Ontario’s Minister of Economic Development, Job Creation and Trade Visits Hanwha Ocean Shipyard in South Korea

Press Release

Jan 22, 2026

January 22, 2026, Geoje, South Korea

Today, Hanwha Ocean was extremely pleased to host the Honourable Victor Fedeli, Ontario’s Minister of Economic Development, Job Creation and Trade. During his visit, Minister Fedeli toured one of the largest and most advanced shipbuilding facilities in the world, including the active production line for the KSS-III submarine. The Minister also boarded and toured the KSS-III that was launched for the Republic of Korea Navy in October 2025 – the exact same submarine that Hanwha is proposing for the Canadian Patrol Submarine Project (CPSP).

In discussions with Minister Fedeli, Hanwha Ocean emphasized its commitment to establishing partnerships with the Government of Ontario and Ontario industry in range of sectors, including shipbuilding, defence, space, aerospace, sustainable energy, critical minerals, advanced manufacturing, leading-edge technology and other areas that will create jobs and economic growth in Ontario and enhance cooperation, partnership and supply chains between Ontario and South Korea. Already, Hanwha has MOUs in place with several Ontario-based companies with more to be announced in the coming weeks.

Minister Fedeli discussed with Hanwha executives opportunities for investment and partnership across Ontario. The visit provided Minister Fedeli an opportunity to assess South Korea’s industrial capabilities and explore potential collaboration that could support job creation and economic growth in Ontario.

Quotes

“It was a great pleasure to host Minister Fedeli at our shipyard today and show him the proven, in-service and in-production KSS-III submarine that we feel is the best submarine for the Canadian Patrol Submarine Project. Equally important was our discussion on the economic benefits we plan to bring to Ontario as part of this project as well as how Ontario and South Korea can enhance their relationship in a number of strategic areas.”
Charles Kim, President and CEO, Hanwha Ocean

About Hanwha Ocean

Hanwha Ocean is a leading global shipbuilder with more than four decades of experience in complex naval and commercial shipbuilding programs. Supported by its large-scale, integrated shipyard in Geoje, South Korea that spans 5-square kilometers and has more than 31,000 employees, the company combines proven industrial capacity with operational experience to deliver modern, in-service naval platforms backed by a resilient through-life support model.

Since its establishment in 1973, Hanwha Ocean has delivered more than 1,400 vessels worldwide, including over 110 naval ships, and has built deep expertise in the design, construction, and sustainment of submarines and surface combatants for the Republic of Korea Navy and other navies.

Hanwha is committed to establishing a robust and long-term partnership with the Government of Canada and Canadian industry in several strategic areas that will create jobs and economic growth, accelerate Canada’s defence capabilities, and enhance cooperation, partnership and supply chains between Canada and South Korea – a relationship that is becoming increasingly important, and one that supports the objectives of Canada’s Indo-Pacific Strategy.

Hanwha has teaming agreements, MOUs and contracts in place with more than a dozen Canadian companies, including Babcock Canada, Blackberry, CAE, Curtiss-Wright Indal Technologies, Des Nedhe Group, Gastops, Hepburn Engineering, J Squared Technologies, L3Harris Canada, ModestTree and PCL Construction.

About the KSS-III Canadian Patrol Submarine

Hanwha Ocean’s KSS-III is a proven, in-service, in-active production submarine that fully meets and exceeds all requirements for the Canadian Patrol Submarine Project (CPSP). These include superior underwater surveillance capability and deployability in the Arctic with extended range and endurance that will provide stealth, persistence and lethality to ensure that Canada can detect, track, deter and, if necessary, defeat adversaries in all 3 of its oceans.

Importantly, Hanwha Ocean has the fastest delivery schedule, able to deliver four KSS-III submarines to fully replace Canada’s current Victoria Class fleet before 2035 if on contract in 2026. Earlier retirement of the Victoria Class fleet will result in estimated savings of approximately $1 Billion on maintenance and support costs. The additional 8 submarines will be delivered at a rate of one per year, meaning the entire fleet of 12 submarines will be delivered to Canada by 2043. No other option can come anywhere close to this delivery schedule.

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