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

An order by Norwegian Line Holdings with Italy's Fincantieri for four new cruise ships is worth around 9 billion euros ($9.34 billion), a source close to the matter said on Wednesday.