VIDEO: Hanwha Group makes $5BN announcement at Philly Shipyard

South Korean President Lee Jae Myung, Pennsylvania Gov. Josh Shapiro, Hanwha Group Vice Chairman Dong Kwan Kim, and key officials pose for photo at Hanwha Philly Shipyard. [Photo: Hanwha Group]

As Hanwha Philly Shipyard welcomed South Korean President Lee Jae Myung and other VIP guests to the high profile christening of the State of Maine, the third of five MARAD National Security Multi-Mission Vessels, Hanwha Group announced a $5 billion infrastructure plan for its U.S. shipyard.

The ceremony followed summit talks between President Lee and President Donald Trump. Earlier, the Lee administration had pledged $150 billion in American shipbuilding investments during a trade deal between Korea and the U.S. The $5 billion investment in the Philadelphia yard is a part of that commitment..

The $5 billion program will be dedicated to the installation of two additional docks, and three quays to increase capacity at the shipyard. Hanwha is also reviewing the build-out of a new block assembly facility. Through this expansion, Hanwha aims to increase Philly Shipyard’s annual production volume from less than two vessels to up to 20. As a global leader in LNG vessels, Hanwha aims to produce LNG carriers, naval modules and blocks, and, in the long-term, naval vessels out of its U.S. shipyard.

In his welcome address, Hanwha Vice Chairman Dong Kwan Kim expressed gratitude to the leaders of both countries and emphasized the importance of joint partnership in bolstering the shipbuilding industry.

“Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialize for the sake of shared security and prosperity. We are creating good manufacturing jobs, building the world’s most advanced ships, and fostering a new skilled workforce right here in America,” said Kim. “This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding.”

In addition to the infrastructure plan, the U.S. subsidiary of Hanwha’s shipping arm, Hanwha Shipping, announced that it has ordered 10 medium range (MR) oil and chemical tankers from its affiliate, Hanwha Philly Shipyard, with the first tanker expected to be delivered by early 2029. The vessels will be designed to support the U.S. Jones Act fleet renewal and other strategic initiatives. Hanwha Shipping also announced it has exercised its option to order a second liquefied natural gas (LNG) carrier from Hanwha Philly Shipyard. This follows Hanwha Shipping’s announcement last month that it signed a contract for the first U.S.-built, export-market-viable LNG carrier in almost 50 years.

The NMSV christened yesterday, the State of Maine, is destined for Maine Maritime Academy, where it will serve as a next generation training ship, supporting both the academic development of cadets and America’s humanitarian relief.

Spearheaded by the U.S. Department of Transportation and the Maritime Administration, the NSMV program is revitalizing America’s maritime training infrastructure—a cornerstone of President Trump’s Executive Order on restoring maritime dominance. The program directly supports nearly 1,500 skilled jobs in Philadelphia and boosts American competitiveness at sea and ashore.

President Lee Jae Myung of the Republic of Korea, and Acting Maritime Administrator Sang Yi, shared remarks during the ceremony.

“State of Maine is more than a ship — it’s a strategic investment in the people and infrastructure that keep America’s maritime economy strong,” said U.S. Transportation Secretary Sean P. Duffy. “Our cadets deserve cutting-edge tools and training to become the industry leaders who will keep our nation strong and ready when it matters most. Under President Donald Trump’s leadership, American shipyards can and will produce more big, beautiful ships again.”

“This vessel marks a new era for American maritime power,” said Acting Maritime Administrator Sang Yi. “MARAD’s mission to modernize sealift and empower the Merchant Marine hinges on relentless innovation and partnership. Together, we can build the fleet America needs to secure our future and dominate the seas.”

“Maine Maritime Academy is internationally recognized as a leader in maritime education and this vessel represents a major step forward in our mission to train the world’s finest mariners,” said Maine Maritime Academy President Craig Johnson. “As our first purpose-built training ship, the State of Maine will provide world-class learning experiences for cadets pursuing unlimited tonnage licenses. It’s a game-changer for our mission and a powerful reflection of what’s possible through strong partnerships and shared vision.”