[Market Focus] Hanwha Ocean Surges 6% on Hopes of Canadian Submarine Contract

Ontario Minister of Economic Development Visits Geoje Shipyard

Hanwha Ocean surged by over 6% in early trading on the 23rd. The buying spree appears to be driven by expectations that the company may win the Canadian Patrol Submarine Project (CPSP), a next-generation submarine contract worth up to 60 trillion won.

As of 9:40 a.m. on this day, Hanwha Ocean shares were trading at 146,000 won on the Korea Exchange, up 6.03% from the previous trading day. The stock opened at 138,200 won and quickly gained momentum, at one point soaring to 148,900 won during intraday trading.

Hanwha Ocean announced that Victor Fedeli, Ontario's Minister of Economic Development, visited the company's Geoje shipyard the previous day. Minister Fedeli oversees all matters related to economic development, job creation, and trade in Ontario. He toured the shipbuilding site at the Geoje facility, examined automated production equipment utilizing welding robots, and also boarded the Jang Youngsil, which was launched in October 2025.

Hanwha Ocean explained to Minister Fedeli the design and production process of its proposed submarine model for the CPSP. The market views the visit by a key Canadian official to Hanwha Ocean's Geoje shipyard ahead of the CPSP bidding as a positive indicator supporting the company's chances of winning the contract.