Hanwha Philly Shipyard

Hanwha Philly Shipyard is a commercial shipbuilding facility in Philadelphia, Pennsylvania, occupying part of the former Philadelphia Naval Shipyard. The yard was rebuilt and opened for commercial operations in 2000 after the United States Navy had ended most of its activity at the site. It was established through cooperation among Kværner, the City of Philadelphia, the Commonwealth of Pennsylvania, and the United States government, with the aim of preserving industrial and maritime employment on a former naval site. The yard delivered its first commercial vessel in 2003, the container ship MV Manukai for Matson Line. It subsequently built two sister ships for Matson and developed a business centered on large commercial vessels that comply with the Jones Act, the U.S. cabotage law governing the transportation of goods between American ports. Its principal product areas have included product tankers, crude-oil tankers, container ships, and government-supported training or multi-mission vessels. Ownership and corporate identity changed several times during the yard's history. In 2005, control moved to Aker after Aker acquired the financially troubled Kværner group. Aker American Shipping ASA was created and listed on the Oslo Stock Exchange, and in 2007 the shipbuilding business was separated from the ship-owning business. The shipyard operated as Aker Philadelphia Shipyard before adopting the Philly Shipyard name in 2015. During the Aker and Philly Shipyard periods, the facility secured orders from Matson, Crowley Maritime, SeaRiver Maritime, and other shipping interests. It completed a significant series of product tankers during the early and mid-2010s, including vessels for American Shipping Company subsidiaries, Overseas Shipholding Group, Crowley, and SeaRiver Maritime. The yard also experienced periods of limited commercial orders. In 2019 it delivered a container vessel for the Hawaii trade, but reported no new vessel orders at that time and pursued ship repair and U.S. government vessel opportunities. By 2022, three National Security Multi-Mission Vessels were under construction. In November 2022, Matson placed an order valued at approximately $1 billion for three LNG-fueled Aloha-class container ships, strengthening the yard's position in the domestic liner-shipping market. Hanwha Group and its shipbuilding subsidiary Hanwha Ocean agreed in June 2024 to acquire Philly Shipyard for $100 million, subject to regulatory approvals. The transaction was completed in December 2024, after which the facility became Hanwha Philly Shipyard. Under Hanwha ownership, the yard remains focused on U.S.-built commercial and government-related vessels, leveraging its Philadelphia location, established heavy-industrial infrastructure, and access to Hanwha's international shipbuilding capabilities. The facility is an active shipyard, although its output has generally been measured in major vessel projects rather than high-volume production.

Hanwha Philly Shipyard operates on part of the former Philadelphia Naval Shipyard in South Philadelphia. Its commercial history began in the late 1990s and culminated in the rebuilt yard opening in 2000. The project involved Kværner and public-sector partners including the City of Philadelphia, the Commonwealth of Pennsylvania, and the United States government. The objective was to convert a former naval-industrial site into a modern commercial shipbuilding facility and retain maritime manufacturing capability in the region. The yard delivered its first ship in 2003, MV Manukai, a container cargo vessel built for Matson Line. Two additional vessels of the same CV 2600 class followed through 2006. In 2005, Aker gained control after acquiring Kværner. Aker American Shipping ASA was formed and listed on the Oslo Stock Exchange, while the shipbuilding operation remained connected to Aker's broader maritime interests. In 2007, the shipbuilding and ship-owning activities were separated into different companies, leaving the Philadelphia yard as the shipbuilding arm. During the early 2010s, the yard expanded its tanker business. By January 2013 it had completed fourteen product tankers for subsidiaries of American Shipping Company, Overseas Shipholding Group, and Crowley. It also contracted with SeaRiver Maritime for two large Aframax tankers and formed a major tanker-building relationship with Crowley. The first SeaRiver vessel was delivered in 2014, followed by Crowley's Ohio in 2015 and additional sister vessels including Texas and Louisiana. These projects demonstrated the yard's ability to build large, domestic-market tankers with substantial cargo capacity. Container ships remained another important line. In 2013, Matson selected the yard for two Aloha-class ships, and construction began in 2015. The vessels were designed for the Hawaii trade and represented a new generation of larger container ships for the U.S. domestic liner market. In December 2015, shareholders approved the corporate name change from Aker Philadelphia Shipyard ASA to Philly Shipyard ASA, ending the use of the Aker name in the listed company's identity. The yard later faced a thinner commercial order book. It delivered a container vessel for the Hawaii trade in 2019 but reported no new vessel orders at that point. Management pursued repair work and opportunities to construct ships for the U.S. government, including vessels connected to national maritime programs. By August 2022, three National Security Multi-Mission Vessels were under construction. Matson also announced a large order in November 2022 for three LNG-fueled Aloha-class container ships, valued at approximately $1 billion. A major ownership transition followed in 2024. Hanwha Group and Hanwha Ocean announced an agreement in June to acquire Philly Shipyard for $100 million, pending regulatory clearance. Completion was announced in December 2024, and the facility adopted the Hanwha Philly Shipyard identity. The transaction brought a historically important U.S. shipyard into the portfolio of a global industrial group with substantial shipbuilding expertise. The yard remains active and continues to serve commercial and government-related U.S. maritime requirements.

1. 2024Hanwha acquisition completed

   Hanwha Group and Hanwha Ocean completed the acquisition of Philly Shipyard and adopted the Hanwha Philly Shipyard identity.

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2. 2022National Security Multi-Mission Vessels under construction

   Three National Security Multi-Mission Vessels were reported under construction at the yard.

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3. 2015Aker Philadelphia becomes Philly Shipyard

   The listed company and its operating subsidiary adopted the Philly Shipyard name.

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4. 2013Major tanker program completed

   The yard completed fourteen product tankers for several U.S.-linked shipping customers.

