New Shipbuilding Company Launches at the Former Kaiser Yard in Vancouver
It's not every day that the U.S. shipbuilding industry gains a new entrant, especially one that builds civilian hulls, so the launch of a new facility in Vancouver, Washington this month is catching attention.
New Pacific Industrial (NP) is a new venture helmed by experienced shipyard executives, and it is making its formal debut with a two-vessel contract for American Marine Corporation - the first time in AMC's 50-year history that it has ordered a newbuild tug.
NP leverages the WWII-era infrastructure of Kaiser Shipbuilding's Vancouver Shipyard, now known as the Columbia Business Center on Vancouver's Columbia Way. The historic Kaiser yard's 80-year-old assembly bays are leased out to a variety of steel fabricators and suppliers, and NP now occupies about 180,000 square feet at the site. In addition to the high-bay fab spaces, the site has laydown areas, heavy lift cranes, and barge and rail access; NP describes it as "scalable infrastructure."
Courtesy New Pacific
Glosten provided the design for the yard's first vessel, a 122-foot, 6,000-HP, 85-TBP line haul tugboat built for AMC's ocean towing business. "It had to be a true ocean roamer—a capable, practical tug that’s comfortable to live and work on, and built to tow hard for decades," said Glosten business development principal Peter Soles.
“New Pacific was founded around a straightforward idea: complex projects need experienced people, capable infrastructure, and an operating model that works for the customer,” said Joe Corvelli, CEO of New Pacific and an alumnus of Gunderson, Vigor and Gibdock. “Starting with a newbuild program alongside American Marine and Glosten puts that model into practice from day one.”
Courtesy Glosten
Potential U.S. Bidder Emerges to Challenge Hanwha for Austal USA
Australia-based Austal confirmed in a brief stock exchange statement on Monday, September 7, that it has had initial, preliminary discussions with a U.S.-based investment firm, Wildcat Infrastructure, which is reported to be interested in the Austal USA operations. Austal said it has not received any proposal, but if the U.S.-based investor proceeds, it would be challenging Hanwha Group, which has approval to proceed with due diligence after it expressed interest in acquiring the U.S. operations of Austal.
Austal was responding to media reports in Western Australia that broke the news of the potential second bidder. The unconfirmed reports said Wildcat could place a competing bid for the U.S. operations as early as this week.
Wildcat Infrastructure has not commented but is listed online as being based in Florida and started in 2010. It says its strategy is focused on critical infrastructure, specifically energy (clean and renewable), information (5G), transport (bridge and roads), and water infrastructure (clean water and wastewater systems). Its website reports that it launched its defense business in 2026 in response to global events and increases in U.S. and allied defense spending. It is said to be targeting prime contracts and defense technologies. William Elischer, whose career includes senior roles in Australia's Department of Foreign Affairs and Trade, is listed as leading Wildcat's investment activities and strategic development across defense and national security.
Speaking to investors during the company’s recent earnings report, Austal CEO Paddy Gregg said there was “great momentum” for the process with Hanwha. A U.S. division of the South Korean group in early August sent the Australian company an indicative, non-binding and conditional offer to acquire the operations of Austal USA for an indicative enterprise value of US$1.05 – 1.20 billion on a cash and debt-free basis. The Austal board and its advisers determined that the offer merited further evaluation, approving Hanwha to undertake due diligence.
Hanwha has expressed interest in buying Austal, making overtures in 2025, but Austal said it doubted a deal could gain regulatory approval. Hanwha acquired nearly 10 percent of Austal’s stock on the open market and received permission from Australia’s regulators to increase its stock position to 19.9 percent.
Austal reportedly is interested in focusing on its Australian shipbuilding operations and its satellite operations in the Philippines and Vietnam. It completed a Strategic Shipbuilding Agreement with Australia and has a current orderbook valued at US$4 billion in Australia.
The company established its U.S. operations in 1999 and has become a major contractor to the U.S. government, although it has had financial challenges in the U.S. On its website, it says it has delivered 34 ships to the U.S. Navy and has a nearly $10 billion contract backlog that includes Navy and Coast Guard surface ships and module production for submarines and aircraft carriers. Its primary yard is in Mobile, Alabama, with a repair operation that was started in 2021 in San Diego, California.
Any acquisition in the United States will require government approval, and the media reports indicate that the Pentagon has been stalling discussions with Hanwha for the Austal operations. The Trump administration has been receptive to South Korea’s planned investments in U.S. shipbuilding and to Hanwha, which acquired Philly Shipyard. However, there is speculation in the media that it might be more comfortable with a U.S. investor taking ownership of Austal USA.
Japan Announces First Tranche, $3.8B Investment in Shipbuilders
Japan’s Minister of Transport unveiled the government’s first investments in the shipbuilding industry as part of an ambitious plan to dramatically expand the industry. Minister Yasuyuki Kaneko highlighted that shipbuilding is one of 17 priority areas in the government’s growth strategy.
Once one of the leaders in shipbuilding, Japan’s market share has declined dramatically as lower-cost competition emerged in South Korea and China. For 2025, the Japan Ship Exporters’ Association (JSEA) reported total orders of 186 ships totaling just under 9 million gross, which was down 16.5 percent versus 2024. It delivered 191 ships for export, totaling 8.32 million gross tons. Its market share was approximately 9 percent of the global orders.
“The revitalization of Japan's shipbuilding industry is finally getting underway,” said Kaneko speaking with the press on Friday.
The government’s goal is to double Japan’s shipbuilding volume by 2035. He highlighted that the program will be rolled out in several phases with a total investment of approximately 1 trillion yen ($6.4 billion) coming from a combination of public and private partnerships. The Japanese shipbuilding industry had outlined to the government the critical need for investments, saying it would require government support to reclaim a portion of its lost business.
The first three investments are going to Imabari Shipbuilding, Japan Marine United Corp. and Namura Shipbuilding. The total value is 600 billion yen ($3.8 billion), with the government contributing nearly $1.4 billion. Japan’s JiJi Press reports that Imabari and its subsidiary Tadotsu Shipyard will receive the largest portion, approximately 114 billion yen ($729 million) in government subsidies. JMU will receive a maximum of 49.4 billion yen ($316 million), while Namura and its subsidiary Hakodate Dock Co. will also get up to 49.9 billion yen.
The companies are meant to use the investment to expand and modernize their plants. One of the focuses is developing advanced technologies for the next generation of advanced ocean shipping.
“These three cases represent just a small portion of the numerous investment plans submitted by various businesses, essentially the first phase,” said Kaneko.
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