Hanwha Ocean Shares Sink 23% as It Loses Bid to Build Canada's Next Fleet of Submarines The Canadian government has chosen Germany's Thyssenkrupp Marine Systems (TKMS) as its preferred supplier for a new fleet of submarines, a decision that has sent shares of Hanwha Ocean plummeting by 23%.
The estimated $100 billion contract over three decades would have been a significant boost to the South Korean defense contractor.
The choice of TKMS is more than just a matter of competition between defense contractors.