Hanwha Ocean Stock Plunges 22.65% After Losing Canadian Navy Submarine Bid to German Competitor

According to Korea Exchange, Hanwha Ocean lost the Canadian Navy's CPSP (Canadian Submarine Procurement Project) bidding to German competitor ThyssenKrupp Marine Systems on July 7, with the stock falling 22.65% to close at 89,800 KRW. Canadian Prime Minister Mark Carney announced TKMS as the preferred bidder on July 6 (local time). The CPSP project, designed to replace Canada's aging submarines, was valued at approximately 60 trillion KRW for 12 submarine builds and 30+ years of maintenance services. Securities analysts noted the price adjustment reflects market sentiment recovery, as the company's fundamentals remain intact and the competitive bidding demonstrated Hanwha Ocean's submarine-building capabilities on the global stage.
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