ThyssenKrupp Marine Systems Reports Record Order Backlog Amid Rising European Demand

ThyssenKrupp Marine Systems (TKMS), a German naval shipbuilder, announced on Monday that its order backlog has reached a new high. According to Jin10, the company revealed that as of the end of March, its order backlog increased to €20.6 billion (approximately $24.2 billion), up from €18.7 billion at the end of December last year. This surge is attributed to the growing demand for military equipment across Europe, as countries in the region aim to reduce their reliance on U.S. military support. TKMS also reported that its sales and profits for the first half of the year exceeded market expectations, driven by strong performance in its submarine and sonar technology divisions.