Hanwha Transitions Ownership of Philly Shipyard as It Seeks Defense Work

Hanwha Group is reorganizing the ownership and management of the Philly Shipyard, which it acquired nearly two years ago, as it continues to seek U.S. defense naval shipbuilding contracts. It acquired the yard seeking to break into naval shipbuilding in the U.S., and in this latest move, it says it continues to transition toward dual-use for naval and commercial work at the yard.

The group paid approximately $100 million to acquire Philly Shipyard in December 2024, with Hanwha Systems owning 60 percent and the remaining 40 percent owned by Hanwha Ocean, the group’s Korean shipbuilder. Under the terms of the new agreement, the 60 percent share will transfer to Hanwha Defense USA, a subsidiary of Hanwha Aerospace, with RADM Tom Anderson (Ret. U.S. Navy) serving as Hanwha Defense USA President of Shipbuilding.

The company calls the move part of its strategy to strengthen its presence in the U.S. shipbuilding and defense market. It reports its goal is to transition the yard into a dual-use yard building for the U.S. Navy and commercial customers. To that end, Hanwha Defense earlier this year also established a presence at the yard.

“As Hanwha Defense USA continues to grow its multi-domain presence across the U.S., bringing the Philly Shipyard under HDUSA will further align our government and commercial shipbuilding efforts,” said Michael Coulter, President and CEO of Hanwha Defense USA. “We look forward to continuing to invest in our Philly Shipyard facilities and workforce in preparation for exciting work ahead.”

This story was originally published by The Maritime Executive. Read the full story at The Maritime Executive →