Hanwha Ocean Shares Plunge After Canada Rejects South Korean Submarine Bid
The 23 percent drop in Hanwha Ocean's stock price followed the formal announcement of Germany's ThyssenKrupp Marine Systems as the preferred bidder. Canada plans to acquire up to 12 new submarines to replace its aging Victoria-class fleet. This agreement constitutes the largest military procurement project in Canadian history. German officials claimed the deal would bring Canada closer to Europe through enhanced strategic cooperation. The project aims to help Canada meet its NATO spending obligations while modernizing its maritime defense capabilities.
Hanwha Ocean shares sink 23% as it loses bid to build Canada's next fleet of submarinesGermany says TKMS submarine win would bring Canada closer to EuropeCanada selects German company to build submarine fleet as it boosts NATO spending
Jul 6
Canada Selects ThyssenKrupp to Build 12 Submarines to Meet NATO Spending Goals
The Canadian government has officially selected German firm ThyssenKrupp Marine Systems to construct a new fleet of 12 submarines. This multi-billion dollar procurement deal aims to replace the nation's aging naval vessels and significantly boost Canada's defense capabilities within the NATO alliance. This decision comes as Canada rushes to build up its military amid a period of tension in its relationship with the United States. By opting for the German-Norwegian proposal, the government is moving to fulfill long-standing commitments to increase defense spending and modernize the Royal Canadian Navy.
Canada selects Germany's ThyssenKrupp to build 12 submarines as it boosts NATO spendingCanada picks German company TKMS to build new fleet of submarinesCanada Rushes to Build Up Its Military as U.S. Relationship Frays
Jul 6
Canada Selects German-Norwegian Consortium to Build 12 New Submarines
Prime Minister Mark Carney announced that Canada has selected Thyssenkrupp Marine Systems to build a new fleet of 12 submarines. This decision marks one of the largest military procurement projects in the country's history. The government chose the German-Norwegian proposal to replace the Royal Canadian Navy's aging fleet. The announcement of the preferred bidder came just before a major NATO summit. The multibillion-dollar contract for 12 high-tech submarines follows a competitive bidding process. Officials noted that the new vessels are necessary due to security concerns in the melting Arctic and commitments to NATO allies. By selecting Thyssenkrupp Marine Systems, Canada aims to modernize its underwater capabilities and strengthen its defense presence in northern waters.
Canada to announce submarine contract winner on Monday, Globe and Mail saysCanada Picks Germany's TKMS to Build New Submarines, Globe SaysCanada buys 12 hi-tech German-Norwegian submarines after bidding war
News
Hanwha Ocean shares sink 23% as it loses bid to build Canada's next fleet of submarines
CNBCCenter
Germany says TKMS submarine win would bring Canada closer to Europe
ReutersCenter
Canada picks Germany's TKMS for new submarines
Al Jazeera OnlineCenter Left
Canada selects German company to build submarine fleet as it boosts NATO spending
PBS.orgCenter Left
Canada Rushes to Build Up Its Military as U.S. Relationship Frays
The Wall Street JournalCenter
Canada picks German company TKMS to build new fleet of submarines
BBCCenter
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