America has been struggling in the shipbuilding department for decades now, but Philadelphia could play a critical role in the potential of the nation’s industrial revival, according to a recent segment on 60 Minutes.
The Philly Shipyard is one of only two remaining the nation building large commercial cargo ships. However, it now reflects decline with its outdated equipment and limited output.
But a revival could be on the horizon.
In 2024, the shipyard was acquired by South Korea’s ship making giant Hanwha in a $100 million deal. South Korea is among the most prominent ship making nations in the world, second only to China.
After buying the Philly Shipyard, Hanwha poured in another $100 million to help modernize the shipyard and bring it into the 21st century.
Whereas the Philly Shipyard delivers about one ship a year, South Korea delivers an average of about one per week.
“Our aspiration is to get to up to 20 ships a year here at the shipyard,” said Hanwha Defense USA executive David Kim, adding that it also hopes to grow the workforce by 7,000 to 10,000.”
If successful, Philadelphia could become a national blueprint for the return of shipbuilding.
Learn more about Philadelphia’s central role in America’s shipbuilding revival at 60 Minutes.
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