Canada
July 27, 2026
Hanwha Ocean considers withdrawing its Canadian investments
Written by Kristen DiLandro
Following Canada’s decision to award ThyssenKrupp Marine Systems (TKMS) a roughly 60 trillion won ($39.3 billion) naval contract, South Korea’s Hanwha Ocean said it’s considering its investment proposals in Canada.
Hanwha Ocean has not definitively pulled its plans in Canada, according to a report in the Korean Times.
Canada chose Germany’s TKMS to upgrade the Royal Canadian Navy’s aging naval fleet. The project includes four Victoria-class submarines with up to 12 new 3,000-ton diesel-electric vessels.
In the same report, a Hanwha Ocean official explained its current position.
“We are still reviewing our options. Some foreign media outlets incorrectly reported that we had pulled out of Canada after the Canadian government selected TKMS over us,” the company official said.
In conjunction with the Royal Canadian Navy work, Hanwha Ocean proposed a collaboration with Algoma Steel, which entailed building a steel mill in Canada.
Additionally, Hanwha sought to provide technical advancements in shipbuilding to Ontario, Canada-based shipyards and pitched the establishment of a training center for shipbuilding professionals in collaboration with Mohawk College.
HD Hyundai supported Hanwha Ocean’s submarine bid. According to the same Korean Times report, HD Hyundai said its research memorandum of understanding (MOU) with the University of British Columbia in western Canada remains in place.
Despite rumors that South Korea has withdrawn its investments, multiple Korean organizations continue deliberating on the status of their Canadian projects, reports the Seoul, South Korea-based news source.
A request for comment from Hanwha was not returned by time of publication.
