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Hanwha Defense USA moves to take control of Philly Shipyard

Hanwha Systems plans to transfer its 60% stake in Philly Shipyard to an HDUSA-led joint venture, placing the facility under new leadership as Hanwha expands its U.S. naval and commercial shipbuilding operations.
Image credit: Hanwha Philly Shipyard.

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Hanwha Defense USA (HDUSA), a subsidiary of Hanwha Aerospace, is moving to take control of Hanwha Philly Shipyard as part of a restructuring aimed at expanding the group’s U.S. naval and commercial shipbuilding operations.

Under the arrangement announced on 27 October, Hanwha Systems will sell its 60% stake in the shipyard through its U.S. subsidiary, HS USA Holdings Corp., to Hanwha Defense USA Shipbuilding LLC, a joint venture between HDUSA and Hanwha FutureProof. Hanwha Ocean will retain its 40% stake.

The transaction, disclosed in September, is valued at approximately $237.6 million and was scheduled for completion on 31 October 2026.

According to HDUSA’s announcement, the restructuring will place the shipyard under its leadership as the company works to develop the facility into a dual-use yard serving the U.S. Navy, other federal agencies and commercial customers.

Retired U.S. Navy Rear Admiral Tom Anderson, HDUSA’s president of U.S. shipbuilding, will oversee the group’s shipbuilding operations in the United States.

Hanwha Group acquired Philly Shipyard for approximately $100 million in December 2024. The facility has historically focused on commercial shipbuilding, including tankers and training ships, while Hanwha has been pursuing opportunities in U.S. naval construction.

The yard recently secured its first Missile Range Instrumentation Vessel (MRIV) construction order through a subcontract awarded by TOTE Services under a programme managed by the U.S. Maritime Administration (MARAD). The contract covers one firm vessel with options for two additional ships. Delivery of the first vessel is planned for 2030.

Hanwha has invested approximately $350 million in the shipyard since its acquisition and approved a further $400 million for workforce training, facility improvements and capacity upgrades. The group has also outlined longer-term expansion plans involving up to $5 billion in investment.

However, the shipyard faces challenges related to production costs, workforce recruitment and limited space at its Philadelphia site.

The restructuring is intended to align the group’s U.S. shipbuilding operations under HDUSA as Hanwha prepares to expand its government and commercial vessel construction activities.

Editorial Note:
This article was prepared with the assistance of AI tools to enhance clarity and efficiency.
All information has been reviewed and verified by the HMT News editor.
The planned US yard will pursue naval auxiliary and commercial vessel work, plus blocks and modules for other shipbuilders. Its manufacturing systems will include digital twins and robotic welding.
TOTE Services will manage the MARAD programme, which covers up to three missile tracking ships with one firm order; the first vessel is scheduled for delivery from Hanwha Philly Shipyard in 2030.
Senator Dave McCormick visited Hanwha Ocean’s Geoje shipyard for Korea-U.S. cooperation talks covering links with Hanwha Philly Shipyard, vessel design, workforce development and shipbuilding supply chains.

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