What Hanwha Philly Shipyard does

Hanwha Philly Shipyard, Inc. (HPSI) operates a Jones Act-compliant U.S. shipyard at Philadelphia's historic Navy Yard, designing, building, and maintaining large ocean-going commercial and government vessels. Since beginning deliveries in 2000, the yard has produced approximately half of all large ocean-going Jones Act commercial ships built in the United States, including the CV2600 and CV2500 container vessel families, MT-46, MT-50, and MT-115 product tanker series, and the ongoing NSMV training vessel program for the U.S. Maritime Administration. The facility is anchored by two 330m x 45m USCG-certified graving docks and a 660-ton gantry crane, the largest in U.S. commercial Jones Act shipbuilding, with 432,264 sq ft of fabrication shops. Current production emphasizes the Matson Aloha Class LNG dual-fuel containerships (3,600 TEU, three vessels on order for 2027-2028), the fifth and final NSMV training vessel for California State University Maritime Academy, and a recently awarded 10 medium-range product tanker order described as the largest commercial shipyard order in the U.S. in more than 20 years.

HPSI is a privately held U.S. subsidiary of South Korea's Hanwha Group, acquired from Norwegian owner Aker ASA in December 2024 by Hanwha Systems (60%) and Hanwha Ocean (40%) for approximately $100 million, with CFIUS approval secured in September 2024. Under Hanwha ownership, the company is executing a $5 billion expansion plan to scale annual vessel production from fewer than two to up to 20 ships, with workforce growth from approximately 2,100 to 7,000-10,000 employees. Revenue is generated primarily through multi-year fixed-price vessel construction contracts with U.S. government agencies (MARAD, U.S. Navy) and commercial Jones Act operators (Matson, Sea Maritime/ExxonMobil, OSG, TOTE Services), supplemented by maintenance, repair, and overhaul (MRO) services. The go-to-market is enterprise field sales via competitive bidding and direct procurement relationships; pricing is project-specific and not publicly disclosed, with vessel values ranging from approximately $200 million (NSMV) to $333 million (Matson Aloha Class) to $450 million (NGLS reference price).

Hanwha Group's shipbuilding IP and global supply chain provide access to advanced manufacturing technologies, LNG dual-fuel propulsion systems, and digital shipyard systems that HPSI is integrating into U.S. operations. The company has entered partnerships with VARD Marine US (NGLS design), HavocAI (autonomous vessels), Leidos (next-generation naval design), and MARTAC (unmanned surface vessels) to extend its addressable market into Navy logistics, autonomous, and combatant ship programs. A state-accredited three-year paid apprenticeship program, supported by an $8 million federal grant and partnerships with Delaware County Community College and Massachusetts Maritime Academy, is scaling from 120 to 500 apprentices annually by 2027 to supply the workforce pipeline required for the production ramp.

Name

Hanwha Philly Shipyard

Legal name

Hanwha Philly Shipyard, Inc.

Website

https://hanwhaphillyshipyard.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hanwha Philly Shipyard is a Jones Act-compliant U.S. shipbuilder in Philadelphia's Navy Yard, constructing commercial and government vessels for MARAD, the U.S. Navy, and operators like Matson. A wholly-owned subsidiary of South Korea's Hanwha Group since December 2024, it is executing a $5 billion expansion to scale output from fewer than two to up to 20 vessels annually.

Ownership category

akta.pro rank

Product category

Commercial and Naval Shipbuilding

NAICS

Ship Building and Repairing (336611), Ship and Boat Building (3366)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Auxiliary & Logistics Naval Vessels (Replenishment, Support, Hospital) (IMAJABAD)

akta.pro secondary industries

Crude & Product Tanker Shipbuilding (VLCC/Suezmax/Aframax/MR) (IMAJAAAC), Naval & Government Vessel Maintenance & Modernization (TLAKAKAB), Retrofits & Modernization (Scrubbers, Ballast Water, Alternative Fuels, Energy-Saving Devices) (IMAJAFAH)

Keywords

• Jones Act shipbuilding
• Commercial vessel construction
• Naval vessel programs
• Ship repair services
• Government vessel contracts

Headquarters

HQ city

Philadelphia

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Infrastructure, Operations, Technology or R&D

