South Korea's Hanwha Group will invest in the upgrade of its recently acquired Philly Shipyard facilities in the United States.
The group expects the move will increase the yard's revenue to about US$4 billion and its annual manufacturing capacity to 10 ships within a decade.
Plans are also being considered to make Hanwha Philly Shipyard the first shipyard in the US to build LNG carriers.
Around US$72 million will be invested in the planned upgrade, which will also cover automation of shipyard processes.
Currently, only docks four and five are used for shipbuilding and mooring at Hanwha Philly. The upgrade calls for the restoration of production capacity at dock five and the increase of the annual production capacity of docks four and five
The Hanwha Group has sent more than 50 shipbuilding specialists to Hanwha Philly to assess the current situation of the shipyard and implement measures towards improving production efficiency and modernising the existing facilities.
The Hanwha Group, through subsidiaries Hanwha Systems and Hanwha Ocean, successfully completed the US$100 million acquisition of Philly Shipyard in December 2024.