U.S. Navy Shipbuilding Plan Skirts Decision on Trump’s 355-Ship Target for Now

By Tony Capaccio (Bloomberg) —

The U.S. Navy’s new 30-year shipbuilding plan puts off a decision about whether to stick with the Trump administration’s target for a 355-vessel fleet until at least fiscal year 2024. 

After months of study and delay, a 28-page report to Congress released Wednesday includes a chart listing the 355-vessel assessment and two other studies that show ranges to as many as 404 vessels based on various projections of budget growth. The Navy currently has 298 deployable ships and submarines.

“The Plan notes a new fleet assessment that will inform the fiscal 2024 budget” so today’s document is “a reference point for now, but not a chart to navigate the long-term outlook for General Dynamics, Huntington Ingalls and other shipbuilders and suppliers,” Byron Callan, managing director for Capital Alpha Partners LLC , said in an email.

Although the report summarizes already announced fiscal 2023 funding levels, it offers fresh clues on previously undisclosed spending for specific programs through fiscal 2027. That includes: $39 billion for the Virginia-class submarine program; $36 billion for the Columbia-class ICBM submarine; $22 billion for the DDG-51 Aegis Destroyer and $7.1 billion for the new FFG-62 Frigate.

© 2022 Bloomberg L.P.

Updated: January 18, 2024 (Originally published April 20, 2022)

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