German TKMS mentioned as the preferred bidder for Canada’s submarine project
Canada’s submarine project: TKMS holds the advantage as Hanwha Ocean’s bidding campaign shows both achievements and limits Take a look at the foothold for targeting Europe’s defense market amid the disappointment of the 60 trillion won CPSP
Reports that the Canadian government has selected Germany's ThyssenKrupp Marine Systems (TKMS) as the preferred bidder for its nextgeneration submarine project have left South Korea's defense industry disappointed.
This project, CPSP, is a major undertaking to procure up to 12 dieselpowered submarines to replace Canada's Victoriaclass submarines, which are scheduled to be retired in 2030. The project is valued at around 60 trillion won, and Hanwha Ocean has been seeking the contract.
Industry observers initially saw TKMS as the favorite, but some also said Hanwha Ocean narrowed the gap by highlighting its price competitiveness, technology transfer, and local cooperation plans. In particular, attention was drawn to the fact that it demonstrated its capabilities in designing and building large submarines based on its experience constructing the JangbogoIII class.
The government also stepped in to support the bid. President Lee Jaemyung and Presidential Chief of Staff Kang Hoonsik continued their outreach and visits to expand cooperation with Canada, but the final outcome still ended in disappointment. The industry believes this experience could help in targeting the European market in the future.