# Hanwha Ocean

Type: Company

Source: Space & Defense Intelligence Brief — https://getspacebrief.com/entity/hanwha-ocean
Canonical HTML page: https://getspacebrief.com/entity/hanwha-ocean

## Timeline

- **2035**: Target defense spending reaches 5% of GDP — Carney's stated goal for Canada's defense expenditure relative to the size of its economy.
- **2034**: First four submarines delivered — With Germany and Norway freeing production slots, Canada expects to receive the first four of up to 12 new TKMS submarines, two years earlier than originally projected.
- **2026-07-07**: Hanwha Ocean Shares Crash 23% — Hanwha Ocean's stock price plunged about 23% in Seoul trading following the news, marking its largest single-day drop in years. South Korean President Lee Jae Myung posted a message encouraging continued efforts in defense exports.
- **2026-07-06**: Canada Selects TKMS as Preferred Submarine Supplier — Canadian Prime Minister Mark Carney announced ThyssenKrupp Marine Systems would build Canada's next fleet of submarines, choosing the German bid over South Korea's Hanwha Ocean.
- **2026-07-06**: TKMS named preferred supplier — Prime Minister Mark Carney announces that ThyssenKrupp Marine Systems will build up to 12 new submarines, the country's largest procurement, beating Hanwha Ocean.
- **2026-07-06**: Carney pledges 5% GDP defense spending by 2035 — Carney reaffirms that Canada's budget already provides for 4% of GDP by 2030 and he intends to push defense spending to 5% by 2035.
- **2026**: Canada reaches NATO's 2% GDP spending target — After years of lagging, Canada meets the alliance's benchmark of spending 2% of gross domestic product on defense.
- **1998**: Canada acquires Victoria-class submarines — Canada purchases four secondhand diesel-electric submarines from the United Kingdom, entering service the following years.

## Recent coverage (3 stories)

### Canada Taps ThyssenKrupp for 12-Sub Fleet in $10s-of-Billions NATO Push
2026-07-12 15:04:37 · Sentiment: Neutral · Impact: 7/10 · Sources: 4

Canada has named Germany's ThyssenKrupp as preferred supplier for up to 12 diesel-electric submarines, the largest defense procurement in its history, as it ramps NATO spending to 5% of GDP by 2035. The deal accelerates delivery to 2034 and reinforces Arctic undersea dominance.
Full story: https://getspacebrief.com/story/canada-thyssenkrupp-sub-fleet-arctic-nato

### Hanwha Ocean Sinks 23% After $100B Canada Submarine Deal Lost to Germany
2026-07-07 03:35:07 · Sentiment: Strongly negative · Impact: 7/10 · Sources: 2

The loss highlights the growing influence of NATO interoperability and Arctic strategy in major defense contracts, delivering a sharp blow to South Korea's naval export ambitions and triggering a 23% stock crash.
Full story: https://getspacebrief.com/story/hanwha-ocean-loses-canada-sub-deal-germany-space

### Canada and South Korea Solidify Strategic Defense Pact for Indo-Pacific Security
2026-02-25 21:43:06 · Sentiment: Neutral · Impact: 6/10 · Sources: 2

Canada and South Korea have signed a landmark defense cooperation agreement, formalizing a strategic partnership aimed at industrial synergy and regional stability. The pact streamlines procurement processes and joint research, positioning South Korean defense majors as key contenders for Canada's multi-billion dollar submarine and land force modernization programs.
Full story: https://getspacebrief.com/story/canada-south-korea-defense-agreement-2024

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This page is a machine-readable summary. Sentiment measures the directional read of each development for this entity, not the tone of the reporting; impact weights consequence, not syndication reach. See https://getspacebrief.com/guides/methodology for the full editorial methodology.