Aug 26, 10:39 PM

Hanwha to Spend $5 Billion on Philadelphia Yard in Seoul’s $150 Billion Shipbuilding Push

South Korean conglomerate Hanwha Ocean will invest about $5 billion to modernize and expand its recently acquired Philadelphia shipyard, aiming to raise annual output from fewer than two ships to as many as 20. The announcement was made during a ceremony christening the National Security Multi-Mission Vessel ‘State of Maine,’ which was attended by South Korean President Lee Jae Myung, Pennsylvania Governor Josh Shapiro and other US officials. The project forms the first major tranche of Seoul’s ‘Make America Shipbuilding Great Again’ initiative, under which Korean companies have set aside roughly $150 billion to help revive US commercial and naval ship production. The shipbuilding commitment is part of a broader, non-binding $350 billion investment package unveiled in July that also covers energy, aerospace and critical minerals. President Lee highlighted the investment after meeting President Donald Trump at the White House, casting the partnership as a way to strengthen both countries’ maritime industries and counter China’s dominance in global shipbuilding. Hanwha’s upgrade, coupled with planned joint ventures by HD Hyundai and Samsung Heavy Industries, is expected to generate thousands of US jobs, though executives and officials acknowledged that aging facilities and workforce shortages could slow the sector’s turnaround.