Hanwha Ocean plans to invest an additional minimum of $70 million in the Philly Shipyard in the United States, which it acquired last year. Through this investment, the company aims to increase the dock productivity of the shipyard in Philadelphia to an annual level of 10 ships by 2035.

As the shipbuilding industry has emerged as a key card in U.S.-Korea tariff negotiations, this investment plan is interpreted as a move to foster stronger cooperation between the two countries.

If Hanwha Ocean raises the annual construction capacity to 10 ships, the shipyard is expected to be reborn as a medium-sized shipyard with annual sales of $4 billion. Philly Shipyard has emerged as a base for conducting maintenance, repair, and overhaul (MRO) business for U.S. Navy ships based on Korea’s shipbuilding technology.

As Philly Shipyard has emerged as a symbol of the U.S.-Korea shipbuilding cooperation project “MASGA (Make American Shipbuilding Great Again),” the government is expected to present this as a negotiation card and seek a breakthrough for tariff relief. President Lee Jae-myung is also scheduled to visit Philly Shipyard on Aug. 26 (local time).
Source: Business Korea