As Korea became able to build nuclear-powered submarines, shares of Hanwha Ocean, which holds the No. 1 market share in the domestic submarine market, surged.
Hanwha Ocean shares finished trading at 149,200 won in the pre-market at 8:50 a.m. on the 30th. The price rose 13.12% (17,300 won) from the previous day, topping the regular-session record high of 143,500 won. Early in the pre-market, the price climbed as high as 152,300 won.
It is seen as being driven by U.S. President Donald Trump saying he officially approved Korea's construction of nuclear-powered submarines. Hanwha Ocean built 17 of the 24 submarines ordered by the Republic of Korea, including nine Jang Bogo I, three Jang Bogo II, two Jang Bogo III Batch I, and three Batch II.
The previous day, President Lee Jae-myung met with President Trump and asked him to make a decision to allow the supply of fuel for nuclear-powered submarines. Lee said, "Diesel submarines have weaker submerged endurance, which limits tracking operations against North Korean or Chinese submarines," and added, "If you allow fuel supply, with our technology we could build several submarines armed with conventional weapons and conduct defense operations in the East Sea and the West Sea off the Korean Peninsula, which could significantly reduce the burden on U.S. forces."
That day, President Trump said on the social media platform Truth Social, "I have approved allowing Korea to build nuclear-powered submarines instead of the outdated and less maneuverable diesel submarines it currently has." He also said, "The Philadelphia Navy Yard in the United States will play an important role in Korea's construction of nuclear-powered submarines."
Hanwha Ocean is also vying to win submarine projects in Canada and Poland. For the Canadian submarine program, it has made the final shortlist alongside Germany's ThyssenKrupp Marine Systems (TKMS).