Revenue model

1. New Vessel Construction - Government: Building Jones Act-compliant government vessels including National Security Multi-Mission Vessels (NSMV) for MARAD. Revenue recognized upon vessel delivery milestones. NSMV program valued at approximately $1 billion for 5 vessels.
2. New Vessel Construction - Commercial: Constructing commercial vessels for Jones Act operators including container ships and product tankers. Matson Aloha Class contract represents approximately $1 billion investment for 3 vessels. Tankers order for 10 medium-range vessels.
3. Maintenance, Repair & Overhaul (MRO) Services: Full-scope MRO services for government and commercial vessels including routine maintenance, mid-life overhauls, refits, conversions, and emergency repairs. Supports fleet lifecycle operations and maximizes vessel service life.
4. Navy Design and Subcontracting: Concept design and engineering services for U.S. Navy programs including NGLS light replenishment oiler. Working as subcontractor to VARD Marine US on market surveys, design development, and production cost evaluations for approximately 13 NGLS vessels priced at ~$450 million each.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Hanwha Philly Shipyard (HPSI) designs, builds, and maintains Jones Act-compliant ocean-going commercial and government vessels at its Philadelphia Navy Yard shipyard. Core offerings include National Security Multi-Mission Vessels (NSMV) for U.S. maritime academies, container ships and product tankers for U.S.-flagged commercial operators, LNG dual-fuel Aloha Class containerships, and full lifecycle Maintenance, Repair & Overhaul (MRO) services.

Product overview

Hanwha Philly Shipyard (HPSI) operates as a Jones Act-compliant U.S. shipbuilder offering commercial and government vessel construction and maintenance services. Commercial offerings include the CV2600 and CV2500 container vessel families, MT-46/MT-50/MT-115 product tanker series, and Aloha Class LNG dual-fuel containerships for Matson. Government programs center on the National Security Multi-Mission Vessel (NSMV) program delivering five training vessels to U.S. maritime academies. The shipyard also provides comprehensive Maintenance, Repair & Overhaul (MRO) services. The portfolio is unified by the shipyard's core competency in Jones Act vessel construction, with supporting workforce development through an apprenticeship program.

Differentiator

Problem solved

Functional benefit

Products and services

• National Security Multi-Mission Vessel (NSMV) Program Jones Act-compliant training vessels for U.S. maritime academies, providing world-class training platforms for future mariners while offering humanitarian assistance and disaster relief surge capacity. Each vessel features instructional spaces, a full training bridge, hospital facilities, helicopter pad, and accommodations for up to 600 cadets.
• MT-50 Product Tankers 183-meter, 50,000 deadweight product tankers designed to carry liquids from crude oil to chemicals, featuring fuel efficiency and ABS LNG-Ready Level 1 approval in principle for future LNG propulsion conversion.
• MT-115 Aframax Tankers 251-meter, 115,000 deadweight ton Liberty Class Aframax tankers equipped with double hull protection, designed to transport Alaskan North Slope crude oil from Prince William Sound to U.S. West Coast.
• MT-46 Product Tankers 183-meter, 46,000 deadweight ton Veteran Class product tankers capable of transporting 14 million gallons of liquid products including crude oil and chemicals.
• CV2600 Container Vessels 217-meter Philadelphia Class container ships with six hatched holds and cell guides for 20' and 40' containers, designed for domestic U.S. and worldwide trade.
• CV2500 Container Vessel 207-meter Independence Class container ship capable of carrying 20', 40', and 45' containers with aft-located deckhouse, designed for GL class and US flag with environmental passport notation.
• Aloha Class Containerships 854-foot LNG dual-fuel containerships with 3,600 TEU capacity and speeds exceeding 23 knots, deployed in Hawaii, Guam, and China-Long Beach Express services for Matson. Three vessels under construction named Makua, Malama, and Makena.
• Maintenance, Repair & Overhaul (MRO) Services Full-scope MRO and conversion services for government and commercial vessels, including routine maintenance, mid-life overhauls, refits, conversions, and emergency repairs meeting U.S. Coast Guard and ABS classification standards.

