Key facts
- Hanwha Ocean and HD Hyundai Heavy Industries lost a bid to supply submarines to Canada.
- German company Thyssenkrupp Marine Systems was selected as the preferred supplier.
- The Canadian deal could involve up to 12 submarines.
- President Lee Jae Myung expressed disappointment over the lost bid.
- South Korean officials highlighted the nation's technological potential in shipbuilding.
- The bid was for the Canadian Navy's submarine modernization effort.
South Korean shipbuilder Hanwha Ocean, in partnership with HD Hyundai Heavy Industries, has been unsuccessful in its bid to supply submarines to Canada. The Canadian government selected German rival Thyssenkrupp Marine Systems as its preferred supplier for a deal that could involve up to 12 submarines. This outcome represents a loss for the South Korean defense industry, which had been vying for a prominent international contract. President Lee Jae Myung of Hanwha Ocean conveyed disappointment following the decision. However, he also used the occasion to underscore South Korea's robust technological prowess and advanced capabilities in shipbuilding and defense manufacturing, suggesting that this setback does not diminish the nation's potential in the global market. The loss highlights the competitive nature of the international defense procurement landscape, where multiple nations and companies vie for lucrative contracts.