US to invest nearly $35 billion in shipbuilding in Fiscal Year 2024
The USN will be able to enter into multi-year procurement contracts for Virginia-class submarines. (Photo: USN)
In order to maintain competitiveness against China in the naval domain, US lawmakers intend to invest $33.25 billion in shipbuilding in the next fiscal year. This is $401.681 million higher than the amount requested by the Pentagon in its FY 2024 budget proposal.
The funds will be allocated to the acquisition and operation of new capabilities and to the upgrade of in-service systems.
They will also provide resources for the procurement of critical, long-lead-time components and designs for vessels and expansion of public and private plants.
Recently approved by the Senate Committee on Appropriations, the FY2024 bill authorised
Already have an account? Log in
Want to keep reading this article?
Read this Article
Get access to this article with a Free Basic Account
- Original curated content, daily across air, land and naval domains
- 2 free stories per week
- Personalised news alerts
- Daily and weekly newsletters
Unlimited Access
Access to all our premium news as a Premium News 365 Member. Corporate subscriptions available.
- Original curated content, daily across air, land and naval domains
- 14-day free trial (cancel at any time)
- Unlimited access to all published premium news
More from Naval Warfare
-
Lockheed Martin strengthens Spanish SPY-7 radar supply chain
The global defence giant chose a Spanish firm for its work on the Bonifaz-class frigate.
-
Oostende mine countermeasures vessel begins sea trials
The first vessel in the Belgian-Dutch rMCM mine-clearing fleet, the Oostende, has begun its sea trials before officially entering service in 2025.
-
US Navy places $312 million contract with Textron Systems for landing craft
Textron’s latest order for Ship to Shore Connector (SSC), Landing Craft, Air Cushion (LCAC) follows on from a contract placed in August 2023 for five LCAC.
-
Japan to boost surface fleet with new destroyers and missile ships
Japan is enhancing its naval capabilities with the construction of the 13DDX advanced destroyer and Aegis System Equipped Vessels (AESV), aiming to strengthen its air and missile defence amid increasing security threats, particularly in East Asia.