HDUSA acquires controlling stake in Hanwha Philly Shipyard

Cranes at work at Hanwha Philly Shipyard (Hanwha Defense USA)

Hanwha Defense USA (HDUSA) is acquiring a controlling stake in Hanwha Philly Shipyard, “bringing the shipyard under HDUSA's leadership and governance structure and strengthening its presence in the US shipbuilding and defence market”, according to a company statement on 27 October.

HDUSA has been working at the shipyard in 2026 to “transition it into a dual-use yard building for the US Navy and commercial customers”, the statement said.

Hanwha acquired Philly Shipyard in December 2024, with Hanwha Systems holding a 60% stake and Hanwha Ocean the remaining 40%, the statement noted. “In September [2026], Hanwha Systems announced plans to sell its stake to Hanwha Defense USA Shipbuilding LLC, an HDUSA-led joint venture with Hanwha FutureProof,” the statement said.

Hanwha FutureProof is an “investment and corporate development firm within Hanwha”, a Hanwha spokesperson confirmed to Janes on 27 October.

The spokesperson declined to confirm whether HDUSA was acquiring Hanwha Systems' entire stake or if Hanwha Ocean will retain its stake.

Tom Anderson, president of US shipbuilding for HDUSA, will oversee all shipbuilding operations in the US, the statement said.

“Bringing the Philly Shipyard under HDUSA will further align our government and commercial shipbuilding efforts,” HDUSA President and CEO Michael Coulter said in the statement.

Hanwha Philly Shipyard is “well-positioned for naval work, specifically auxiliary ships”, the spokesperson noted.

Hanwha has invested USD350 million in Philly Shipyard since acquiring it, the spokesperson told Janes . Another USD400 million has been approved to build a new training centre and for other shipyard repairs and capacity work, the spokesperson said.