▲ This photo provided by Hanwha Group shows a panoramic view of Philly Shipyard Inc. in Philadelphia, Pennsylvania. (PHOTO NOT FOR SALE) (Yonhap)

US Navy chief-Hanwha

U.S. Navy secretary hails Hanwha's acquisition of U.S. shipbuilder as 'game-changing' milestone

By Song Sang-ho

WASHINGTON, June 21 (Yonhap) -- U.S. Secretary of the Navy Carlos Del Toro has welcomed South Korean conglomerate Hanwha Group's acquisition of a U.S. shipbuilder as a "game-changing" milestone, as he stressed the need to strengthen America's shipbuilding capabilities amid its intensifying competition with China.

Hanwha Group said that it has invested US$100 million in Philly Shipyard Inc. to acquire a 100 percent stake in the U.S. shipbuilder, marking the first entry of a South Korean company into the U.S. shipbuilding industry.

"Hanwha's acquisition of Philly Shipyard is a game-changing milestone in our new Maritime Statecraft. This will bring good paying union jobs to Philadelphia, a city with a 250-year relationship with the U.S. Navy," he said in a statement posted on the Navy's website on Thursday.

"Knowing how they will change the competitive U.S. shipbuilding landscape. I could not be more excited to welcome Hanwha as the first Korean shipbuilder to come to American shores—and I am certain they will not be the last," he added.

During a speech at Harvard University in September, Toro unveiled the pursuit of a new maritime statecraft, which he said encompasses not only naval diplomacy, but a national, whole-of-government effort to build comprehensive U.S. and allied maritime power, according to his office.

Founded in 1997, Philly Shipyard is a subsidiary of Aker ASA, a Norwegian industrial investment company. It constructs not only large commercial vessels, including tankers and container ships, but also training vessels for the U.S. Maritime Administration.

Hanwha Group said it plans to utilize Philly Shipyard's largest dry dock for shipbuilding, maintenance, repair and operations, tapping into the U.S. naval market, which is in need of additional shipbuilding facilities due to a production shortage for the Navy's fleet.

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