⚓ Ship shape

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Good morning! Last month, Alberta marked a significant milestone—its last coal plant went offline, signaling the end of coal-fired electricity in the province. It’s the first time its coal plants have gone silent in 150 years.

⏰ Today’s read: 4 ½ minutes

MARKETS

*Stock data as of last market close; currency, oil and crypto data as of 7 PM ET July 8, 2024.

Economy: A strike by ship and dock workers at B.C. ports has been avoided thanks to a decision from Canada’s Industrial Relations Board. The group found the strike action violated Canada’s Labour Code and the strike notice must be rescinded. Last year the same workers went on strike for the same ongoing dispute, disrupting $10 billion worth of trade.

THE BIG STORY

Setting sail: Crews begin $40B warship program

Our nation is embarking on its biggest warship building blitz since the Second World War. The work is expected to last 25 years, create 10,000 jobs and cost more than $40 billion. 

New class: 15 ships will be built and they'll be known as the River Class Destroyers. They will replace the four already-retired Iroquois-class destroyers and the 12 Halifax-class frigates. They are fast, maneuverable, long-endurance warships capable of conducting operations, escorting larger vessels and defending against a wide range of threats.

Testing the water: Work will start with building a test module, essentially a small section of a piece of the ship, which allows for construction techniques to be further refined at Irving Shipbuilding on the east coast. While the formal construction contracts haven’t been signed, and a final design is still in progress, crews are also starting to test steel cutting methods that they will use.

Headwinds: The project has faced criticism for delays and cost increases. Cost estimates range anywhere from $26 billion to more than $84 billion. The delivery timeline has been extended, with the first ship now expected in 2030 or 2031, and the last of the ships by 2048. Modifications to the original Type 26 design have also added to costs and complexity.

Legacy of construction: While challenges lay ahead, Irving Shipbuilding in Halifax plans to tackle the task. Its history dates back to 1889. They have constructed over 80% of Canada’s Navy at sea today. They currently employ more than 2,400 shipbuilders and help train aspiring trades people. Like pipefitter Victoria Henneberry, whose story can be read here. 

NEED TO KNOW

The week's headlines

🚗 Despite a global slowdown in electric vehicle demand and a company-wide strategic review, Northvolt says construction of its $7-billion battery plant in Montreal will continue. The company added that it is committed to the project and aims to produce the greenest batteries in the world. 

🏗️ Nexii Building Solutions, a green building company that once had a valuation of $2 billion, has been sold through a court-approved bankruptcy process. The new owners take on over $20 million in debt but it's unclear if the Squamish plant will continue operating.

⚡BC Hydro plans to build more than $3 billion in capital projects on Vancouver Island over the next decade. The work will upgrade and expand the electricity grid and provide clean power for homes and businesses in growing communities.

🚧 Mayor Olivia Chow says an urgent, behind-the-scenes collaboration is in the works between the city and province to accelerate the Gardiner Expressway rebuild and ease traffic pain for drivers. Chow says the three-year construction project that started earlier this year will be sped up by the combined efforts of both governments, cutting time off the complex expressway rebuild.

PROJECT SPOTLIGHT

Over the bow

The Bow River Bridge Twinning Project has received the Alberta Chapter 2024 Awards of Excellence in Concrete for Advanced Concrete Construction. The award celebrates the work on the five-span, 470-meter bridge on the NW segment of the Calgary Ring Road. A joint feature that included Aecon and Flatiron Construction twinned the project using a complex, segmentally cast-in-place, balanced cantilever method.

PROJECT UPDATES

Seaspan’s new drydock arrive in Vancouver

PCL breaks ground on Toronto Zoo project

1260 Kennedy proposal doubles in height

Ice rink renovation at Windsor City Hall underway

Membertou First Nation plans mass timber office

WHAT WE’RE TALKING ABOUT

READ: 🚗 Acciona launches swappable battery electric vehicle

PHOTOS: 🎒 PCL donates 500 backpacks to Ontario kids

Q&A: 💬 Industrial trends in Western Canada with Brett Jeffrey 

VIDEO: 🌊 Building a tiny hydroelectric dam

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Here’s to a great rest of the week!

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