US EditionSouth Korea's Hanwha to Invest $5 Billion in Philly Shipyard
Hanwha plans to more than double Philly Shipyard's workforce to over 3,400 and boost production from less than two ships to up to 20 annually, officials said.
- On Tuesday, South Korean President Lee Jae Myung toured Hanwha Philly Shipyard in Philadelphia, where Hanwha announced a $5 billion infrastructure plan amid a christening ceremony attended by senior U.S. officials.
- The MASGA project, launched in July, encompasses about $150 billion in Korean investment to build U.S. shipyards, train personnel, and support Navy maintenance, aligning with President Donald Trump's April 9, 2025 executive order.
- The program calls for installing two new docks and three quays to raise yard capacity, with Hanwha aiming to boost annual production from fewer than two vessels to up to 20 and expand from a current workforce of 1,700 to more than 5,000.
- Hanwha Shipping's U.S. subsidiary placed orders for 10 MR tankers from Hanwha Philly Shipyard, supporting Jones Act fleet renewal with first delivery by early 2029 while modernizing the yard with new staff and automation.
- China dominates global shipbuilding with a 74% market share, while tariffs are set at 15%, and South Korean government and industrial groups target up to $200 billion for U.S. technology investments.
78 Articles
78 Articles
The INSIDER daily digest -- August 27, 2025
This Wednesday INSIDER Daily Digest has news on the Defense Innovation Unit, Hanwha investing billions into a Philadelphia shipyard, the Trump administration possibly considering an equity stake in defense companies, the Navy's Ship-to-Shore Connector triggering a Nunn-McCurdy breach and more. It has been nearly two days since former Defense Innovation Unit Director Doug Beck's abrupt exit; since then, the Defense Department named Emil Michael, …
Bennington Banner
Hanwha announces $5 billion Philly Shipyard investment as part of S. Korea's commitment to U.S. shipbuilding growth
As part of South Korea's $150 billion U.S. shipbuilding investment, Hanwha announces infrastructure plan, which will boost Philly Shipyard's annual capacity and deliver world-class technologySouth Korean President Lee Jae Myung and senior U.S. officials attend key christening ceremony of U.S.…
Coverage Details
Bias Distribution
- 57% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
