TKMS CFO Says Greenland Crisis Could Help Deal For Canada Subs

By Laura Alviž

Jan 19, 2026 (Bloomberg) –TKMS AG& Co KGaA Chief Financial Officer Paul Glaser said the crisis unfolding over Greenland might help the company’s chances of winning a multi-billion euro submarine contract with Canada, as Ottawa considers a stronger relationship with Europe amid US tensions.

The German firm is one of two finalists for the tender to replace Canada’s aging submarine fleet. US President Donald Trump’s threats to take Greenland from NATO ally Denmark have Europe on edge, which could make a tighter relationship with the continent an attractive prospect for NATO member Canada.

TKMS’s Type 212CD submarine is a joint design with Norway, and offers an opportunity for Canada to build closer ties along NATO’s northern flank at a sensitive time, Glaser said Monday on the sidelines of an event celebrating his company’s ascent into Germany’s MDAX mid-cap index.

“As things stand today, I wouldn’t go so far as to say that it’s the decisive factor for us,” he said of the Greenland escalations. “But I wouldn’t describe it as harmful either.” 

South Korea’s Hanwha Ocean Co Ltd. is the other finalist for the contract. Glaser added that TKMS had an advantage in that its submarines and frigates are well-suited to Arctic warfare, designed to cover large areas from relatively small platforms. 

The company is also near an $8 billion deal with with Indian state-owned Mazagon Dock Shipbuilders Ltd. to jointly build submarines for the Indian Navy. 

“We have a partnership with MDL, which will also build the submarines, that works very well,” Glaser said, referring to Mazagon. “We were also selected by the procurement authorities. This means that once submarines come, they will come to TKMS.”

TKMS was spun out of parent company Thyssenkrupp AG in a Frankfurt IPO in October and entered the MDAX on Dec. 22 after just 46 trading days, Deutsche Börse AG board member Thomas Book said at the event on Monday. 

© 2026 Bloomberg L.P.

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