Fincantieri and Kayo, a company based in Tirana, Albania, signed a Memorandum of Understanding (MoU) on April 8, 2025, in Durres, aimed at establishing a strategic collaboration to promote the development of the shipbuilding and naval industry in Albania, according to the company's release.
The MoU outlines plans to jointly explore opportunities for the creation and management of naval and shipbuilding infrastructures, the construction and maintenance of vessels, and the implementation of technical and professional training initiatives. The objective is to establish an industrial ecosystem to support Albania’s naval defense needs and contribute to the economic growth of the region.
The initiative aligns with efforts to strengthen industrial relations between Italy and Albania and reflects Fincantieri’s focus on enhancing the production capacities of its international partners. Fincantieri will provide its expertise to assist Kayo in developing projects that adhere to technological and environmental standards.
Albania’s strategic location in the Mediterranean and its increasing emphasis on the maritime sector position it as a key partner for Fincantieri in pursuing long-term cooperation. The MoU also includes the potential for both companies to collaborate on establishing a regional hub for shipbuilding and refitting.
Fincantieri S.p.A. is an Italian shipbuilding company headquartered in Trieste, Italy. Established in 1959 as a state-owned financial holding company under the Italian government’s IRI group, it became a standalone entity in 1984. The company specializes in designing and constructing a wide range of vessels, including commercial ships, cruise liners, offshore platforms, and naval ships. Fincantieri operates multiple shipyards across Italy and has expanded internationally through acquisitions, such as Vard in 2013, making it one of the largest shipbuilding groups in Europe.