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M&A · Shipbuilding

Hanwha Defense USA to acquire control of Philly Shipyard

The 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.

Hanwha Defense USA (HDUSA) announced Oct. 27 that it is acquiring a controlling stake in Hanwha Philly Shipyard, bringing the yard under its leadership and governance. HDUSA is a subsidiary of Hanwha Aerospace.1

Hanwha Defense USA announced it is acquiring a controlling stake in Hanwha Philly Shipyard

bringing it under HDUSA's leadership and governance structure

Hanwha Systemsannounced plans to sell its stakeplanned

Hanwha Systems announced plans to sell its stake to Hanwha Defense USA Shipbuilding LLC, an HDUSA-led joint venture with Hanwha FutureProof

Hanwha Defense USA (HDUSA) and Hanwha Philly Shipyardwere awardedactual

as a subcontractor to Vard Marine US, Inc. (VARD) on the Next Generation Logistics Ship (NGLS) Program

The NGLS work is a market survey and concept design and refinement

Source: Hanwha Defense USA releases, March 30 and Oct. 27, 2026

Sources
TGOs tgos.io

The transfer would change which Hanwha business controls the yard. HDUSA established a presence there earlier this year to prepare the yard to build for Navy and commercial customers.1

HDUSA President of U.S. Shipbuilding Tom Anderson will oversee the company's U.S. shipbuilding operations. Anderson said the company is aligning the yard's operations, workforce and customer relations in preparation to build for the Navy, other federal agencies and commercial customers.1

Hanwha acquired the yard in December 2024. Since then, Hanwha Systems has held 60% and Hanwha Ocean 40%. In September, Hanwha Systems announced plans to sell its stake to Hanwha Defense USA Shipbuilding LLC, an HDUSA-led joint venture with Hanwha FutureProof. The Oct. 27 announcement gives no purchase price or closing date.1

The yard has delivered four National Security Multi-Mission Vessels to the U.S. Maritime Administration, Hanwha reported in September, with the fifth scheduled for delivery next year.3

HDUSA would gain control of a yard it already works alongside on a Navy design project.1–2 In March, the two announced they had been awarded work as a subcontractor to Vard Marine US on the Navy's Next Generation Logistics Ship program.2 That work covers a market survey and concept design and refinement, with options for functional design planning and special studies; building Navy ships remains Hanwha's stated goal.1–2

Sources (3)
  1. Hanwha Defense USA to Acquire Hanwha Philly Shipyard (Oct. 27, 2026) www.hanwhadefenseusa.com
  2. Hanwha Defense USA and Hanwha Philly Shipyard Awarded First U.S. Navy Subcontract (March 30, 2026) www.hanwhadefenseusa.com
  3. Acting Secretary of the Navy Hung Cao Tours Hanwha Philly Shipyard (Sept. 9, 2026) www.hanwhadefenseusa.com
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Industry · Shipbuilding

Hanwha Philly Shipyard names Hyuk Kim president to lead naval expansion

The Hanwha Ocean veteran takes charge as the yard adds defense work to its commercial business, with capacity and workforce development among his stated priorities.

Hanwha Philly Shipyard named Hyuk Kim president effective Nov. 2, 2026, to lead its expansion and transition to dual-use shipbuilding.1–2

Hanwha Philly Shipyard named Hyuk Kim president

to lead the yard's expansion and transition to dual-use shipbuilding

operational excellencestrengthening operational excellenceStated scope

strengthening operational excellence

shipbuilding capacityexpanding shipbuilding capacityStated scope

expanding shipbuilding capacity

workforcedeveloping the workforceStated scope

developing the workforce needed to support both commercial and naval programs

Source: Hanwha Philly Shipyard, Nov. 2, 2026

Sources
TGOs tgos.io

The appointment puts Kim in charge of a yard with defense work taking shape alongside its commercial business. In July, the yard was awarded a Missile Range Instrumentation Vessel contract for the Missile Defense Agency. TOTE Services has also selected Hanwha Defense USA (HDUSA) to construct a Medium Landing Ship there for the Navy and Marine Corps.1

Kim brings more than 25 years of naval and commercial shipbuilding experience, including senior roles at Hanwha Ocean and its predecessor, Daewoo Shipbuilding & Marine Engineering. He succeeds David Kim, whom the company credits with helping Hanwha acquire the yard in 2024 and leading a near doubling of its workforce since then.1

The appointment aligns with HDUSA's acquisition of majority ownership of the yard. Hyuk Kim reports directly to HDUSA Shipbuilding President Tom Anderson, a retired rear admiral who oversees all of HDUSA's U.S. shipbuilding operations.1

Hyuk Kim's remit connects the yard's expansion into naval work with developing the capacity and workforce to support both commercial and naval programs. He said his priorities include improving operations, expanding shipbuilding capacity and developing that workforce; the announcement gives no capacity, headcount or delivery targets.1

Sources (2)
  1. Hanwha Philly Shipyard release, Nov. 2, 2026 hanwhaphillyshipyard.com
  2. Hanwha Philly Shipyard leadership page hanwhaphillyshipyard.com
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Industry · Shipbuilding

TOTE selects Hanwha Defense USA to build $269 million Medium Landing Ship

The Philadelphia award includes options for three additional vessels. TOTE remains in contract discussions with Bollinger Shipyards and Fincantieri Marinette Marine.

TOTE Services announced on Oct. 30 that it selected Hanwha Defense USA (HDUSA) to build a Medium Landing Ship (LSM) for the Navy and Marine Corps. The award covers one vessel valued at $269 million at Hanwha Philly Shipyard. It includes options for three additional vessels.1

TOTE Services announced its first shipyard selection for the Medium Landing Ship program under its Vessel Construction Manager contract for the Navy and Marine Corps

$269 million

TOTE says HDUSA is the first shipbuilder selected through the RFP, based on competitive pricing and acceptance of TOTE's subcontract terms

$269 million

The award covers construction of one LSM valued at $269 million at Hanwha Philly Shipyard, with options for three additional vessels

HDUSA says the selection is its first contract to build ships for the U.S. Navy

Source: prnewswire.com. As of Oct. 30, 2026.

Sources
TGOs tgos.io

HDUSA calls the selection its first contract to build ships for the Navy.2 TOTE holds the prime contract and awards and manages the shipyard subcontracts directly.3

In July, TOTE announced a contract valued at $2.2 billion from the Portfolio Acquisition Executive for Maritime to serve as vessel construction manager for up to eight Medium Landing Ships.3 HDUSA says the Philadelphia yard has already built and delivered four National Security Multi-Mission Vessels under the same management model with TOTE.2

TOTE issued a competitive request for proposals to qualified U.S. shipyards in July. It says HDUSA's selection rested on competitive pricing and acceptance of TOTE's subcontract terms. Contract discussions continue with Bollinger Shipyards and Fincantieri Marinette Marine, both directed shipyards under TOTE's contract that it expects to help build the fleet.1

TOTE's contract supports the Navy and Marine Corps' planned 35-ship fleet. TOTE says construction can start in the fourth quarter of 2027. It expects the program's first vessel to deliver in 2030.1

Sources (3)
  1. TOTE Services: TOTE Services Identifies Hanwha Defense USA for Medium Landing Ship Construction; Additional Shipyard Selections Planned (Oct. 30, 2026) www.prnewswire.com
  2. Hanwha Defense USA: HDUSA Selected by TOTE Services for LSM Construction Contract in Philadelphia (Oct. 30, 2026) www.prnewswire.com
  3. TOTE Services: TOTE Services Awarded VCM Contract to Oversee Medium Landing Ship Construction Program (July 13, 2026) www.prnewswire.com
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