Michael Coulter, who heads Hanwha Defense USA, told<\/a> The Wall Street Journal that the Philly Shipyard, however, needs more space. It has been previously reported that Hanwha was in discussions in the area for possible additional space at or near the current yard. It acquired<\/a> the yard in December 2024 for $100 million and recently said it plans a $5 billion investment<\/a> in the facility to expand capabilities and capacity.<\/p>\n During the interview, the executive, however, also mentioned the option of purchasing a second U.S. shipyard. Coulter said they were \u201cseriously considering\u201d a purchase of a second U.S. shipyard in \u201canother region\u201d of the country. He said it would be within the next several years, and the South Korean parent company confirmed to the local media that they are considering options, but said no specific plans have yet been finalized.<\/p>\n Hawha Ocean has previously said it has a goal of expanding the operations at Philly Shipyard to be able to produce up to 20 ships a year. The yard currently produces about one ship a year. The reports said it has committed to modernizing manufacturing methods with elements such as automation and robotics. It has reportedly committed to the Pentagon to undertake workforce expansion, productivity enhancements, facility investments, and technology transfers.<\/p>\n Philly Shipyard was started in 1997 as a government partnership with Norway\u2019s Kvaerner Shipbuilding at a portion of the former Philly Naval Shipyard. Rhoads Industries has operations on another portion of the former Naval Shipyard. The report says Hanwha is discussing gaining access to \u201cunused or underutilized docks\u201d in the area, as well as an arrangement to share space using docks at other shipyards to execute Hanwha\u2019s orders.\u00a0<\/p>\n Near-term, Philly Shipyard has a commercial orderbook to execute. It is currently making repairs to the third MARAD training ship to complete its delivery and has the last two training ships of the order also in progress. It is completing a rock installation vessel for Great Lakes Dredge & Dock Company, and work has started on the first of three containerships for Matson.<\/p>\n Stay on Top of the Daily Maritime News<\/p>\n The maritime news \n Get the latest maritime news delivered to your inbox daily.\n <\/p>\n The U.S. subsidiary of Hanwha\u2019s shipping arm, Hanwha Shipping, announced last August that it had ordered 10 medium-range (MR) oil and chemical tankers from Hanwha Philly Shipyard, with the first tanker expected to be delivered by early 2029. It previously announced it would buy a Korean-built LNG carrier and complete its outfitting at the U.S. yard to make it the first modern American-flagged LNG carrier built in 50 years. The tanker project leverages the shipyard\u2019s origins, building tankers for the Jones Act market.<\/p>\n Hanwha has expressed its expectations to be a key player in the Korean Make American Shipbuilding Great Again program, and the promise of a $150 billion investment backed by the Korean government made to the Trump administration during trade talks. Hanwha has also been open about its expectations that it would work closely with Austal after the Korean company became the largest shareholder<\/a> in the shipbuilder. \u00a0Hanwha had made an offer to fully acquire Austal, which was rejected by the company by questioning whether the South Korean company could gain clearance from Australia and the United States due to Austal\u2019s role in national security projects.![\"\"\/](\"https:\/\/www.europesays.com\/korea\/wp-content\/uploads\/2026\/05\/quick-sub-header.png\")
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that matters most<\/p>\n
\n\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
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