Twin Ports Can Mirror Philly Success with Lucrative Shipbuilding Opportunity

Philadelphia Shipyard Revival: A Look into Hanwha’s Investment

With the promise of millions in investment from Washington, cities like Philadelphia are seizing the opportunity to revitalize their shipyards. One such example is the Philly Shipyard, where efforts are underway to hire more local workers and revamp the industry.

When Hanwha, a Korean company, acquired the Philadelphia Naval Shipyard in 2024, they saw it as a chance to establish a foothold in the U.S. shipbuilding market. The company’s commitment to modernizing the shipyard has already begun to show results, with plans to expand production capacity and enhance technological capabilities.

Recently, U.S. Senators and Representatives announced a substantial allocation of $217 million to the Philadelphia Regional Port Authority, further fueling the city’s efforts to enhance competitiveness among East Coast ports and stimulate economic growth in the region.

David Kim, the local CEO of Hanwha, expressed optimism about the future of the shipyard, stating, “We think there’s a lot of good we can bring in terms of technology, processes, and expertise building here in the U.S.”

As Hanwha continues to invest in Philly Shipyard, the facility is poised to become a key player in U.S. shipbuilding, meeting the increasing demand for eco-friendly and military vessels in the market.