Americas News
Hanwha Group Commits $5 Billion in US Shipbuilding Industry
South Korea's Hanwha Group will invest $5 billion to expand Hanwha Philly Shipyard, strengthening cooperation between Korea and the US in shipbuilding.
The plan was unveiled during the christening of the US Maritime Administration's third national security multi-mission vessel (NSMV), Hanwha Group said in a statement on its website on Wednesday.
The ceremony, attended by South Korean President Lee Jae Myung, Pennsylvania Governor Josh Shapiro, Senator Todd Young and senior officials, followed summit talks between President Lee and US President Donald Trump.
Seoul has pledged $150 billion in investments to revitalise American shipbuilding.
The $5 billion programme will add two docks, three quays and potentially a block assembly facility, boosting annual output from fewer than two vessels to up to 20, including LNG carriers, naval modules and, longer-term, naval ships.
Hanwha Shipping's US arm has also ordered 10 tankers for delivery from 2029 and exercised an option for a second LNG carrier, following last month's landmark US order for an export-market-viable LNG ship.
Hanwha acquired Philly Shipyard last year for $100 million and is modernising it with automation and smart yard technology.