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5. 2007Shipbuilding business separated from ship-owning business

   Aker's shipbuilding and ship-owning activities were divided into separate companies.

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6. 2005Aker takes control

   Ownership passed to Aker after its acquisition of Kværner.

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7. 2003First commercial vessel delivered

   MV Manukai, a container cargo ship for Matson Line, became the yard's first delivered vessel.

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8. 2000Commercial yard opens after reconstruction

   The rebuilt commercial shipyard opened on part of the former Philadelphia Naval Shipyard site.

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A U.S.-based commercial shipyard positioned around large, Jones Act-compliant vessels, domestic maritime infrastructure, and selected government vessel programs. Its Hanwha ownership adds the resources and strategic connection of a major South Korean industrial and shipbuilding group.

• Aloha-class container shipsContainer ships2013

  A class of container ships built for Matson's U.S. domestic and Hawaii trade. The program included 3,600-TEU vessels and later LNG-fueled ships, reflecting the yard's role in supplying large Jones Act-compliant tonnage for domestic liner routes.

• 50,000 dwt product tankersProduct tankers2015

  Next-generation product tankers built for Crowley Maritime. Ohio, Texas, Louisiana, and sister vessels were designed to carry crude oil or refined petroleum products in U.S. domestic service, with cargo capacity of approximately 50,000 deadweight tons.

• SeaRiver Aframax tankersCrude-oil tankers2014

  Large Aframax tankers built for SeaRiver Maritime, ExxonMobil's U.S. marine affiliate. The vessels were designed for the movement of Alaskan North Slope crude to the U.S. West Coast and incorporated double-hull protection, modern navigation systems, and energy-efficient propulsion.

• National Security Multi-Mission VesselsGovernment and training vessels2022

  Government-supported multi-purpose vessels intended to support maritime education, emergency response, and national maritime resilience. Multiple vessels were under construction at the Philadelphia yard by 2022.

• 2024Acquire Philly ShipyardM&A

  Hanwha Group and Hanwha Ocean pursued a U.S. shipyard with established commercial construction capacity and access to the Jones Act market.

  What changed. Hanwha agreed to purchase Philly Shipyard for $100 million and completed the transaction later in 2024 after regulatory processes.

  Aftermath. The facility became Hanwha Philly Shipyard and entered Hanwha's global shipbuilding and industrial portfolio.

  Acquisition consideration. $100 million (Agreement announced June 2024; completion announced December 2024)

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• 2022Build LNG-fueled Aloha-class container shipsProduct launch

  Matson sought new container tonnage for its domestic Hawaii trade while the U.S. shipping market faced pressure to modernize vessel fleets and improve fuel efficiency.

  What changed. The yard accepted an order for three LNG-fueled Aloha-class container ships.

  Aftermath. The reported order was valued at approximately $1 billion and reinforced the yard's role in Jones Act-compliant container ship construction.

  Reported order value. $1 billion (November 2022)

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• 2015Adopt the Philly Shipyard corporate identityStrategy

  The company was separating its current identity from the earlier Aker-branded period and sought a name directly associated with its Philadelphia operating base.

  What changed. Shareholders approved changing Aker Philadelphia Shipyard ASA to Philly Shipyard ASA, with the operating subsidiary adopting the corresponding name.

  Aftermath. The company operated under the Philly Shipyard name until its acquisition by Hanwha in 2024.

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• 2024Hanwha agrees to acquire Philly Shipyard

  Hanwha Group and Hanwha Ocean agreed to purchase Philly Shipyard for $100 million, subject to regulatory approvals.

  M&A
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• 2024Hanwha completes Philly Shipyard acquisition

  The acquisition of Philly Shipyard by Hanwha was completed approximately six months after the initial agreement, bringing the Philadelphia yard into the Hanwha group.

  M&A
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• 2015Philly Shipyard delivers Crowley's Ohio

  The yard delivered Ohio, the first of four next-generation 50,000 dwt product tankers being built for Crowley Maritime.

  Product generation
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• 2015Philly Shipyard begins production of Matson Aloha-class ships

  Production activities began on two 3,600-TEU Aloha-class container ships for Matson under contracts originally announced in 2013.

  Product generation
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• 2015Corporate name changed to Philly Shipyard

  Shareholders approved changing the listed company's name from Aker Philadelphia Shipyard ASA to Philly Shipyard ASA. The operating subsidiary adopted the Philly Shipyard name as well.

  Other
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• 2014Philly Tankers shipping company planned

  The yard announced plans for Philly Tankers, a Jones Act shipping company, supported by firm contracts for two eco-design product tankers and options for two more.

  Other
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• 2014First SeaRiver Aframax tanker delivered

  The shipyard delivered the first of two large Aframax tankers ordered by SeaRiver Maritime. The vessel was designed to transport Alaskan North Slope crude between Alaska and the U.S. West Coast.

  Product generation
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• 2013Aker Philadelphia announces Crowley tanker joint venture

  The shipyard and Crowley Maritime agreed to a business venture covering eight product tankers, with options for four additional vessels. The reported program was expected to support work at the yard through 2017.

  Other
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• 2013Matson orders two Aloha-class container ships

  Aker Philadelphia Shipyard announced an agreement to build two container ships for Matson, creating a new shipbuilding program for the Hawaii trade.

  Product launch
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• 2011Aker Philadelphia signs contract for two SeaRiver Maritime tankers

  The shipyard announced an agreement to construct two Aframax oil-product tankers for SeaRiver Maritime, ExxonMobil's U.S. marine subsidiary. The vessels were planned as the largest ships built by the yard at that point.

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1. Hanwha Philly Shipyard
2. Hanwha Philly Shipyard official website