Today’s global shipping industry moves over 80% of the world’s goods and contributes to more than 3% of global CO2 emissions. Decarbonizing this sector is essential, but what’s the best route forward? Ammonia and synthetic fuels are often cited, but there’s a compelling case for nuclear-powered vessels.
While nuclear reactors have reliably powered submarines and icebreakers for decades, some startups, like Core Power, a UK-based company, are now exploring nuclear for commercial shipping. Core Power raised over $100 million in private funding to develop molten salt reactors (MSRs). These reactors could power a vessel for its entire 30-year lifespan without refueling, cutting reactor costs by up to 80% and increasing cargo space and speeds beyond 30 knots.
Cost-wise, nuclear makes sense for large fleets rather than one-off ships. A single container ship runs about $200 million, with a viable nuclear reactor needing to cost no more than 20-25% of the total. According to TU Delft, nuclear propulsion can break even within 5-15 years, depending on fuel prices and operating profiles. And unlike ammonia or synthetic fuels, nuclear is a proven technology for maritime propulsion.
But bringing nuclear to commercial shipping isn't just a matter of engineering; it’s about regulation. To make nuclear-powered commercial shipping a reality, international frameworks need to be updated. The International Maritime Organization’s (IMO) safety chapter on nuclear propulsion has remained unchanged since 1974, meaning Core Power and partners like Lloyd’s Register are working to establish the necessary safety, classification, and insurance frameworks.
Nuclear is the tried and tested path to decarbonizing shipping, as opposed to hydrogen and synth fuels. The only thing standing before nuclear-powered fleets is, frankly, paperwork. A lot of it, for sure, but still, paperwork. Not so for any other clean fuels.
This week, though, I’m heading offshore the old-fashioned way—powered by the wind and some trusty sails. 🌬️⛵