Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsEconomyHanwha Ocean plunges over 20% after losing Canada sub dealSouth Korea seeks to become the world’s fourth largest weapons exporter after gaining a reputation for speedAuthor of the article:Last updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.The decision to select the German bid is a major disappointment for Hanwha after an extensive advertising campaign in Canada. Photo by James MacDonald/BloombergShares of Hanwha Ocean fell more than 23 per cent on Tuesday morning after Canada picked a German bid to replace its aging submarine fleet over the South Korean shipbuilder’s proposal.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorPrime Minister Mark Carney on Monday announced that Thyssenkrupp Marine Systems is the preferred supplier to build as many as 12 submarines for Canada, in a speech at a naval base in Halifax where he stopped en route to the NATO summit in Ankara, Turkey.HD Hyundai Heavy Industries, Hanwha Ocean’s partner on the bid, also saw its share price briefly slumped 10 per cent in early trading. The benchmark Kospi index was down around six per cent mid-morning after Samsung Electronics Co. slumped on post-earnings profit taking.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe decision to select the German bid is a major disappointment for Hanwha after an extensive advertising campaign in Canada and solid support from South Korean President Lee Jae Myung’s administration. Seoul has been pushing to expand its presence as a global arms exporter and securing a foothold in the NATO market would have been a significant win for its shipbuilding industry.“We could not overcome the barrier of the NATO alliance despite our unwavering efforts to secure the contract, supported by the government’s full backing, the exceptional performance of our submarines, and the Navy’s proven record of successful submarine operations,” Hanwha Ocean said in a statement.The company said it would review the bidding process and make sure it can find a path forward for South Korea’s maritime defence industry.Lee looked to put a positive spin on the outcome before he departing Seoul to join the NATO summit.“Although we did not achieve the expected results in the Canadian submarine project, I believe we have once again clearly demonstrated our potential to the international community,” Lee said in a Facebook post.Despite the setback, Lee is expected to focus on expanding the Asian nation’s defence industry partnership with the NATO countries. South Korea has been pushing to become the world’s fourth largest weapons exporter after gaining a reputation for speed and reliability in recent years.Lee’s Turkey visit will mark “the beginning of a full-scale effort to promote defence industry cooperation with NATO allies which constitute the world’s largest defence market, accounting for 55 per cent of global defence spending,” according to Lee aide, Wi Sung-lac.—With assistance from Hyonhee Shin. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.