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Hanwha acquires Philly Shipyard, boosting global shipbuilding presence

By: Chloe Emanuel 21/06/2024 Hanwha

General Logistics Ports Vessels Windfarms

Hanwha Systems and Hanwha Ocean have announced the acquisition of Philly Shipyard, a leading U.S. shipbuilder known for delivering approximately half of the large U.S. Jones Act commercial ships since 2000. The acquisition, valued at $100 million, aligns with Hanwha's strategy to expand its global defence and shipbuilding activities.

Philly Shipyard, a public company controlled by Norwegian industrial investment firm Aker ASA, specialises in producing Jones Act-compliant vessels. These vessels must be built in U.S. shipyards for domestic trade, under a federal mandate. Established in 1997, Philly Shipyard supplies around 50% of the largest U.S. commercial vessels, including tankers and container ships, and constructs training vessels for the U.S. Maritime Administration (MARAD).

"The opportunity to collaborate with Philly Shipyard, a significant shipbuilder with a storied history, is an exciting strategic opportunity that will allow Hanwha Systems to deploy its state-of-the-art naval systems and associated technologies in the U.S. market," said Sung-Chul Eoh, CEO of Hanwha Systems.

Hyek Woong Kwon, CEO of Hanwha Ocean, added, "We look forward to leveraging our shipbuilding and manufacturing know-how in continuing the success of Philly Shipyard as it meets the expanding needs of the U.S. for decades to come."

Hanwha Systems, a leading defence company in Korea, develops technologies for unmanned maritime systems, naval radars, and sensors for Manned and Unmanned Teaming (MUM-T) operations. The company aims to produce commercial vessels and capitalise on opportunities in the unmanned underwater vehicles (UUVs), Smart Ship, and unmanned surface vehicles (USV) markets. Hanwha Ocean, a global pioneer in marine defence, offers a range of low-carbon, high-tech vessels, from ammonia and LNG carriers to destroyers, submarines, and frigates.

The acquisition is seen as part of a long-term investment strategy to bring best practices and leading technologies to enhance Philly Shipyard's existing capabilities.

"After two decades of stewardship, it is with great honor that we transition the ownership from Aker to Hanwha. Recognised as a global leader, Hanwha brings a wealth of sophisticated shipbuilding experience that will enable Philly Shipyard to realise a grander vision for its employees and customers," said Kristian Røkke, Chairman of Philly Shipyard ASA.

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Hanwha acquires Philly Shipyard, boosting global shipbuilding presence

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