South Korea may have lost the multi-decade, multi-billion-dollar submarine contract in Canada, but it did not come away empty-handed. In Korea, there is a saying, jeot-jal-ssa — literally "lost, but fought well." It best captures Hanwha Ocean's narrow defeat to Germany's TKMS in what Canada itself described as a "difficult, close decision." To impress Canadian officials, South Korea dispatched the operational KSS-III submar

South Korea's campaign to break into NATO's inner circle of submarine suppliers fell short as Canada chose Germany's TKMS over Hanwha Ocean, underscoring that alliance politics can outweigh technology and industrial advantages in major defense contracts. Ottawa on Monday designated TKMS as the preferred supplier for a program to procure up to 12 conventionally powered submarines. The acquisition is expected to cost at least $20 billion, while lifet

Canada on Monday named Germany’s TKMS as the preferred supplier for its "largest-ever" procurement to acquire up to 12 new submarines, selecting the Type 212CD over South Korea’s KSS-III Batch-II in what had been a "difficult and close decision," according to its state head. Prime Minister Mark Carney announced the choice that involved heavily government-backed competition between Germany and South Korea in Halifax, Nova Scotia

Canada has selected Germany’s TKMS as the preferred bidder for its program to acquire up to 12 new submarines, The Globe and Mail reported Monday, citing unnamed government sources ahead of an expected official announcement. The reported decision would see TKMS’s Type 212CD chosen over South Korea’s KSS-III Batch-II, dealing a setback to Hanwha Ocean after an intense, nearly yearlong competition for one of Canada’s largest-ever military

From Hanwha Ocean's share price, investors appear to believe its victory—or at least a sizable share—in Canada's multibillion-dollar submarine program is all but assured. Hanwha Ocean ended Monday up 7.3 percent at 114,700 won after surging as much as 15 percent earlier while the benchmark KOSPI remained in negative territory, on expectations that its name will be called out by Canadian Prime Minister Mark Carney when he announces the prefe

China maintained its dominance in the global shipbuilding market in the first half of this year, accounting for 72 percent of global orders. South Korean shipbuilders held just 19 percent, as they focused instead on high-value ships like liquefied natural gas (LNG) carriers. According to data released by London-based Clarkson Research Services on Monday, cumulative global ship orders in the first six months of this year reached 42.95 million compensated gross t

Canadian Prime Minister Mark Carney will make a major defense announcement in Halifax, home to the country's largest naval base, on Monday before departing for the NATO summit in Türkiye, with South Korea and Germany awaiting a decision on Canada's multibillion-dollar submarine procurement program. Canadian daily The Globe and Mail reported Sunday, citing two government sources, that Carney is expected to formally announce whether South Korea or Ge

Canada is moving closer to selecting South Korea as the preferred supplier for its multibillion-dollar submarine program, although the final structure of the award remains uncertain, with Ottawa still weighing whether to place the entire order with one bidder or split it with Germany, according to multiple sources familiar with the matter. "The mood is leaning toward South Korea. The last sticking point is whether the full package goes to Korea or is shar

Hanwha Ocean has been selected as the preferred bidder for the design and construction of the lead vessel in South Korea’s next-generation destroyer program, the company said Thursday. The shipbuilder said in a regulatory filing that the Defense Acquisition Program Administration (DAPA) had formally selected it as the top-priority bidder for the Korean Destroyer Next Generation (KDDX) project. The value and duration of the contract will be determined