Business

Hanwha Ocean Loses Submarine Bid

Updated 2026-07-07 01:55 UTC 1 source Negative

Hanwha Ocean's bid to build Canada's next fleet of submarines was rejected, causing its shares to drop 23%. Germany's Thyssenkrupp Marine Systems will supply the submarines instead.

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CNBC

Hanwha Ocean shares sink 23% as it loses bid to build Canada's next fleet of submarines

Canadian Prime Minister Mark Carney announced Monday that Germany's Thyssenkrupp Marine Systems would be the preferred supplier for delivering the submarines.

2026-07-07 01:50 UTC