South Korean Shipbuilder Hanwha Makes $100M Bid to Buy Philly Shipyard, SECNAV Del Toro Praises Deal
by Sam Lagrone | JUNE 20, 2024 | USNI News
An American shipyard that builds domestic cargo vessels and training ships for U.S. maritime colleges has agreed to a deal, in which it would be bought by a major South Korean shipbuilder.
Pending regulatory approvals, Philly Shipyard is set to be acquired by Hanwha Systems and Hanwha Ocean for $100 million from its Norwegian parent Anker ASA, according to a statement from the Philadelphia yard on Thursday.
“Recognized as a global leader, Hanwha brings a wealth of sophisticated shipbuilding experience that will enable Philly Shipyard to realize a grander vision for its employees and customers,” Kristian Røkke, chair of Philly Shipyard ASA, said in a Thursday statement.
The South Philadelphia shipyard was built following the 1996 closure of the former U.S. Navy Philadelphia Naval Shipyard and specializes in building Jones Act ships – vessels that meet the requirement of the 1920 law that requires American-built and flagged ships to move goods inside the United States.
The yard currently employs about 1,500 shipyard workers and currently has five ships under construction and three more under contract, company spokesperson Kelly Whitaker told USNI News.
Among the ships, Philly Shipyard was contracted to build five National Security Multi-Mission Vessels for the Marine Administration. The NSMVs are set to serve as training vessels for U.S. maritime schools. The yard delivered the first, Empire State VII built for the State University of New York Maritime College, last year. Patriot State II for the Massachusetts Maritime Academy is set to deliver this year.
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