America used to be a world leader in shipbuilding. But with a shortage of talent, antiquated operating procedures and outdated facilities the industry — essential to U.S. energy security and defense — is in crisis. China dominates the global commercial shipbuilding industry accounting for 53% of global market share followed by South Korea and Japan. The U.S. accounts for about 0.1%. But that could soon change. In southern Philadelphia, $5 billion is being invested by South Korean shipping conglomerate Hanwha. It hopes to turn this decades old shipyard into a state of the art facility. To look at how shipyards are being revitalized, CNBC traveled to Wisconsin’s Great Lakes region and to one of America’s oldest shipyards in Philadelphia.
Chapters:
0:00 – 2:18 Introduction
2:19 – 5:05 Chapter 1. Hanwha
5:06 – 8:03 Chapter 2. U.S. fleet
8:04 – 11:56 Chapter 3. Worker shortage
11:57 – 16:00 Chapter 4. Automation and robotics
Produced and Shot by: Shawn Baldwin
Reporter: Lori Ann LaRocco
Edited by: Evan Lee Miller
Additional Camera: Darren Geeter, Ryan Baker
Senior Director of Video: Jeniece Pettitt
Animation: Jason Reginato, Emily Park
Additional Footage: Fincantieri, Hunwha, Getty Images, U.S. Coast Guard
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Why U.S. Shipbuilding Collapsed — And The Push To Rebuild It
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