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Germany’s TKMS Wins Canadian Submarine Contract Over South Korea’s Hanwha Ocean

Canada selects German shipbuilder ThyssenKrupp Marine Systems to supply up to 12 submarines for the Royal Canadian Navy, ending a yearlong competition with South Korea’s Hanwha Ocean.

Jul 7, 2026, 2:55 AM Nikkei Asia

Hanwha Oceanperson TKMSorganization Marine Systemsperson Royal Canadian Navygeography Germanygeography Mark Carneyperson South Korea Hanwhaperson South Koreanperson HMC Dockyardtopic Nova Scotiaperson South Koreaperson Canadageography

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Canadian Prime Minister Mark Carney announced on July 6 that Germany’s ThyssenKrupp Marine Systems (TKMS) has been chosen as the preferred bidder to build up to 12 submarines for the Royal Canadian Navy. The contract will be executed at HMC Dockyard in Halifax, Nova Scotia.

This decision concludes a closely contested, yearlong bidding process between TKMS and South Korean shipbuilder Hanwha Ocean. Ultimately, Hanwha Ocean lost the major submarine deal to the German rival.

The contract marks a significant win for TKMS and Germany in the global naval shipbuilding sector, while South Korea’s Hanwha Ocean will miss out on a substantial opportunity to supply vessels to Canada.

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South Korea's Hanwha loses major Canadian submarine deal

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Nikkei Asia Captured Jul 7, 2026, 2:45 AM · Original story

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Overview: This article shows limited framing pressure in the available source text. Canada selects German shipbuilder ThyssenKrupp Marine Systems to supply up to 12 submarines for the Royal Canadian Navy, ending a yearlong competition with South Korea’s Hanwha Ocean.

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