Hanwha Ocean

Canada has selected Germany's TKMS to build 12 new submarines under the country's largest defense procurement, beating Hanwha Ocean's bid. The project, expected to cost up to $70 billion including long-term costs, will replace Canada's aging Victoria-class submarines with TKMS's Type 212CD model, with the first submarine arriving in 2033.

Hanwha Ocean's shares fell 23% after losing a bid to build Canada's next submarine fleet. Canadian Prime Minister Mark Carney announced Germany's Thyssenkrupp Marine Systems as the preferred supplier for the project.

Hanwha Ocean's stock fell over 20% after losing a submarine deal in Canada. The South Korean Navy's KSS-III ROKS Dosan Ahn Changho submarine was referenced in the context of the deal in British Columbia.

Canada has selected Germany’s TKMS for a new submarine contract. The German-owned naval shipbuilder partnered with NATO ally Norway to win the bid, defeating South Korea's Hanwha Ocean.

Canada selected Thyssenkrupp Marine Systems (TKMS) over Hanwha Ocean Company to build a new submarine fleet, a decision expected to strengthen ties between Canada and NATO. The choice reflects growing collaboration among mid-tier nations amid shifting U.S. reliability.

Canada selected Germany’s ThyssenKrupp Marine Systems to build 12 submarines, a major military purchase aimed at boosting defense spending to meet NATO targets. The decision replaces Canada’s aging Victoria-class submarines, and no U.S. company bid due to differences in submarine power requirements.

Canada is set to announce a decision between German and South Korean bids to build 12 submarines, part of its largest military procurement. ThyssenKrupp Marine Systems and Hanwha Ocean are competing, with both emphasizing economic benefits and NATO alignment.

Canada is expected to announce a decision between German and South Korean bids to build 12 submarines, a major military procurement. ThyssenKrupp Marine Systems and Hanwha Ocean are competing for the contract, with the choice linked to NATO defense spending goals.

Canada expects to select a preferred bidder for a submarine procurement program within 30 days, with Germany’s TKMS and South Korea’s Hanwha Ocean competing for the contract. The decision is part of Canada’s plan to replace its aging submarine fleet and enhance Arctic and oceanic patrol capabilities.

South Korea has announced a national strategic roadmap to develop nuclear-powered attack submarines (SSNs), aiming to launch its first vessel in the mid-2030s and commission it by the late 2030s. The project, named Jang Bogo-N, aims to counter North Korea's submarine-launched ballistic missile threats, enhance U.S. military cooperation, boost international status, and provide an alternative to nuclear armaments.

German Defense Minister Boris Pistorius actively promoted Germany’s Type 212CD submarine bid for Canada’s C$60 billion Patrol Submarine Project, emphasizing economic and NATO integration benefits. The German-Norwegian joint bid faces competition from South Korea’s Hanwha Ocean, which showcased its KSS-III Batch II submarine in Canada.

South Korea's Hanwha Ocean showcased its submarine ROKS Dosan Ahn Chang-ho off the B.C. coast to demonstrate its bid for Canada's multibillion-dollar submarine contract. The arrival highlights the company's efforts to secure a major defense deal with Ottawa.