# Hanwha Ocean Type: Company Source: GetYourBrief — https://getyourbrief.com/entity/hanwha-ocean Canonical HTML page: https://getyourbrief.com/entity/hanwha-ocean ## Timeline - **2035**: Target defense spending reaches 5% of GDP — Carney's stated goal for Canada's defense expenditure relative to the size of its economy. - **2034**: First four submarines delivered — With Germany and Norway freeing production slots, Canada expects to receive the first four of up to 12 new TKMS submarines, two years earlier than originally projected. - **2026-08-10**: Officials visit Hanwha Philly, unveil Strategic Vendor Program pilot — Pilkerton and Loeffler announce pilot program to close supply chain gaps for foreign-invested manufacturers, citing Hanwha as a model. - **2026-07-07**: Hanwha Ocean Shares Crash 23% — Hanwha Ocean's stock price plunged about 23% in Seoul trading following the news, marking its largest single-day drop in years. South Korean President Lee Jae Myung posted a message encouraging continued efforts in defense exports. - **2026-07-07**: Hanwha Ocean Shares Crash 23% — Hanwha Ocean's stock price plunged about 23% in Seoul trading following the news, marking its largest single-day drop in years. South Korean President Lee Jae Myung posted a message encouraging continued efforts in defense exports. - **2026-07-06**: Canada Selects TKMS as Preferred Submarine Supplier — Canadian Prime Minister Mark Carney announced ThyssenKrupp Marine Systems would build Canada's next fleet of submarines, choosing the German bid over South Korea's Hanwha Ocean. - **2026-07-06**: Canada Selects TKMS as Preferred Submarine Supplier — Canadian Prime Minister Mark Carney announced ThyssenKrupp Marine Systems would build Canada's next fleet of submarines, choosing the German bid over South Korea's Hanwha Ocean. - **2026-07-06**: TKMS named preferred supplier — Prime Minister Mark Carney announces that ThyssenKrupp Marine Systems will build up to 12 new submarines, the country's largest procurement, beating Hanwha Ocean. - **2026-07-06**: Carney pledges 5% GDP defense spending by 2035 — Carney reaffirms that Canada's budget already provides for 4% of GDP by 2030 and he intends to push defense spending to 5% by 2035. - **2026**: Canada reaches NATO's 2% GDP spending target — After years of lagging, Canada meets the alliance's benchmark of spending 2% of gross domestic product on defense. - **2024-12**: Hanwha acquires Philadelphia shipyard — Hanwha Ocean and Hanwha Group purchase the historic Philadelphia yard after a CFIUS review led by Pilkerton. - **1998**: Canada acquires Victoria-class submarines — Canada purchases four secondhand diesel-electric submarines from the United Kingdom, entering service the following years. ## Recent coverage (5 stories, network-wide) ### 1,000+ suppliers per ship: US pilot aims to shore up domestic manufacturing gaps 2026-08-11 06:03:20 · Sector: supply · Sentiment: Neutral · Impact: 6/10 · Sources: 2 A new Strategic Vendor Program targets the thousands of small- and medium-sized suppliers that foreign-invested factories depend on. Hanwha's $5B Philadelphia shipyard project, with over 1,000 suppliers per vessel, exposes the scale of domestic sourcing challenges. Full story: https://getsupplybrief.com/story/supply-chain-gaps-strategic-vendor-program-pilot-2026 ### Canada Taps ThyssenKrupp for 12-Sub Fleet in $10s-of-Billions NATO Push 2026-07-12 15:04:37 · Sector: space · Sentiment: Neutral · Impact: 7/10 · Sources: 4 Canada has named Germany's ThyssenKrupp as preferred supplier for up to 12 diesel-electric submarines, the largest defense procurement in its history, as it ramps NATO spending to 5% of GDP by 2035. The deal accelerates delivery to 2034 and reinforces Arctic undersea dominance. Full story: https://getspacebrief.com/story/canada-thyssenkrupp-sub-fleet-arctic-nato ### Hanwha Ocean Sinks 23% After $100B Canada Submarine Deal Lost to Germany 2026-07-07 03:35:07 · Sector: space · Sentiment: Strongly negative · Impact: 7/10 · Sources: 2 The loss highlights the growing influence of NATO interoperability and Arctic strategy in major defense contracts, delivering a sharp blow to South Korea's naval export ambitions and triggering a 23% stock crash. Full story: https://getspacebrief.com/story/hanwha-ocean-loses-canada-sub-deal-germany-space ### Hanwha Ocean Stocks Crash 23% After Losing $100B Canadian Sub Deal 2026-07-07 03:34:57 · Sector: finance · Sentiment: Strongly negative · Impact: 7/10 · Sources: 2 The $100 billion contract loss erased roughly a quarter of Hanwha Ocean's market value in a single day, shaking investor confidence and raising doubts about the shipbuilder's ability to capture large-scale international defense contracts. Full story: https://getfinancebrief.com/story/hanwha-ocean-loses-canada-sub-deal-germany-finance ### Canada and South Korea Solidify Strategic Defense Pact for Indo-Pacific Security 2026-02-25 21:43:06 · Sector: space · Sentiment: Neutral · Impact: 6/10 · Sources: 2 Canada and South Korea have signed a landmark defense cooperation agreement, formalizing a strategic partnership aimed at industrial synergy and regional stability. The pact streamlines procurement processes and joint research, positioning South Korean defense majors as key contenders for Canada's multi-billion dollar submarine and land force modernization programs. Full story: https://getspacebrief.com/story/canada-south-korea-defense-agreement-2024 --- This page is a machine-readable summary. Sentiment measures the directional read of each development for this entity, not the tone of the reporting; impact weights consequence, not syndication reach. 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