I think Philadelphia has such a bad reputation that skilled workers may be hesitant to move there. This means Hanwha may have to offer large pay options to attract additional workers:
Hanwha Ocean’s recent invitation of domestic securities analysts to its Philly Shipyard has sparked both optimism and skepticism over the Korean shipbuilder’s efforts to revive the money-losing facility in Philadelphia.
While analysts anticipate Hanwha will benefit from a surge in orders driven by U.S. President Donald Trump’s push to counter China’s maritime rise by bolstering the American shipbuilding sector, they also questioned whether it will be feasible to secure enough labor in one of the world’s highest-paying countries.
Shinyoung Securities analyst Eom Kyung-ah pointed out that securing the workforce will be key for Hanwha to meet its goal of increasing Philly Shipyard’s revenue to $4 billion by 2035 from $368 million in 2024 by expanding annual capacity to up to 10 vessels from the current 1 to 1.5.
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