Hanwha Philly Shipyard leases 47 more acres at the Philadelphia Navy Yard to reach ten ships a year

Hanwha Philly Shipyard signed a lease for six parcels totaling 47 acres around the Reserve Basin at the Philadelphia Navy Yard, reported September 23, 2026. The lease runs 47 years and 8 months at $4,500 per acre per month, with the first two and a half years rent-free. The yard currently occupies 110 acres with about 2,000 workers and delivers at most two ships a year; the expansion supports a target of more than ten ships a year, up to 5,000 additional hires, and about $5 billion of investment tied to the Korea-US shipbuilding cooperation agenda.