Hanwha Group has unveiled a $5bn investment plan for Hanwha Philly Shipyard in Pennsylvania, aligning with South Korea’s pledge to foster the growth of the US shipbuilding industry via a $150bn investment fund.
The announcement coincided with the christening of a new training ship, which is the third National Security Multi-mission Vessel of the US Maritime Administration.
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Hanwha vice chairman Dong Kwan Kim said: “Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialise for the sake of shared security and prosperity. We are creating good manufacturing jobs, building the world’s most advanced ships, and fostering a new skilled workforce right here in America.”
“This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding.”
Hanwha’s acquisition of Philly Shipyard last year via a $100m investment set the stage for this modernisation project.
The investment aims to transform the facility into a state-of-the-art shipyard with world-class automation and smart-yard technology.
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By GlobalDataThe expansion project will see the installation of two additional docks and three quays, enhancing the shipyard’s capacity.
A new block assembly facility is also under consideration, which would further augment the shipyard’s production capabilities from less than two vessels to up to 20.
As part of the expansion, Hanwha also plans to expand its shipbuilding capabilities to include a range of vessels, from LNG carriers to naval modules and blocks, with a plan for building naval vessels.
Hanwha Shipping, a subsidiary of Hanwha Group, is supporting the shipyard’s growth with orders for ten medium-range oil and chemical tankers, with an expected first delivery by 2029.
Hanwha Shipping has also confirmed that it will be placing an order for an additional LNG carrier with Hanwha Philly Shipyard. This follows a contract placed a month earlier for an LNG carrier capable of serving the US export market.
These orders underscore Hanwha’s commitment to rejuvenating the US Jones Act fleet and contributing to the country’s maritime industry.
The synergy between Hanwha Ocean and Hanwha Philly Shipyard is set to generate mutual benefits, including job creation and the establishment of a robust industry ecosystem.
In February, Hanwha Power Systems and Hanwha Ocean also partnered with Baker Hughes to develop innovative ammonia gas turbines for ships, highlighting Hanwha’s dedication to advancing low-carbon maritime technology.
