s aggressive push into the US naval and commercial shipbuilding market.
The investment plan was revealed via the White House on Monday, though the Korean yard has yet to confirm the figure.
Hanwha acquired the historic US yard last year for $100m. The new investment would accelerate expansion plans that aim to raise Philly Shipyard’s annual capacity from just 1–1.5 ships today to as many as 10 vessels by 2035. Over the same period, Hanwha is targeting a tenfold sales increase, from $400m to $4bn.
US president Donald Trump, who has repeatedly pledged to revive America’s long-declining shipbuilding sector, has praised the Korean partnership. His counterpart, South Korean president Lee Jae Myung, is due to visit the Philadelphia yard on Tuesday, the day after his summit with Trump in Washington.
Other Korean yards, including HD Hyundai, are also eyeing investments into the American shipyard sector.
