Hanwha Ocean acquires Philadelphia Shipyard for $100 million

Hanwha Group (Hanwha Ocean)/Philadelphia Shipyard Modernization

Hanwha Ocean, South Korea's largest naval shipbuilder, acquired Philadelphia Shipyard, positioning itself to bid on US Navy contracts and expand its commercial shipbuilding footprint. The acquisition gives Hanwha its first large-scale US shipbuilding facility and marks the beginning of its strategy to build naval vessels, LNG carriers and commercial ships in the United States.

• Acquisition price: $100 million for an aging, low-volume facility.
• Current capacity: fewer than 2 vessels per year.
• Strategic goal: become a significant US naval and commercial shipbuilder.
• Hanwha plans to modernize the facility with digital production and automation.