Korea Defense What’s new in Korea defense? ME de-escalation should lead to order talks; all eyes on Canada defense exhibition

Research evidence excerpt

Korea Defense What’s new in Korea defense? ME de-escalation should lead to order talks; all eyes on Canada defense exhibition

Simon Han AC Asia Pacific Equity Research

(82-2) 758-5711 22 May 2026 J P M O R G A N

simon.x.han@jpmorgan.com

Navy news

Leading Canadian policy outlet backs Hanwha Ocean’s submarines, citing superior

delivery schedule and economic impact (22 May)

A Canadian defense expert, in an op-ed published by a prominent Canadian policy magazine,

identified Korea as the preferred partner for Canada’s Canadian Patrol Submarine Project

(CPSP). Citing Korea’s rising stature in the European defense market, the author argued that

the submarine program could strengthen industrial cooperation with Korea. He also praised

Korea’s offer as attractive for promising faster submarine deliveries and more

comprehensive economic benefits than Germany’s ThyssenKrupp Marine Systems

(TKMS). Dr. Kevin Breding of the Conference of Defence Associations Institute wrote in an

op-ed published on the 21st (local time) in Canadian Policy Magazine that “Korea has

emerged as a major country supplying conventional weapons—such as artillery weapon

systems and ammunition, and naval platforms—to NATO member states,” adding that

“signing a submarine contract will further deepen integration with allied defense supply

chains. (The Guru)

Hanwha Ocean says KSS-III submarine verified communications interoperability with

Royal Canadian Navy (22 May)

Hanwha Ocean said the Republic of Korea Navy’s Dosan Ahn Chang-ho KSS-III submarine

has successfully completed communications interoperability verification with the Royal

Canadian Navy. The company said the exercise demonstrated the submarine’s ability to

integrate with NATO allies such as Canada. The 3,000-tonne-class submarine departed