Hanwha Ocean shares drop sharply after Canada chooses a German bid to replace its aging submarine fleet, according to multiple market reports. Bloomberg and the Financial Post both say the stock falls more than 20% in Tuesday trading, with the Financial Post citing a decline of more than 23% at one point. The move comes after Canada selects a German proposal rather than the one submitted by Hanwha Ocean. The selected contract is intended to renew Canada’s submarine capability that is currently served by older vessels. Hanwha Ocean, a South Korean shipbuilder, is linked to the competition for the Canadian program. The reports frame the reaction as an immediate market response to the loss of the deal, with investors reassessing the company’s expectations for future revenue tied to the submarine procurement. No alternative bid details beyond the German selection and the comparison to Hanwha Ocean’s proposal are provided in the cited accounts.