Hanwha Looking to Acquire "Multiple" US Shipyards
- Mingi Hyun
- May 1
- 2 min read
As part of its US naval market entry strategy, Hanwha may be interested in snapping up US shipyards beyond Philly Shipyards and Austal USA
As rumored, Navy Secretary John Phelan is in South Korea this week. In addition to meeting the country’s acting president (who has since resigned), Phelan met with the two South Korean naval shipbuilders seeking US Navy shipbuilding and MRO contracts, which would be HD Hyundai Heavy Industries and Hanwha Ocean. While details of these meetings have yet to be revealed, Hanwha Vice Chairman Dong Kwan Kim made an interesting remark about acquiring additional US shipyards.
“In line with the US Navy’s strategic needs, we have been building up our shipbuilding infrastructure, so that Hanwha Ocean can respond quickly in any situation…. We plan to further strengthen our position in the North American market by acquiring multiple shipyards in the United States.”
To provide some context, Hanwha was originally expected to acquire a single US shipyard. Their initial interest in Austal USA — builder of the Independence variant of the Littoral Combat Ship (LCS) — faltered in April 2024, following the Austal board’s rejection of Hanwha’s takeover offer. About two months later in June 2024, Hanwha acquired Philly Shipyards, a move that was questioned by industry stakeholders, due to the gravity of challenges faced by the Philadelphia-based shipyard.
In March 2025, Hanwha renewed its pursuit of Austal by acquiring a 9.9% stake in the Australian shipbuilder and applied for permission to increase its holding to 19.9%, which would make the South Korean company Austal's single largest shareholder.
An important takeaway from Kim’s comment and the preceding acquisition of Austal shares is that Hanwha may be looking to take an approach that is more extensive than previously thought.
When it comes to foreign acquisition of US naval shipyards, Fincantieri and Austal are prime examples, with both establishing their US presence through the acquisition of Marinette Marine and Bender Shipbuilding & Repair, respectively. As for Hanwha, it seems intent on taking a more extensive approach by pursuing shipyards beyond Philly and Austal.
Then, which US shipyards are potential targets for Hanwha? I’ve yet to hear any rumors, but stay tuned and please subscribe!
