ONEX Shipyards & Technologies Group and South Korea’s Hanwha Ocean have signed a strategic cooperation agreement to develop defense shipbuilding in Greece, aiming to transform the country into a significant defense shipbuilding hub.

South Korea’s industry minister pledged deeper industrial cooperation with Canada as Seoul intensifies its push to win a multibillion-dollar submarine contract, highlighting Korean companies’ track record of delivering on investment and job commitments in the country. Industry Minister Kim Jung-kwan met Canadian Industry Minister Melanie Joly on Thursday to discuss potential collaboration tied to Canada’s submarine procurement program, shortly after a South Korean consortium led by Hanwha Ocean

ONEX Shipyards & Technologies Group and Hanwha Ocean have finalized a landmark strategic agreement for shipbuilding cooperation, with a focus on Greece.

Canada's high-speed push to replace its aging Victoria-class submarines reaches a pivotal moment on Monday as South Korea's Hanwha Ocean and Germany's TKMS submit formal bids in a program worth more than $20 billion. The contest — to supply up to 12 boats — will shape Canada's naval reach and industrial alliances for decades.

The ONEX Shipyards & Technologies Group and South Korean shipbuilding group Hanwha Ocean have signed a strategic cooperation agreement focused on developing defense shipbuilding activities in Greece and the wider region.

Hanwha Ocean said Thursday that it is expanding its push for Canada’s next-generation submarine program beyond a conventional defense export, positioning it as a long-term industrial and security partnership centered on localization and technology transfer. The company has signed more than 10 cooperation agreements — including technical cooperation agreements, memorandums of understanding and teaming agreements — to proactively meet Canada’s industrial and technological benefits requirements, wh