Hanwha invests $100m in Philly Shipyard to bolster US maritime capabilities and expand global reach

In a strategic move to expand its global defense and shipbuilding footprint, Hanwha Systems, alongside Hanwha Ocean, has announced the acquisition of Philly Shipyard from Aker ASA for $100 million. This acquisition not only strengthens Hanwha’s position in the U.S. market but also aligns with its long-term goals in the defense and maritime sectors.

Philly Shipyard, a notable entity in the U.S. maritime industry, has been instrumental in delivering about half of the large Jones Act commercial ships since 2000. Specializing in tankers and container ships, the shipyard also constructs training vessels for the U.S. Maritime Administration (MARAD), reinforcing its significant role in U.S. maritime operations.

Hanwha Systems, recognized for its innovations in naval radars, sensors, and unmanned maritime systems, sees this acquisition as a key opportunity to leverage its advanced technologies in the U.S. market. Hanwha Ocean, known for its expertise in building low-carbon, high-tech vessels, anticipates continuing the legacy of Philly Shipyard by incorporating cutting-edge shipbuilding techniques and sustainability practices.

Charlie SC EOH, CEO of Hanwha Systems, expressed enthusiasm about integrating state-of-the-art naval systems into Philly Shipyard’s operations, anticipating significant advancements in the shipyard’s capabilities. Hyek-woong KWON, CEO of Hanwha Ocean, highlighted the strategic value of continuing Philly Shipyard’s success in meeting the U.S.’s expanding maritime needs.

Kristian Røkke, Chairman of Philly Shipyard ASA, reflected on the past 17 years under Aker’s stewardship, noting the transition to Hanwha’s leadership as a momentous occasion that promises growth and innovation for Philly Shipyard’s future.

This acquisition is a strategic alignment that promises to enhance Philly Shipyard’s technological edge and operational efficiency. By integrating Hanwha’s advanced technologies and industry expertise, the shipyard is positioned to significantly impact the U.S. shipbuilding industry, particularly in the areas of sustainable practices and innovation in maritime technology.