Hanwha Ocean Plummets 22.57% on July 7 After Losing Canada's $60B Submarine Contract Bid

According to the Korean stock exchange, Hanwha Ocean shares fell 22.57% to 89,900 won at 9:55 a.m. on July 7 after the company failed to secure preferred negotiation status for Canada's 60 trillion won submarine project. The Canadian government selected Germany's ThyssenKrupp Marine Systems as the preferred partner for the project, which includes building 12 submarines and 30 years of maintenance and operations. HD Hyundai Heavy Industries, which partnered with Hanwha Ocean on the bid, also declined 4.12% to 559,000 won. Canadian Prime Minister Mark Carney stated that if negotiations with ThyssenKrupp fail, Hanwha Ocean would be the next option.
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