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8h ago

Hanwha Pledges $5 Billion to Expand Philadelphia Shipyard Under Korea–U.S. MASGA Push

The pledge anchors Seoul’s MASGA investment linked to a tariff-cutting trade deal that seeks to reboot U.S. shipbuilding.

Dong Kwan Kim, Vice Chairman of Hanwha Group, delivers welcome speech at the ship naming ceremony held at Hanwha Philly Shipyard, with South Korean President Lee Jae Myung and Pennsylvania Governor Josh Shapiro present. Credit: Hanwha.
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Overview

  • Hanwha announced a 7 trillion won (about $5 billion) expansion for Hanwha Philly Shipyard during the christening of MARAD’s NSMV State of Maine attended by President Lee Jae Myung.
  • The plan adds two docks and three quays with a possible block assembly facility, aiming to lift annual output to as many as 20 vessels from roughly 1–1.5, with no timeline provided.
  • The move advances the Korea–U.S. MASGA initiative that earmarks about $150 billion for American shipbuilding, following a July deal that set reciprocal tariffs at 15%.
  • Company leaders and U.S. officials said the expansion is expected to create thousands of jobs as the yard scales commercial production and positions for future naval-related work.
  • Hanwha Shipping placed orders for 10 medium-range tankers and exercised an option for a second LNG carrier from the yard, with the first tanker slated for delivery in early 2029.