Canada’s submarine renewal race narrows to two bidders in high-stakes bid

Canada is racing to replace its aging Victoria-class submarines with a showdown between South Korea’s Hanwha Oceans and Germany’s TKMS. Ottawa aims to pick a winner by the end of June for a deal that could be worth tens of billions and involve about 12 subs—four upfront and then one per year. The competition is framed as a major domestic economic boost, promising thousands of Canadian jobs and billions in GDP through supplier contracts, with Hanwha touting a rapid delivery and a broad ad push, while TKMS emphasizes NATO interoperability and established partnerships. Delivery timelines being discussed stretch from 2032–2036, and the current fleet is aging, with only one submarine operational and expected to be out of service by 2035.