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Photo = Hanwha Ocean Geoje Shipyard |
[Alpha Biz= Kim Jisun] Hanwha Ocean announced plans to invest at least $70 million (approx. KRW 94.5 billion) in its U.S. subsidiary, Philadelphia Shipyard, which it acquired last year. The investment aims to expand dock facilities and increase annual shipbuilding capacity from the current 1–1.5 vessels to more than 10 vessels by 2035.
The White House recently disclosed Hanwha Ocean’s investment plan on its official website, highlighting it as part of a broader wave of global corporate investments in the United States.
Hanwha Ocean acquired Philadelphia Shipyard in 2023 for $100 million (approx. KRW 140 billion). While initial market sentiment questioned the acquisition’s value, the strategic significance has since grown as the U.S. government, under President Donald Trump, expressed strong interest in bolstering shipbuilding cooperation with Korea.
The expansion will transform Philadelphia Shipyard into a mid-sized global shipyard with estimated annual revenue of $4 billion. Leveraging Korean shipbuilding expertise, the facility is expected to serve as a critical hub for the U.S. Navy’s maintenance, repair, and overhaul (MRO) projects.
The shipyard has emerged as a flagship project under the U.S.-Korea joint initiative “Make American Shipbuilding Great Again” (MASGA). As such, the Korean government is expected to use the Philadelphia investment as a key negotiation lever in ongoing tariff discussions.
President Lee Jae-myung is scheduled to visit Philadelphia Shipyard on August 26 (local time), underscoring the importance of the project in strengthening bilateral economic and industrial ties.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
