Who’s betting big on America’s shipbuilding renaissance? Foreigners.
The past year’s renewed focus on bolstering American shipbuilding capacity inspired a slew of shipping deals and investments. Interestingly, the most active players came from outside of the U.S., looking to U.S. taxpayers to foot the shipbuilding bill.
So far in June 2025:
Canada’s Davie Shipyard acquired Gulf Copper & Manufacturing Corporation to build icebreakers for the U.S. Coast Guard.
The Committee on Foreign Investment in the United States (CFIUS) cleared Hanwha Ocean to increase their ownership stake in Australian shipbuilder Austal Limited. (80% of Austal’s revenues come from building vessels for the U.S. Navy at their shipyard in Mobile, Alabama.)
Let’s also remember Hanwha’s complete acquisition of Philly Shipyard in December 2024.
While Philly Shipyard historically built for the commercial market, signals imply Hanwha intends Uncle Sam to be a major customer in the future. As Mike Smith, President and CEO of Hanwha Defense USA said,
“I do see us building the fleet the Navy needs next.”
Interestingly, David Kim, the appointed CEO of Hanwha Philly Shipyard, was previously an Executive Vice President at Hanwha Defense USA.
That said, a few American corporations stepped into the shipbuilding game within the past year.
Defense tech start-up Saronic acquired Gulf Craft in April 2025 with the goal of building autonomous surface vessels.
Also, an unusual coalition of U.S. real estate opportunity zone fund CapZone Investments, the U.S. Navy, and Austal together acquired Alabama Shipyard in September 2024 with the goal of boosting submarine construction.