Quantifiable outcome

• Delivered approximately half of all large ocean-going Jones Act commercial ships since 2000
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Delaware County Community College (DCCC)coreStrategic or Co-development Partner · 5 June 2026DCCC leading workforce training initiative partnered with HPSI, funded by $8 million federal grant. Program targets veterans, people with disabilities, and high school students, scaling apprenticeship capacity from 120 to 500 annually by 2027. Also developing internationally recognized trade curricula for shipbuilding careers.
• LeidoscoreStrategic or Co-development Partner · 27 April 2026Hanwha Ocean and Leidos signed MOU to collaborate on next-generation naval ship design. Partnership aims to strengthen U.S. shipbuilding capacity and pursue opportunities in global defense markets. Focus on adapting Hanwha ship designs to U.S. Navy standards, co-developing surface combatant concepts, and establishing resilient supply chain across U.S. and Korean industrial bases.
• VARD Marine US Inc.coreStrategic or Co-development Partner · 30 March 2026Hanwha Defense USA and Hanwha Philly Shipyard partnered with VARD Marine US as teammates on the U.S. Navy's Next Generation Logistics Ship (NGLS) program. The team conducts market surveys, concept design, and platform refinement for the T-AOL light replenishment oiler. VARD was awarded the prime contract with Hanwha as key subcontractor. Industry estimates 13-18 NGLS vessels needed at approximately $450 million per ship.
• HavocAIcoreStrategic or Co-development Partner · 21 January 2026Hanwha Defense USA and Hanwha Systems signed MOU with U.S. autonomous vessel technology firm HavocAI to jointly develop 200-foot autonomous surface vessels for the U.S. Navy's Modular Attack Surface Craft program. Partnership leverages Hanwha's shipbuilding infrastructure combined with HavocAI's collaborative autonomy software. HavocAI raised $85 million in funding with Hanwha participation.
• TOTE Services LLCcoreStrategic or Co-development Partner · 1 May 2022TOTE Services serves as Vessel Construction Manager for the NSMV program, overseeing design, construction, delivery, and warranty phases using commercial best practices. HPSI constructs the vessels. First two NSMVs (Empire State, Patriot State) delivered 2023 and 2024. Third vessel State of Maine delivered March 2026.
• Massachusetts Maritime AcademyminorStrategic or Co-development PartnerEducational partnership for maritime workforce development. Part of broader initiative with DCCC and Finnish institutions (Satakunta University of Applied Sciences) to expand U.S. shipbuilding workforce through federally funded projects.
• Interboro High SchoolminorStrategic or Co-development PartnerEducational partnership providing 15 Interboro High School seniors direct pathway to paid shipbuilding apprenticeships through DCCC program. Students earn college credits and technical training leading to HPSI full-time apprenticeship program.
• MARTACcoreStrategic or Co-development PartnerHanwha collaborating with MARTAC to build 38-meter medium unmanned surface vessels (MUSV) in the United States for U.S. Navy's next-generation unmanned maritime programs. Target is MUSV program with $2.1 billion in government funding.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bollinger Shipyards: Louisiana-based privately held shipbuilder of patrol boats, cutters, and support vessels for the U.S. Coast Guard and Navy. Competes in the smaller-vessel naval/Coast Guard segment that complements HPSI's larger-vessel programs.
• Austal USA: Mobile, Alabama-based builder of Independence-class littoral combat ships, Expeditionary Fast Transport (EPF), and other aluminum and steel vessels for the U.S. Navy. Competes for surface combatant and auxiliary vessel programs alongside HPSI.
• Ingalls Shipbuilding (Huntington Ingalls Industries): Builds amphibious assault ships, destroyers (Arleigh Burke class), and National Security Cutters for the U.S. Navy and Coast Guard. Competes for similar federal surface combatant and auxiliary vessel work that HPSI is pursuing.
• Hanwha Ocean: South Korean parent/affiliate and one of the world's largest shipbuilders (LNG carriers, VLCCs, naval vessels). Operates the same shipbuilding technology stack (digital shipyard, LNG dual-fuel) that HPSI is adopting; directly comparable in capability and is the source of HPSI's expansion playbook.
• Newport News Shipbuilding (Huntington Ingalls Industries): Premier U.S. Navy shipbuilder and the only builder of nuclear-powered aircraft carriers and one of two submarine builders. Most direct competitor for U.S. naval and Jones Act auxiliary/logistics contracts (NGLS, fleet support).
• NASSCO (General Dynamics NASSCO): San Diego-based shipyard owned by General Dynamics building Jones Act commercial product tankers, container ships, and auxiliary replenishment oilers (T-AOs) for the Navy. Directly competes for Jones Act newbuild and Navy auxiliary ship contracts.
• Fincantieri Marinette Marine: Wisconsin-based shipyard owned by Italian Fincantieri building the U.S. Navy Constellation-class frigates. Competes with HPSI for surface naval work and brings comparable foreign-parent dynamics to the U.S. market.

Broad incumbents

• Huntington Ingalls Industries: Parent of Newport News and Ingalls and the largest U.S. military shipbuilder. Sets competitive benchmark for naval shipbuilding pricing, capacity, and government contracting; broadly comparable as the dominant incumbent in U.S. naval shipbuilding.
• General Dynamics (Marine Systems): Parent of NASSCO and Electric Boat (submarines). Competes with HPSI for Jones Act commercial and Navy auxiliary vessel contracts as part of a diversified defense portfolio, with significantly greater scale and balance sheet.

Others

• VARD Marine US: Norwegian-owned naval architecture and ship design firm holding the prime NGLS contract with HPSI as subcontractor. Comparable in designing auxiliary and naval support vessels and is a direct working partner on the NGLS pursuit.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PhillyShipyard
• Facebookfacebook.com/phillyshipyard
• LinkedInlinkedin.com/company/aker-philadelphia-shipyard

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hanwha Philly Shipyard