financetom
Business
financetom
/
Business
/
Romania to acquire warships to strengthen NATO eastern flank
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Romania to acquire warships to strengthen NATO eastern flank
Mar 28, 2025 8:51 AM

BUCHAREST (Reuters) - Romania's Supreme Defence Council on Friday approved a plan to add new small warships to its fleet, part of wider efforts to strengthen its role in the Black Sea and on NATO's eastern flank.

The European Union and NATO member - which shares the longest land border with Ukraine - cancelled in 2023 a long-delayed deal to buy four warships from French firm Naval Group after the company and a junior partner failed to meet a deadline to sign a contract.

Naval Group won the contract to build four Gowind navy corvettes for Romania and renovate two existing frigates for 1.2 billion euros but the deal was held up, first by legal challenges and then by it failing to reach an understanding with its junior partner over rising costs.

"Council members analyzed and approved equipping the Romanian Navy with a new warship, a light corvette type able to execute in the shortest time a multitude of missions," the defence council said in a statement, adding it has tasked the defence ministry with starting the acquisition process.

No further details were provided.

Romania's navy is the least modernised of its military branches. The country currently says it plans to raise defence spending to as much as 2.5% of economic output this year from a little over 2.2% in 2024.

Romania's defence spending could reach 3% of GDP in stages in one to two years, interim president Ilie Bolojan said last month.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Update: D-Wave Quantum Shares Rise After Reporting Narrowed Q1 Net Loss, Higher Revenue
Update: D-Wave Quantum Shares Rise After Reporting Narrowed Q1 Net Loss, Higher Revenue
May 26, 2025
11:49 AM EDT, 05/08/2025 (MT Newswires) -- (Updates with latest share movement in the headline and first paragraph.) D-Wave Quantum ( QBTS ) shares were up over 38% in recent Thursday trading after the company's Q1 loss narrowed compared with a year earlier. The company reported a Q1 net loss of $0.02 per diluted share, narrower than its $0.11 loss...
Shift4 Payments Units Plan $550 Million Notes Offering
Shift4 Payments Units Plan $550 Million Notes Offering
May 26, 2025
11:51 AM EDT, 05/08/2025 (MT Newswires) -- Shift4 Payments ( FOUR ) said Thursday its subsidiaries, Shift4 and Shift4 Payments Finance Sub, proposed a private offering of $550 million in 6.750% senior notes due 2032. The new notes will be issued as additional debt under the same indenture as $1.1 billion in senior notes issued in August 2024 and are...
Primo Brands Cools As Beverage Company Misses Wall Street Estimates
Primo Brands Cools As Beverage Company Misses Wall Street Estimates
May 26, 2025
Primo Brands Corporation ( PRMB ) shares are trading lower on Thursday after the first-quarter earnings. The company reported first-quarter revenue growth of 42.1% year-on-year to $1.61 billion, missing the analyst consensus estimate of $1.62 billion. Adjusted EPS of 29 cents beat the consensus estimate of 23 cents. Gross margin was 32.3% primarily driven by gross profit attributable to Primo Water due...
Copyright 2023-2026 - www.financetom.com All Rights Reserved