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Germany Scraps F126 Frigate Program: Rheinmetall Takes a Hit
- On Wednesday, Germany's Defense Ministry canceled the F126 frigate program, opting instead to procure eight Meko-class ships from ThyssenKrupp Marine Systems .
- The termination followed years of delays, with the ministry citing "significant delays, huge cost overruns and unforeseeable risks" from original contractor Dutch Damen Schelde Naval Shipbuilding .
- Continuing the F126 project would have cost more than $20.4 billion, whereas the new Meko fleet carries an expected total budget of $13.2 billion for eight hulls.
- Rheinmetall's shares plummeted over 16% on Wednesday, while TKMS stock rose 8.2% at 1000 GMT following the announcement.
- Approval paperwork for the Bundestag's budget committee will be submitted quickly to meet NATO anti-submarine commitments, with the first batch of four frigates planned for acquisition.
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Shipbuilder Damen has suffered a major blow. The German defense ministry is pulling the plug on a project to build six frigates in which Damen played a leading role. Due to delays and higher costs, the contract is now going to the German company TKMS.
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Mittelstand Cafe
Mittelstand CafeCDU-Fraktion Mecklenburg-Vorpommern [Newsroom]CDU-Fraktion Mecklenburg-Vorpommern (ots) - According to media reports, Federal Defence Minister Boris Pistorius plans to end the frigate project F126 and instead set on a new order for frigates of the type MEKO. For ... Read more here...Original content of: CDU-Fraktion Mecklenburg-Vorpommern, transmitted by news up-to-date
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Total News Sources67
Leaning Left4Leaning Right14Center13Last UpdatedBias Distribution45% Right
Bias Distribution
- 45% of the sources lean Right
45% Right
13%
C 42%
R 45%
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