Hanwha Ocean Shares Plunge 23% on Losing Key Canadian Submarine Deal
Shares of Hanwha Ocean (KRX:042660) plunged 23% at market close on Tuesday after the shipbuilder lost a key Canadian submarine bid to Germany's ThyssenKrupp Marine Systems (TKMS) to supply up to 12 submarines for the Royal Canadian Navy, Nikkei Asia reported the same day. If Hanwha Ocean had won the deal, the project would have created more than 22,500 jobs on an annual basis and contributed about CA$94 billion to Canada's gross domestic product via its industrial cooperation network, the report said. Hanwha Ocean said that it made every effort to secure the deal but could not match the advantage of Canada and Germany being members of the North Atlantic Treaty Organization (NATO). Hanwha Ocean did not immediately respond to ' request for comment.
Shares of Hanwha Ocean (KRX:042660) plunged 23% at market close on Tuesday after the shipbuilder lost a key Canadian submarine bid to Germany's ThyssenKrupp Marine Systems (TKMS) to supply up to 12 submarines for the Royal Canadian Navy, Nikkei Asia reported the same day.
If Hanwha Ocean had won the deal, the project would have created more than 22,500 jobs on an annual basis and contributed about CA$94 billion to Canada's gross domestic product via its industrial cooperation network, the report said.
Hanwha Ocean said that it made every effort to secure the deal but could not match the advantage of Canada and Germany being members of the North Atlantic Treaty Organization (NATO).
Hanwha Ocean did not immediately respond to ' request for comment.