Hanwha Ocean Shares Plummet After Canadian Submarine Snub

The sell-off pushed Hanwha shares to 88,200 won, marking the company’s worst single-day performance in nearly a decade. The broader shipbuilding sector caught the contagion, with HD Hyundai Heavy and Samsung Heavy Industries both retreating 6% amid a wider 5.8% drop in the benchmark Kospi index.

Canada plans to negotiate with ThyssenKrupp’s naval division for up to 12 vessels, an acquisition Prime Minister Mark Carney described as the country’s largest-ever military procurement. While Ottawa has left the door slightly ajar—naming Hanwha as a backup should talks with the German manufacturer stall—the immediate outlook remains grim for the South Korean firm. Hanwha management cited the "high wall of the NATO alliance" as a primary obstacle, though leadership remains focused on long-term global expansion despite the setback.