Key facts
- Hanwha Ocean lost Canada's submarine deal to Germany's TKMS.
- TKMS will supply Canada with up to 12 submarines.
- South Korean President Lee Jae Myung expressed disappointment over the decision.
South Korea's Hanwha Ocean has lost a significant submarine deal with Canada to Germany's Thyssenkrupp Marine Systems (TKMS). TKMS is set to supply up to 12 vessels to Canada.
Despite the loss, South Korean President Lee Jae Myung expressed disappointment but also highlighted that the bid demonstrated the nation's potential in the defense sector. The competition for the Canadian submarine contract was a key indicator of global defense industry capabilities.