Hanwha announces $5-billion Philly shipyard investment
Hanwha Group has announced a $5-billion infrastructure plan for Hanwha Philly Shipyard as part of South Korea’s commitment to supporting the growth of the US shipbuilding industry through a $150-billion investment fund.
The announcement was made in time for the christening of a new training vessel, the US Maritime Administration’s (MARAD) third National Security Multi-mission Vessel (NSMV).
The naming ceremony, which took place at Hanwha Philly Shipyard, was attended by South Korean President Lee Jae Myung, the First Lady, and other senior officials. Pennsylvania Governor Josh Shapiro and Senator Todd Young also joined the event.
The ceremony followed summit talks between President Lee and US President Donald Trump.
Earlier, the Lee administration had pledged $150 billion in American shipbuilding investments during a trade deal between Korea and the US Hanwha Philly Shipyard is expected to play a key role in future collaboration between the two countries.
Hanwha acquired Philly Shipyard last year through a $100-million investment, building what it calls “a landmark hub for shipbuilding in America.” The company says that it is investing to modernize infrastructure and create a digitally-enabled, high-efficiency shipyard, with world-class automation and smart yard technology.
The $5-billion program will be dedicated to the installation of two additional docks, and three quays to increase capacity. Hanwha says that it is also reviewing the build-out of a new block assembly facility.
Through this expansion, Hanwha aims to increase Philly Shipyard’s annual production volume from less than two vessels to up to 20. Hanwha says that it is aiming to produce LNG carriers, naval modules and blocks, and, in the long-term, naval vessels out of its US shipyard.
Hanwha Shipping also announced it has exercised its option to order a second LNG carrier from Hanwha Philly Shipyard. This follows Hanwha Shipping’s announcement last month that it signed a contract for the first US-ordered, export-market-viable LNG carrier in almost 50 years.
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Bruce Beaubouef
Managing Editor
Bruce Beaubouef is Managing Editor for Offshore magazine. In that capacity, he plans and oversees content for the magazine; writes features on technologies and trends for the magazine; writes news updates for the website; creates and moderates topical webinars; and creates videos that focus on offshore oil and gas and renewable energies. Beaubouef has been in the oil and gas trade media for 25 years, starting out as Editor of Hart’s Pipeline Digest in 1998. From there, he went on to serve as Associate Editor for Pipe Line and Gas Industry for Gulf Publishing for four years before rejoining Hart Publications as Editor of PipeLine and Gas Technology in 2003. He joined Offshore magazine as Managing Editor in 2010, at that time owned by PennWell Corp. Beaubouef earned his Ph.D. at the University of Houston in 1997, and his dissertation was published in book form by Texas A&M University Press in September 2007 as The Strategic Petroleum Reserve: U.S. Energy Security and Oil Politics, 1975-2005.