Canada to decide between German, South Korean submarine bids on Monday
The winner will be chosen on delivery speed, economic benefits and alliance ties, with one bidder promising more than 25,000 jobs annually.
- On Monday, Prime Minister Mark Carney is expected to announce the winner of Canada's contract to build 12 new submarines, choosing between Germany's ThyssenKrupp Marine Systems and South Korea's Hanwha Ocean.
- Canada's current fleet of four Victoria-class submarines are barely operational, prompting the military to seek 12 new vessels to ensure three can remain deployed at any time.
- The acquisition could cost up to $100 billion over three decades, while Hanwha pledged more than 25,000 jobs annually and TKMS forecasts an $86 billion gross domestic product impact.
- Carney is scheduled to announce the decision before departing for the NATO summit in Ankara, where the government aims to demonstrate commitment to spending 5% of gross domestic product on defense by 2035.
- German Defence Minister Boris Pistorius noted that combining German, Norwegian, and Canadian fleets could create a strategically important force of up to 24 submarines, strengthening NATO's Arctic and Atlantic capabilities.
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Canada to announce submarine contract winner on Monday, Globe and Mail says - Regional Media News
TORONTO, July 5 (Reuters) - Canadian Prime Minister Mark Carney will announce on Monday the preferred bidder in a contract to build 12 submarines for Canada's navy, the Globe and Mail reported on Sunday. The announcement will be made before Carney heads to a NATO leaders' summit scheduled for Tuesday and Wednesday in Turkey, the report said, citing sources. The Prime Minister's Office did not immediately respond to a request for comment. The two…
Hanwha Ocean is rising by more than 13% in early trading on the 6th. This is attributed to a surge in buying interest ahead of the announcement of the final results in the bidding war for the Canadian Patrol Submarine Program (CPSP), a project worth up to 60 trillion won. As of 9:17 a.m. on this day, Hanwha Ocean was trading at 120,800 won on the securities market, up 13,900 won (13%) from the previous trading day. The Globe and Mail, a leading …
(Seoul = Yonhap News) Reporter Kim Seung-wook = The winner of the Canadian Navy's next-generation submarine acquisition project for 12 submarines will be announced in Canada on the 6th (local time).
Submarine showdown: Carney poised to choose Canada's next submarine fleet
Prime Minister Mark Carney is expected to unveil the winner of Canada's submarine competition before heading to the NATO summit, selecting either Germany's TKMS or South Korea's Hanwha Ocean. The decision will reshape Canada's naval future, industrial strategy and defence partnerships while committing Ottawa to a program worth more than $100 billion.
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