Hanwha Ocean loses Canada bid, gains global recognition

Hanwha Ocean failed to clinch Canada’s largest-ever naval procurement project, but its head-to-head race with Germany’s Thyssenkrupp Marine Systems showed how far South Korea’s submarine industry has advanced, which may bolster its hand in future global tenders.

Canada selected TKMS as the preferred supplier for its Canadian Patrol Submarine Project, a program to acquire as many as 12 diesel-electric submarines for the Royal Canadian Navy to replace its aging fleet.

The decision dealt a blow to ...