Hanwha Group (Hanwha Ocean): programs, progress and news

Analyst view

One of the world's three largest naval shipbuilders, with expertise in submarines and LNG carriers.
In 2024, Hanwha acquired Philadelphia Shipyard; in 2026 announced $5B modernization plan.
In 2026, Hanwha bid $1.05–1.2B to acquire Austal USA, expanding US naval shipbuilding.

As reported

Naval expertise

Decades building military submarines and destroyers for Korean and international navies.

Commercial shipping

Global leader in LNG carriers, with advanced cryogenic systems and efficient designs.

US expansion

Hanwha acquired Philly Shipyard and bid for Austal USA to build US Navy capacity.

Programs

Hanwha Group (Hanwha Ocean), one program

Updated 1 Aug 2025

Research · Proto · Pilot · Deploy · Scaling

Open · Active · Partial

US regulatory approvalActive research
CFIUS/DCSA must approve Hanwha's acquisition of US naval shipyards; uncertain process.
Legacy yard integrationActive research
Integrating Korean expertise with aging US infrastructure and higher cost structures.
US Navy production rampActive research
Navy programs like MRIV face delays and overruns; requires mastering US contracting.

Company-wide

2027Austal USA acquisition closing (if approved)Philadelphia Shipyard Modernizationby ~15 mo
2027First new dock operationalPhiladelphia Shipyard Modernizationby ~15 mo
2030First MRIV deliveryPhiladelphia Shipyard Modernizationby ~51 mo

Automated assembly · 8

1 investor · 1 customer · 1 partner

Investor
Hanwha Aerospace (opens hanwha.com)
Parent company; owns 65.77% of Hanwha Ocean shares.
Customer
US Navy (opens navy.mil)
Primary customer for naval vessels and submarine modules through Philadelphia Shipyard and potential Austal USA acquisition.
Partner
Austal Limited (opens austal.com)
Acquisition target (Aug 2026 bid: $1.05–1.2B); Hanwha owns 9.9% directly plus 9.9% via cash-settled swap.