Hanwha

July 5 (Asia Today) — Canada is nearing a decision on a major submarine program that could open the North American defense market to South Korea’s Hanwha Ocean or strengthen Germany’s naval defense ties with Ottawa.

The Canadian Patrol Submarine Project is intended to replace Canada’s aging fleet of four Victoria-class submarines with as many as 12 new conventionally powered submarines. Industry estimates put the program at as much as 60 trillion won, or about $39.3 billion, when shipbuilding and long-term maintenance are included.

Canada is expected to select a preferred bidder soon, with the timing drawing attention because Prime Minister Mark Carney is scheduled to attend the NATO summit in Ankara, Turkey, from Monday to Wednesday.

A decision near the summit could carry a political message about Canada’s defense cooperation with allies. Germany has been pressing its case through government-level support for TKMS, while Hanwha Ocean is emphasizing delivery speed, pricing and proven South Korean submarine technology.

German Vice Chancellor and Finance Minister Lars Klingbeil recently visited a TKMS site and said Berlin was making a broad push to support defense cooperation with Canada. He said Germany’s high production standards and submarine-building capacity put TKMS in a strong position.

TKMS CEO Oliver Burkhard has also expressed confidence that the company can win the contract. The German company is stressing its more than 100 years of submarine experience and interoperability with NATO navies.

Hanwha Ocean is offering a model based on the KSS-III Batch-II submarine, a 3,000-ton-class hybrid diesel-electric submarine developed for the South Korean Navy. The submarine uses fuel-cell air-independent propulsion and lithium-ion batteries, allowing it to remain submerged for more than three weeks, according to the company.

The submarine has a range of more than 7,000 nautical miles, or about 8,055 miles.

Hanwha Ocean has proposed delivering the first submarine in 2032 if a contract is signed in 2026. The company has said it could deliver four submarines by 2035 and then supply one additional submarine each year.

Delivery timing is considered a key factor because Canada’s Victoria-class submarines are expected to retire in the mid-2030s.

Hanwha Ocean is also seeking to strengthen its bid through long-term maintenance, repair and overhaul plans, as well as industrial partnerships in Canada. The company has promoted cooperation in shipbuilding, steel, artificial intelligence, space and defense technology.

If Hanwha Ocean is selected as the preferred bidder, it would mark a major breakthrough for South Korea’s shipbuilding and defense industries in North America. It would also expand South Korea’s submarine exports beyond Asia and Europe.

But TKMS remains a strong competitor because Canada may value closer defense industrial cooperation with Germany and other NATO partners at a time of heightened security concerns in the Arctic and North Atlantic.

Hanwha Ocean said no decision has been made.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260705010001602

SEOUL, June 1 (UPI) — Five workers were killed and two others injured Monday after an explosion and fire at a Hanwha Aerospace defense facility in the central South Korean city of Daejeon, officials said.

The blast occurred around 10:59 a.m. at Hanwha’s plant in Yuseong District, fire authorities told reporters. Some 100 personnel were dispatched and extinguished the blaze shortly after 1 p.m.

All five fatalities were found inside the work area, while two injured workers were rescued and taken to nearby hospitals, officials said. One suffered burns over his entire body and remained in critical condition, while the other sustained relatively minor burns to the neck.

Authorities said the bodies of the victims were severely damaged, making identification difficult.

Hanwha officials said the explosion occurred during a cleaning operation involving tools and equipment used in the rocket-propellant manufacturing process. The company said the exact cause of the blast remains under investigation.

A company official said the cleaning process had not previously been regarded as particularly hazardous because it involved washing equipment with water. The seven people involved in the accident were site workers rather than researchers, he added.

South Korean President Lee Jae Myung ordered authorities to mobilize all available resources for emergency response efforts and conduct a thorough investigation into the cause of the accident, according to his office.

Prime Minister Kim Min-seok issued similar instructions, calling for all available personnel and equipment to be deployed for firefighting and rescue operations and to prevent additional casualties.

Hanwha Aerospace Chief Executive Officer Son Jae-il apologized to the victims and their families following the deadly incident.

“We failed to protect the lives of those who were working at what should have been a safe workplace,” Son said. “As the company’s chief executive, I feel a heavy responsibility for this accident.”

Son pledged full cooperation with authorities investigating the cause of the explosion and said the company would conduct a comprehensive review of its safety systems to prevent a recurrence.

The company said it had established an emergency response headquarters at the site and was working with fire, police and other authorities on response and recovery efforts.

The Daejeon facility is one of Hanwha Aerospace’s key defense production sites and develops propulsion systems and tactical weapon technologies.

The accident was the latest in a series of deadly incidents at the complex. Explosions at the facility killed five workers in 2018 and three more in 2019.

May 4 (Asia Today) — Hanwha Aerospace will acquire additional shares in Korea Aerospace Industries to strengthen cooperation in aviation, space and defense.

Hanwha Aerospace said in a regulatory filing Monday it decided to purchase about 2.96 million additional KAI shares on the open market. The acquisition is valued at up to 500 billion won ($340 million), equivalent to about 2.98% of the company’s equity capital.

The transaction will expand Hanwha Aerospace’s existing stake. The company currently holds about 3.31 million KAI shares. After the additional purchase is completed, its total holdings will rise to about 6.27 million shares, increasing its stake to 6.43%.

The purchase will be made in cash through open-market transactions from this month through December. The final acquisition size may vary depending on market conditions, including share prices.

Hanwha Aerospace said the purpose of the acquisition is to strengthen business cooperation. Industry observers view the move as a strategic step to deepen ties between the two companies in the aerospace and defense sectors.

KAI is South Korea’s leading aerospace company, producing aircraft, satellites and aerospace equipment. It reported 3.7 trillion won ($2.51 billion) in revenue and 187.3 billion won ($127 million) in net income last year.

The investment is expected to help Hanwha Aerospace seek stronger synergies between its businesses in space launch vehicles, aircraft engines and defense systems and KAI’s aircraft and space platform capabilities.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260504010000433