Thanks to a significant increase in demand in times of war and crisis, the global armaments industry is currently recording noticeably higher sales in several areas – including Russia. Shipbuilding is also affected.
The Stockholm-based research institute Sipri has presented its latest annual report. According to the report, arms sales in Europe alone rose by 13 percent in 2024. The drivers of this development include the war in Ukraine and the threat posed by Russia to the entire region. Total sales of 151 billion dollars were recorded for the past year.
In addition to some German companies such as Rheinmetall in 20th place and Thyssenkrupp in 61st place, the list of defense companies also includes two Russian companies relevant to the maritime industry: the shipyard group United Shipbuilding Corporation and the conglomerate Rostec.
Under the USC umbrella, Russia now brings together the country’s other major shipyards, which have been struggling with a number of problems for several years. According to the latest Sipri analysis, USC currently ranks 41st among defense companies. However, the Putin regime’s military build-up has now led to an increase in turnover. Compared to the previous year, revenues increased by 6.5% to 4.1 billion dollars. According to the figures, more than 80% of sales are accounted for by military products – apparently ships and corresponding equipment.
The Rostec Group, which unites a large number of companies under one roof and is active in a wide range of industries, is significantly larger. One focus is on aviation, but Rostec is also active in the maritime sector. For example, the subsidiary United Engine Corporation also works on engines and turbines for ships. 2024 was characterized by a significantly higher turnover for the Group: it increased by 26.4% to USD 27 billion compared to the previous year. Almost 70% of revenue is attributable to the “Military” segment.
