Hanwha to Boost Investment in Philly Shipyard

Business Korea reports that Hanwha Ocean plans to invest an additional minimum of $70 million in Philly Shipyard.

The aim is to increase productivity to 10 ships per year by 2035, up from the current rate of 1 to 1.5 ships per year.

Hanwha Ocean acquired Philly Shipyard in December last year for $100 million and renamed it Hanwha Philly Shipyard.

Hanwha seeks to build on the success of Philly Shipyard, established in 1997, that delivered around 50% of all large ocean-going U.S. Jones Act commercial ships since 2000, including tankers and container ships.

Philly Shipyard’s recent completion of a second National Security Multi-Mission Vessel (NSMV) for the Maritime Administration reinforced the yard’s strong position in the U.S. market.

Hanwha Systems and Hanwha Ocean acquired Philly Shipyard from Philly Shipyard ASA, a Norwegian company majority-owned by Aker.

Hanwha has built some of the largest ships in use today and operates one of the world’s largest shipyards, Hanwha Ocean, spanning approximately 4.9 million square meters in Goeje Island, Korea.

Hanwha Systems is regarded as the leader for Korean naval systems given its proficiency in developing technologies for unmanned maritime systems, naval radars and sensors for Manned-Unmanned Teaming (MUM-T) operation, and maintenance, repair and overhaul of naval combat systems.