Market Chatter: Hanwha Aerospace Eyes Canada Space, Submarine Contracts; Shares Decline 3%
Hanwha Aerospace (KRX:012450) is seeking to sign a memorandum of understanding with Canadian spaceport operator Maritime Launch Services to support Canada's domestic rocket launch plans via a commercial spaceport in Nova Scotia, Bloomberg News reported Thursday.Canada, at present, does not have an operational launchpad and launch-vehicle operator, making Canadian satellite firms rely on foreign firms such as SpaceX. Prime Minister Mark Carney's government is seeking to change that by securing a site in Nova Scotia for a commercial spaceport, the report said.In addition, Hanwha Aerospace's parent company Hanwha Corporation (KRX:000880) is competing with Thyssenkrupp Marine Systems for a Canadian submarine contract worth around CA$25 billion, with long-term support and maintenance probably pushing the overall value in the range of CA$100 billion to CA$120 billion, it said.Shares of Hanwha Aerospace fell over 3% in recent trade, while those of Hanwha declined more than 8%.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)