Hanwha Ocean and HD Hyundai target new submarine export deals
South Korea faces an empty domestic naval pipeline by 2029, prompting both shipbuilders to chase multi-billion-dollar deals in the Philippines, Greece and Argentina after European losses.
HLBy Hyun-jung Lee, Korea correspondent, shipbuilding and defense··Updated October 17, 2026·3 min read
ShareLinkedInXWhatsAppEmailWorkers assemble a submarine hull inside a shipyard facility as South Korean defense shipbuilders seek international naval contracts. (AI-generated image)
Hanwha Ocean and HD Hyundai Heavy Industries accelerated bids on Oct. 16 to sell diesel-electric submarines to the Philippines and Greece as domestic order books wind down.
South Korea has only one domestic submarine hull remaining under construction across both naval shipyards. The defense ministry has no further domestic submarine construction programs scheduled after 2029, industry officials said.
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Korea correspondent, shipbuilding and defense — Hyun-jung Lee reports on Korean yards, order books and naval programs, and on the defense export contracts that increasingly sit alongside them.
