Hanwha Ocean shares sink 23% as it loses bid to build Canada's next fleet of submarines

Hanwha Ocean's stock fell 23% after the South Korean company lost a contract competition to German company ThyssenKrupp Marine Systems to build Canada's next fleet of submarines. The Canadian government selected ThyssenKrupp Marine Systems as the preferred bidder for the project. Hanwha Ocean had submitted a bid for the contract.

Next story