Hanwha Philly Shipyard names Kim Hyuk new president, to build warship-focused operation

[Financial News] Kim Hyuk, former head of the Smart Vessel Business Center at Hanwha Systems Co., Ltd., has been named the new president of Hanwha Philly Shipyard. The move is seen as an effort to bring in a warship veteran and step up the shipyard’s U.S. Navy warship construction business, following its recent first contract to build a U.S. Navy vessel.
Industry sources said on the 3rd that Hanwha Philly Shipyard announced on the 2nd (local time) that it had appointed Kim Hyuk as president, succeeding David Kim.
President Kim Hyuk has spent 25 years in shipbuilding, working in special-purpose vessels, merchant ships—including floating liquefied natural gas production facilities (FLNG)—and warship construction, from the days when Hanwha Ocean was Daewoo Shipbuilding & Marine Engineering Co., Ltd. and Hanwha Aerospace was Hanwha Defense. At Hanwha Systems Co., Ltd., he led the development of unmanned surface vessels. He is an all-rounder in shipbuilding, with experience in merchant ships, warships and unmanned surface vessels.
The selection of Kim Hyuk, who has extensive warship experience, comes against the backdrop of a full-scale push to secure U.S. Navy warship contracts.
The company recently secured its first contract. On the 29th (local time), Hanwha Defense USA, Inc. signed a contract with TOTE Services, a vessel construction manager (VCM) for the U.S. Navy, to build one medium landing ship (LSM). The contract is worth $269 million, equivalent to 357.5 billion won. The U.S. Navy plans to acquire a total of 35 LSMs, and the contract includes an option to build three additional ships.
In March, Hanwha Philly Shipyard and Hanwha Defense USA, Inc. also took part in the concept design for the U.S. Navy’s Next Generation Logistics Ship (NGLS), alongside U.S. ship design firm Vard (Vard Marine US). Participation in the concept design allows them to directly assess productivity, construction methods and costs, giving them an advantage in the bidding process. According to Congressional Research Service data, a light replenishment ship of the same class costs $453 million per vessel to procure, or about 630 billion won.
Kim Hyuk’s appointment followed Hanwha Defense USA, Inc.’s acquisition of a majority stake in Hanwha Philly Shipyard. As a result, Kim will report directly to Tom Anderson, president of the shipbuilding division at Hanwha Defense USA, Inc., on the business’s overall status and plans.
“With Hanwha’s upgrades to and investment in the shipyard’s facilities, the yard can now build vessels not only for the merchant fleet but also for the federal government,” Anderson said. “At this point, incoming president Kim Hyuk will bring to the Philadelphia operation the extensive experience in large-scale shipbuilding he gained at Hanwha Ocean’s main shipyard in Korea, which delivers 35 to 45 merchant ships and warships a year.”
“Building on the strong foundation Hanwha has established since acquiring the shipyard, I will focus on strengthening its operating capabilities, expanding its shipbuilding capacity and developing a workforce to support both the merchant ship and naval vessel businesses,” Kim Hyuk said.
[email protected] Kim Yun-ho Reporter