Canada's 60 Trillion Won Submarine Project: Winner Expected Before Dawn on the 7th, Korea Time
Reports indicate Canadian Prime Minister Mark Carney could announce the winning bidder for a submarine procurement program — 12 vessels worth an estimated 60 trillion won over several years — around 5 a.m. Korea time on the 7th. The timing, just ahead of the NATO summit on the 7th and 8th, has drawn attention to the backdrop of the announcement. Some reports also raise the possibility of a split order dividing the volume evenly with Germany.
At the NATO summit, discussions are expected to focus on converting expanded defense budgets — driven by longstanding US pressure on member states to lift defense spending toward 5% of GDP — into actual weapons production and joint procurement contracts.
The hosts noted that as a NATO member, Canada's defense procurement has historically stayed within a de facto league of NATO allies, so Korea even being a finalist for this project is itself a notable crack in that established order in the global defense market. They framed it as an extension of a trend already visible in Korean defense exports to Poland — tanks, missiles and more — that has quietly unsettled Europe's traditional defense powers. The key question heading into the NATO summit is whether Canada will favor Korea over ally Germany, or split the order between the two as a compromise.
Industry figure Eom Kyung-ah was cited as saying that even if Korea doesn't win this particular contract, Canada's unusually fast decision to place the order could itself accelerate submarine orders from other countries. Saudi Arabia, Greece, Morocco, Peru, Egypt, the Philippines and Indonesia were all named as countries currently awaiting submarine procurement decisions. Amid this optimism, Hanwha Ocean shares surged more than 10% at the open before paring gains, still closing the session up around 4%.