Advertisement
Singapore markets close in 10 minutes
  • Straits Times Index

    3,269.53
    +44.36 (+1.38%)
     
  • Nikkei

    37,552.16
    +113.55 (+0.30%)
     
  • Hang Seng

    16,828.93
    +317.24 (+1.92%)
     
  • FTSE 100

    8,045.25
    +21.38 (+0.27%)
     
  • Bitcoin USD

    66,168.40
    +98.06 (+0.15%)
     
  • CMC Crypto 200

    1,393.08
    -21.68 (-1.53%)
     
  • S&P 500

    5,010.60
    +43.37 (+0.87%)
     
  • Dow

    38,239.98
    +253.58 (+0.67%)
     
  • Nasdaq

    15,451.31
    +169.30 (+1.11%)
     
  • Gold

    2,317.70
    -28.70 (-1.22%)
     
  • Crude Oil

    82.81
    +0.91 (+1.11%)
     
  • 10-Yr Bond

    4.6230
    +0.0080 (+0.17%)
     
  • FTSE Bursa Malaysia

    1,561.86
    +2.27 (+0.15%)
     
  • Jakarta Composite Index

    7,120.79
    +46.97 (+0.66%)
     
  • PSE Index

    6,506.80
    +62.72 (+0.97%)
     

The Navy’s $7 Billion Destroyer Is Now 6 Years Overdue

The U.S. Navy’s Zumwalt-class destroyer program has experienced one problem after another, from a failure to maintain power while at sea to a gun that requires munitions so expensive that the Navy has decided not to use it.

Costs for the stealth warship have been rising steadily for more than a decade, and the Navy now estimates that the bill to acquire three ships – a huge reduction from the originally planned fleet of 32 – will come to more than $13.2 billion. And that doesn’t include the roughly $10 billion in development costs that push the overall program price tag north of $23 billion.

Bloomberg’s Anthony Capaccio reports Wednesday that the first ship in the class has been delayed yet again. The USS Zumwalt, which is now estimated to cost $7.8 billion, won’t be fully combat-ready until next year – six years behind schedule, and 10 years after construction began.

“The additional delay in final delivery of the destroyer, designated the DDG-1000, may increase doubts the Navy can build, outfit and deliver vessels on time and within cost targets,” Capaccio says.

Like what you're reading? Sign up for our free newsletter.