Hanwha Ocean loses out as Canada picks TKMS for submarine project

Canada has selected German shipbuilder Thyssenkrupp Marine Systems as the preferred bidder for its multibillion-dollar next-generation submarine project, dealing a setback to South Korea’s Hanwha Ocean in one of the world’s most closely watched naval procurement contests.

Canadian Prime Minister Mark Carney made the announcement Monday at a naval base in Halifax, Nova Scotia, before traveling to Turkey for a NATO summit, where allied defense spending and industrial cooperation are expected to be ...