VIDEO: Hanwha Group makes $5BN announcement at Philly Shipyard
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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<\/em>, the third of five MARAD National Security Multi-Mission Vessels, Hanwha Group announced a $5 billion infrastructure plan for its U.S. shipyard.<\/p>\n The ceremony followed summit talks between President Lee and President Donald Trump. Earlier, the Lee administration had pledged $150 billion in American shipbuilding investments <\/a>during a trade deal between Korea and the U.S. The $5 billion investment in the Philadelphia yard is a part of that commitment..<\/p>\n 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\u2019s 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.<\/p>\n