The state-owned company is is benefiting from increased demand across its three core businesses—cruise ships, warships and submarines—as Western countries seek to modernize their armies.

TUI Cruises, a joint venture between German TUI Group and Royal Caribbean Cruises, has taken delivery of the first of two

Norwegian Line Holdings (NCL) and Italian shipbuilder Fincantieri said on Wednesday they had agreed a deal for four new cruise liners, which a source close to the matter said was worth around 9 billion euros ($9.