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Hanwha Plans $5B Expansion of Philly Shipyard to 20 Vessels

By Drooid · Sep 30, 2026, 11:46 PM UTC · How we work

Summary

Story summary

South Korea President Lee Jae-myung met U.S. President Donald Trump to announce warship construction cooperation.
Hanwha acquired Philadelphia’s Philly Shipyard for about $100 million in 2024.
Hanwha announced a $5 billion investment to expand Philly Shipyard’s capacity to up to 20 vessels.
Hanwha Defense USA and Philly Shipyard secured subcontractor roles in the U.S. Navy’s Next Generation Logistics Ship program.

History

Historical Context

In 1991, the United States and South Korea signed the Defense Cooperation Agreement, establishing a formal framework for joint military procurement. The pact enabled Korean conglomerate Hyundai Heavy Industries to secure a $150 million U.S. Navy contract for two amphibious transport ships in 1994. Today, President Lee Jae-myung and President Donald Trump announced Hanwha’s $5 billion investment to expand Philadelphia’s Philly Shipyard, echoing the 1990s cooperation model. The expanded facility will build up to 20 Next Generation Logistics Ships, strengthening U.S. naval logistics and deepening ROK-U.S. industrial interdependence.

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Story summary

South Korea President Lee Jae-myung met U.S. President Donald Trump to announce warship construction cooperation.
Hanwha acquired Philadelphia’s Philly Shipyard for about $100 million in 2024.
Hanwha announced a $5 billion investment to expand Philly Shipyard’s capacity to up to 20 vessels.
Hanwha Defense USA and Philly Shipyard secured subcontractor roles in the U.S. Navy’s Next Generation Logistics Ship program.

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