South Korea’s Hanwha Ocean Offers Fast Submarine Delivery Plan to Canada

Post by : Saif Nasser

South Korean shipbuilder Hanwha Ocean has announced that it has proposed delivering four submarines to Canada by the year 2035. The plan is part of Canada’s effort to replace and modernize its aging submarine fleet and strengthen its naval defence capabilities.

The proposal was shared during an earnings call on Wednesday. Hanwha Ocean said that fast delivery is one of the key factors Canada is looking for as it evaluates bids for the new submarine program. Industry experts estimate the total value of the deal could be more than 12 billion US dollars, making it one of Canada’s largest military procurement projects.

Hanwha Ocean is one of two final contenders in the tender process. The other finalist is Germany’s Thyssenkrupp Marine Systems, also known as TKMS. Both companies have strong experience in building advanced submarines for international customers, and Canada’s decision will be closely watched by the global defence industry.

Canada is seeking new submarines to protect its long coastlines and strategic waters in the Atlantic, Pacific, and Arctic regions. The current fleet has faced technical challenges and delays, increasing pressure on the government to find a reliable and timely replacement. As global security concerns rise, Canada is placing more importance on maritime defence and surveillance.

Hanwha Ocean’s proposal highlights its focus on meeting Canada’s timeline needs. The company believes its production capacity and technical expertise can support faster delivery compared to traditional schedules. Speed is seen as critical, as delays could leave gaps in Canada’s naval readiness.

If selected, the deal would also mark a major step forward for South Korea’s defence exports. Hanwha Ocean has been expanding its global presence and is aiming to compete more strongly with established European defence manufacturers.

Canada has not yet announced when it will make a final decision. Until then, both bidders are expected to continue discussions and provide detailed plans to meet Canada’s operational, technical, and delivery requirements.