Oct 202627
Hanwha Defense USA agrees to buy Hanwha Philly Shipyard
Seller: Hanwha Systems
Philadelphia shipyard being transitioned to a dual-use yard building for the U.S. Navy and commercial customers.
UndisclosedPending
Company
Hanwha Philly Shipyard, Inc.
Hanwha Philly Shipyard builds Jones Act-compliant commercial vessels and government vessels, and provides maintenance, repair and overhaul services, from Philadelphia's Navy Yard. ↗
| Headquarters | Philadelphia, Pennsylvania ↗ |
|---|---|
| Ownership | Subsidiary of Hanwha Systems and Hanwha Ocean ↗; December 2024 ↗ |
Products
- The shipyard builds Jones Act-compliant container ships, product tankers and Aframax tankers for commercial customers. ↗
- The shipyard builds National Security Multi-Mission Vessels (NSMV), a five-ship program for the U.S. Maritime Administration. ↗
- The shipyard provides maintenance, repair and overhaul services for government and commercial vessels. ↗
Customers
- Matson is building three "Aloha Class" containerships at the shipyard, due for delivery in 2027 and 2028. ↗
- TOTE Services, an affiliate of TOTE Group, is the shipyard's partner on the National Security Multi-Mission Vessel program. ↗
- The U.S. Department of Transportation Maritime Administration (MARAD) received the third National Security Multi-Mission Vessel, the State of Maine, from the shipyard and TOTE Services. ↗
Deals since 2020
Our coverage
- Industry · ShipbuildingHanwha Philly Shipyard names Hyuk Kim president to lead naval expansionThe Hanwha Ocean veteran takes charge as the yard adds defense work to its commercial business, with capacity and workforce development among his stated priorities.
- Industry · ShipbuildingTOTE selects Hanwha Defense USA to build $269 million Medium Landing ShipThe Philadelphia award includes options for three additional vessels. TOTE remains in contract discussions with Bollinger Shipyards and Fincantieri Marinette Marine.
- M&A · ShipbuildingHanwha Defense USA to acquire control of Philly ShipyardThe planned transfer from Hanwha Systems would shift control of the Hanwha-owned yard to the defense unit already sharing a Navy design project with it.
- Contracts · New entrantHanwha's Philadelphia shipyard wins subcontract to build Missile Defense Agency tracking shipThe work reaches the Hanwha-owned yard through the Transportation Department's Maritime Administration. TOTE Services, which manages the build, did not disclose the subcontract's value.