A new report by Lloyd’s Register and LucidCatalyst suggests that nuclear energy could have a role to play in decarbonising the containership sector, analysing the technical, economic, and regulatory potential of integrating small modular reactors (SMRs) into maritime vessels.
The report, which was undertaken for Seaspan Corporation, explores how nuclear propulsion could eliminate the need for bunker fuel, which is one of the largest ongoing costs for vessel operators – costing as much as $50 million annually, not to mention an associated $18 million in carbon penalties.
Cargo capacity
As the report suggests, a single 15,000 TEU nuclear-powered containership, operating at a speed of 25 knots – 39% faster than conventional vessels – could deliver up to 38% higher annual cargo capacity, along with 5% additional container space due to the removal of fuel tanks and associated systems.
According to the report, a coordinated industry effort would be required to realise these gains, with a cross-industry consortium required to ensure that SMRs would be a feasible, cost-effective solution – if the containership industry were to purchase more than 1,000 units in 10–15 years, modular reactors could be produced for US$750–1,000 per kilowatt.
“The energy transition and long-term sustainability challenges of shipping demands long-term solutions that can scale,” commented Meg Dowling, senior engineer – Nuclear Technology and Alternative Fuels, Lloyd’s Register.
“Nuclear propulsion offers not just a decarbonised solution, but a transformative economic opportunity for shipowners and charterers alike. The results of this research give us a strong foundation to define how systems can be integrated within the commercial fleet to provide a credible pathway towards safe, commercially viable, zero-emission shipping.”
The report, which is the first part of a three-part programme, also reviews supply chain options, financing structures, and approaches to risk management.
‘Transforms shipping economics’
“Nuclear propulsion transforms shipping economics, not just emissions,” added Eric Ingersoll, managing partner, LucidCatalyst. “Our analysis shows that nuclear-powered containerships will likely outcompete conventionally fuelled and green fuelled competitors—dominating their trading routes through superior performance without requiring green premiums.
“The key to unlocking this advantage is organising the market through sophisticated supply chain and technology strategies. By forming a cross-industry consortium, we can build a responsive supply chain and achieve competitive reactor costs, making nuclear the economically optimal choice for shipowners and charterers alike.” Read more here.
