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Mitsubishi Heavy shares jump on winning $6.5 bln Australian navy contract

Shares of Japan’s Mitsubishi Heavy Industries (TYO:7011) rose to a one-month high on Monday after the company won a A$10 billion ($6.47 billion) contract to build a fleet of Mogami‑class frigates for the Royal Australian Navy, News.az reports citing Investing.

Australian Deputy Prime Minister Richard Marles confirmed that MHI’s upgraded Mogami design was selected over Germany’s MEKO A‑200 following a decision by Australia’s national security committee.

Tokyo-listed MHI shares jumped as much as 4.5% to 3,705 yen as of 00:51 GMT, reaching their highest since June 30.

The first three vessels will be built in Japan, with the remaining to be constructed in Western Australia, creating almost 10,000 jobs under a continuous work pipeline.

Mogami‑class frigates offer a 10,000 nautical mile range, a 32‑cell vertical launch system, advanced radars, and reduced crew requirements.

The first frigate is expected to be delivered in 2029.



News.Az 

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