Hanwha Group has announced a $5 billion investment in the Hanwha Philly Shipyard and the greater Philadelphia area. The funds will be used to add docks and quays to increase shipyard capacity, with consideration being given to constructing a new block assembly facility.
The expansion aims to boost annual production at the shipyard from fewer than two vessels per year to as many as 20. Hanwha, recognized globally for its work on LNG vessels, plans to manufacture LNG carriers, naval modules and blocks, and eventually naval vessels at its U.S. site. The project is expected to create at least 5,000 skilled labor jobs directly at the shipyard and thousands more indirectly in the region.
Senator Dave McCormick (R-PA), who has visited the Hanwha Philly Shipyard several times—including a recent visit with Transportation Secretary Sean Duffy—praised the announcement: “Hanwha Philly Shipyard already plays a critical role in American shipbuilding and is essential to the many Pennsylvanians who work there, but this investment is a gamechanger for the city, the commonwealth, our workers, and the country,” said Senator McCormick. “Thanks to the strong leadership of President Trump and his team, the rebuilding of our shipbuilding industry will begin right here in Philadelphia. I’m also grateful to DK Kim and his team at Hanwha for this incredible partnership. I look forward to working together and doing my part to secure the additional resources needed to maximize this critical investment so that we can restore America’s shipbuilding capacity, bolster our national security and economy, and create high-paying jobs in Pennsylvania.”
Hanwha Group Vice Chairman Dong Kwan (DK) Kim stated: “Hanwha is committed to being a partner in building the next chapter of American shipbuilding.”
Paul A. Mullen, Business Manager of I.B.E.W Local #654 commented: “I applaud this significant investment in the Hanwha Philly Shipyard and the meaningful employment opportunities it will provide for working families. Senator McCormick’s continued focus and advocacy to help support this investment represents the kind of partnership we need – one that creates quality, high-paying, skilled labor jobs and further strengthens opportunities for growth in the years to come.”
Since taking office, Senator McCormick has been active in advocating for increased shipbuilding capacity as a way to strengthen national defense, improve economic prospects, and generate skilled jobs for Americans. He has met with Defense Secretary Hegseth as well as representatives from Hanwha regarding these efforts.
McCormick supported legislation such as the One Big Beautiful Bill Act aimed at revitalizing America’s maritime industrial base while enhancing workforce development programs tied both to national security needs and economic growth objectives. He has also worked on provisions within upcoming National Defense Authorization Act legislation intended specifically for expanding capacity at facilities like Hanwha’s Philadelphia yard.
Additionally, Senator McCormick cosponsors measures including SHIPS for America Act of 2025 designed not only toward industry revitalization but also investing in recruitment training retention initiatives targeted toward mariners plus other key maritime sector personnel.
