Hanwha Group Unveils $5bn Plan to Transform Philly Shipyard
Hanwha Group has revealed a $5bn investment strategy for Hanwha Philly Shipyard in Pennsylvania, aiming to transform it into a cutting-edge facility and bolster the US shipbuilding industry. The move aligns with South Korea's $150bn investment fund pledge to stimulate growth in the sector.
The expansion project includes the addition of two docks and three quays, significantly enhancing the shipyard's capacity. Hanwha Shipping, a subsidiary of Hanwha Group, has placed orders for ten medium-range oil and chemical tankers, with the first delivery expected by 2029. A new block assembly facility is also under consideration, which could increase production from less than two vessels to up to 20. Hanwha plans to diversify its shipbuilding capabilities, ranging from LNG carriers to naval modules and blocks, with a view to constructing naval vessels.
Hanwha Shipping has confirmed an additional order for an LNG carrier with Hanwha Philly Shipyard, following a previous contract for an LNG carrier serving the US export market. The investment seeks to equip the shipyard with world-class automation and smart-yard technology, creating jobs and fostering a new skilled workforce in America, as stated by Hanwha vice chairman Dong Kwan Kim.
The $5bn investment by Hanwha Group is set to revolutionize Hanwha Philly Shipyard, expanding its capabilities and enhancing its technology. With orders for tankers and LNG carriers, and plans to build naval vessels, the shipyard's future looks promising. The investment also supports South Korea's commitment to fostering the growth of the US shipbuilding industry.
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