U.S. shipbuilder Philly Shipyard, Inc. and HD Hyundai Heavy Industries Co., Ltd. (HHI), South Korea’s largest shipbuilding group, have signed a Memorandum of Understanding (MOU) to explore opportunities for collaboration on future U.S. government shipbuilding and maintenance, repair and overhaul (MRO) projects.
The MOU signing took place at Philly Shipyard on April 12, 2024, during visit from Dr. Won ho Joo, the Chief Executive of Naval and Special Ship Business Unit of HHI.
“We look forward to further growing HHI’s presence in the global defense market through collaboration with US companies in government and military vessels building and MRO business,” said Dr. Won ho Joo.
The signing of the MOU came just days after U.S. Secretary of the Navy (SECNAV) Carlos Del Toro called for more partnerships with U.S. allies in domestic shipbuilding following his visit to South Korea in February, where he met with HD Hyundai Vice Chairman and CEO Kisun Chun and toured the HHI’s shipyard in Ulsan.
The partnership between Philly Shipyard and HD Hyundai extends back to 2005-2017 when they collaborated on the design and procurement support during the construction of 22 commercial product tankers. HHI, being the world’s largest shipbuilding company and a leader in the heavy industries sector, brings considerable expertise to the table.
“Philly Shipyard and HD Hyundai have a long and gratifying history of working together, and we are honored by the idea of future cooperation with HHI on opportunities for U.S. government shipbuilding projects,” said Steinar Nerbovik, President & CEO of Philly Shipyard.
Philly Shipyard is a leading commercial shipbuilder in the Jones Act sector. Since 2000, it has built approximately half of all large ocean-going commercial ships operating in the Jones Act trade. In recent years, the shipyard has expanded into government shipbuilding projects, including the National Security Multi-Mission Vessel (NSMVs) program and grey-hull repair work.
