# 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.*

**Published:** October 17, 2026  
**By:** Hyun-jung Lee  
**Section:** Shipbuilding & Defense — South Korea  
**Format:** Why It Matters  
**Confidence:** high  
**Source:** https://eastasiabrief.com/shipbuilding/hanwha-ocean-hd-hyundai-target-new-submarine-export-deals-768  
**Publisher:** East Asia Brief (https://eastasiabrief.com/)

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## What to know

- Domestic submarine line empties by 2029 with only one hull left on order
- Philippine tender seeks two boats valued up to 110 billion pesos ($1.9 billion)
- Manila plans to select its preferred submarine contractor by late December 2026

![Workers assemble a submarine hull inside a shipyard facility as South Korean defense shipbuilders seek international naval contracts. (AI-generated image)](https://eastasiabrief.com/media/2026-10-17-a4da9d75b78e.webp)
*Workers 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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Cite as: East Asia Brief, "Hanwha Ocean and HD Hyundai target new submarine export deals," October 17, 2026. https://eastasiabrief.com/shipbuilding/hanwha-ocean-hd-hyundai-target-new-submarine-export-deals-768