Prime Minister Mark Carney is set to visit Hanwha Ocean’s facilities on Oct. 30 to inspect the submarine the company is proposing for Canada. This visit follows Carney's earlier tour of a German shipyard, which is also in the running to supply a new submarine fleet. The Liberal government is preparing to invest tens of billions of dollars, with estimates reaching as high as $100 billion, in a new fleet of submarines. The Canadian government aims to acquire up to 12 conventionally powered submarines capable of operating under ice. While no official cost estimate has been released, the lowest projection stands at around $60 billion. However, some defense analysts warn that the total cost could escalate to approximately $100 billion. Historical data shows that estimates from the Department of National Defence often fall short. For example, the replacement of the Halifax-class frigates was initially projected to cost $26 billion but is now expected to exceed $80 billion. This submarine acquisition could become the largest single military purchase in Canadian history. The Royal Canadian Navy has indicated a pressing need for new submarines, as the aging Victoria-class submarines, acquired from the UK between 2000 and 2004, have faced numerous issues. Problems with high-pressure welds, valve cracks, and deteriorating steel piping have plagued the fleet. The HMCS Chicoutimi suffered a fire in 2004 that resulted in one officer's death, and reports indicate that the HMCS Corner Brook has not been operational for at least a decade. Critics have raised concerns about the value of the current submarines, citing their high costs and limited operational returns. Despite this, Navy leadership insists that new submarines are essential for national defense, especially as the Victoria-class vessels are no longer viable. Carney has expressed a desire to expedite the procurement process, with plans to finalize a contract early next year. However, the timeline for the submarines to become operational is lengthy. The Royal Canadian Navy estimates that the first new submarine may not be fully operational until 2037. In September 2024, the Navy outlined its requirements for the new submarines, which must be capable of operating undetected for 7,000 nautical miles and sustain operations for at least 60 days. The vessels will also need to be compatible with U.S. military communication systems and capable of launching and recovering underwater drones. Carney emphasized the importance of military capabilities alongside potential economic benefits for Canada. Concerns have also been raised about the Navy's ability to crew the new fleet. Historically, the Navy has struggled to train enough submariners for its current four vessels. A Department of National Defence spokesperson stated that the analysis of potential submarines indicates varying crew sizes, and a recruitment and training plan is in place to address future personnel needs. Canadian defense officials have engaged with representatives from several countries, including South Korea, Spain, France, Sweden, Norway, and Germany, to gather information on available submarines. In September 2024, a request for information was issued to industry officials, resulting in 25 responses from both Canadian and international companies. As of late August 2025, the government has narrowed its options to two submarine builders: Germany’s ThyssenKrupp Marine Systems and South Korea’s Hanwha Ocean. Hanwha is proposing the KSS-III submarine, while TKMS offers the Type 212CD submarine. Despite initial suggestions that Canada might consider both options, Prime Minister Carney confirmed that a mixed fleet is not feasible. He stated, "There was nothing I see that would suggest that we would have a mixed fleet in submarines," emphasizing the logistical advantages of maintaining a single fleet. A technical review is currently underway, with Carney noting that further questions remain regarding the construction locations and the industrial benefits that Canada will receive from the selected bidder. This submarine procurement process is a significant step for Canada’s military capabilities, with implications for national defense and economic development.