Hanwha Philly Shipyard has agreed to lease about 47 additional acres at the Philadelphia Navy Yard, expanding beyond the roughly 110 acres it already occupies as it proceeds with a previously announced $5 billion investment program.
The Philadelphia Authority for Industrial Development (PAID) approved the master lease on 22 September. The agreement covers six properties around the Navy Yard, including the 27.94-acre Girard Point Management Area and sites near the Marine Railway, Wharfs G and H, the former steam plant, Buildings 120 and 613, and the Navy Yard water tower.
Philadelphia Business Journal reported that the approved master lease gives Hanwha Philly Shipyard control of six Navy Yard properties under a long-term arrangement. The Philadelphia Inquirer reported that the additional land brings the company beyond its existing 110-acre shipyard footprint.
Hanwha acquired Philly Shipyard from Aker in 2024 for $100 million. The Philadelphia Inquirer reported that the new properties provide additional space for the company’s expansion plans.
PAID said the shipyard currently employs close to 2,000 full-time workers and that Hanwha Philly Shipyard intends to add up to 5,000 full-time employees as investment at the site progresses.
Hanwha Group announced a $5 billion infrastructure program for the Philadelphia yard in August 2025. The plan includes two additional docks and three quays, while the company is also reviewing the construction of a new block assembly facility.
Under that program, Hanwha said it aims to increase annual production at the yard from fewer than two vessels to as many as 20. The company also said the facility is planned to produce LNG carriers and naval modules and blocks, with naval vessels included in its longer-term plans.
Separately, Reuters reported on 24 September that South Korea’s presidential office said President Lee Jae Myung and U.S. President Donald Trump had discussed cooperation in shipbuilding, including warship construction, during a meeting in New York.
According to the presidential office, as reported by Reuters, Hanwha Philly Shipyard will build U.S. military vessels. No further details on vessel types, contracts or construction schedules were provided in the Reuters report.
Reuters also reported that $150 billion of the $350 billion U.S. investment package agreed between South Korea and the United States has been earmarked for the shipbuilding sector.
