Hanwha, a major South Korean conglomerate, is leading a significant expansion in South Korea's defense industry as global military spending rises amid conflicts like the wars in Ukraine and Iran [1].
Founded nearly 75 years ago by gunpowder engineer Kim Chong-hee, who started the company as Korea Explosives Co. at age 30, Hanwha has grown into a defense and industrial powerhouse [1].
In 2024, Hanwha acquired the Philly Shipyard in Philadelphia, a key asset in its efforts to build ships for the U.S. Navy and expand maritime defense capabilities worldwide [1]. The shipyard plays a central role in Hanwha's strategy to strengthen its global shipbuilding footprint and participate actively in U.S. naval contracts [1].
On August 26, 2025, U.S. Navy cadets from the Maine Maritime Academy toured the National Security Multi-Mission Vessel (NSMV) State of Maine at Hanwha Philly Shipyard, highlighting ongoing collaboration with American defense and maritime institutions [1].
Hanwha's expansion reflects larger trends of heightened defense budgets driven by ongoing military conflicts. Increased spending in countries affected by the wars in Ukraine and Iran contributes to demand for advanced defense and shipbuilding capabilities [1].
The next major milestone in Hanwha's timeline is the continued delivery of vessels from Philly Shipyard to U.S. Navy customers, with further shipbuilding contracts expected in the coming years [1].
