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.
Hanwha Ocean shares plunge after Canada selects German bid for submarines
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...
- Hanwha Ocean shares fall sharply in Tuesday trading following Canada’s decision.
- Canada selects a German bid to replace its aging submarine fleet.
- Hanwha Ocean’s proposal is not selected in the competition.
- The stock decline is reported as more than 20%, with one source citing more than 23%.
- The reports describe the move as an immediate market reaction to losing the submarine contract.
Shares of Hanwha Ocean fell more than 23% on Tuesday morning after Canada picked a German bid to replace its aging submarine fleet over the South Korean shipbuilder’s proposal.
1 month agoShares of Hanwha Ocean fell more than 20% on Tuesday morning after Canada picked a German bid to replace its aging submarine fleet over the South Korean shipbuilder’s proposal.
1 month ago
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