Where money flows, corporate action follows. The sea change in European military spending has given rise to piecemeal acquisitions, joint ventures and fundraisings as companies attempt to trade and share capabilities. So far, the action has largely been focused on land and air equipment. But there are signs that activity in the maritime sector is hotting up. 

The latest example is Thyssenkrupp’s spin-off of its marine division, whose maiden voyage on Monday proved a remarkable success. Shares in the German conglomerate’s submarine and ship-making unit, ended the day at €81.10, valuing Thyssenkrupp Marine Services’ equity at €5.15bn. 

The carve-out — which leaves Thyssenkrupp as the majority shareholder with 51 per cent — enables the embattled steel conglomerate to take advantage of a propitious moment. Europe’s defence index has trebled since February 2022. Even assuming, boldly, that ongoing wars come to an end, Europe has to make up for decades of under-investment in fleets, tanks and other military kit.