Hanwha Group plans to dramatically scale up operations at its Philadelphia shipyard, increasing annual production capacity from 1.5 vessels to 10 as the Korean industrial giant positions itself to become the first US-based builder of liquefied natural gas carriers.
The ambitious expansion at Hanwha Philly Shipyard comes as demand for specialized vessels surges amid the ongoing American LNG export boom. During a recent site visit with Korean analysts, company executives outlined plans to grow the operation’s annual revenue from approximately $400 million to $4 billion over the next decade.
The shipyard’s transformation strategy hinges on securing high-value commercial vessel contracts and expanding its military portfolio through US Navy logistics support vessel programs. Industry observers note that entering the LNG carrier market represents a significant technical challenge, as these specialized vessels require expertise typically concentrated in Asian shipbuilding centers.
Hanwha acquired the struggling Philadelphia facility in 2023 after years of inconsistent production and financial difficulties under previous ownership. The shipyard, one of the few remaining large-scale commercial shipbuilding operations in the United States, faces stiff competition from established global players with lower labor costs and more streamlined regulatory environments.
