Hanwha Ocean Competes for CAD$46B Canada Submarine Deal Against German TKMS

According to Asia Economy, Hanwha Ocean is competing with Germany's ThyssenKrupp Marine Systems (TKMS) for Canada's submarine procurement project (CPSP), which involves acquiring 12 submarines worth approximately 60 trillion won (CAD$46 billion). Hanwha's proposal calls for delivering four lead submarines by 2035, followed by one vessel annually.

Samsung Securities analyst Han Young-soo noted that investor expectations remain conservative, citing cautious signals from Korean government officials and Germany's ability to leverage pan-European support. However, even if Hanwha fails to secure the contract, the impact on shipbuilder stocks is expected to be limited, as industry valuations are already discounted. The broader Korean shipbuilding sector remains resilient, with new shipbuilding price indices holding at 185 and global order volumes up 88% year-on-year in the first half of 2026.