Hanwha announces $5 billion modernization plan for Philadelphia Shipyard, targeting 20 ships/year

Hanwha Group (Hanwha Ocean)/Philadelphia Shipyard Modernization

Hanwha Ocean announced an ambitious $5 billion infrastructure investment to modernize Philadelphia Shipyard, part of South Korea's broader $150 billion commitment to US shipbuilding. The plan includes two additional docks, three quays, and a new block assembly facility, with the goal of increasing annual vessel production from fewer than 2 to up to 20. The facility will build US Navy MRIV vessels, Hanwha-ordered LNG carriers, and medium-range tankers.

• $5 billion investment over the next 3–5 years to modernize aging infrastructure.
• Target capacity: 20 vessels per year (primarily Navy MRIV and commercial ships).
• Hanwha Shipping ordered 10 medium-range oil/chemical tankers; first delivery expected early 2029.
• First MRIV delivery scheduled for 2030.