A New Era for Clean Maritime Power
In a groundbreaking collaboration, technology firm CORE POWER, marine insurance giant NorthStandard, and leading classification society Lloyd’s Register (LR) have unveiled a visionary report that could redefine the future of maritime energy. Titled Advanced Maritime Nuclear: A Unique Opportunity for the UK, the report outlines a compelling policy framework for the UK government to embrace advanced small nuclear reactors (A-SMRs) for commercial ships and floating nuclear power plants (FNPPs).
The report urges the Department for Transport to integrate nuclear-powered shipping and FNPPs into the updated Clean Maritime Plan (CMP) and long-term nuclear strategy. This move aligns with the UK’s ambitious pledge at COP 28 to triple its nuclear energy capacity by 2050. With decades of expertise in small reactors for the Royal Navy, the UK is uniquely positioned to lead this transformative shift, decarbonizing maritime transport while unlocking a multi-billion-pound industry.
Why Nuclear Power is the Future of Shipping
Nuclear-powered ships promise zero emissions, eliminating reliance on fossil fuels and reducing the carbon footprint of global shipping. But the benefits don’t stop there. These vessels won’t need shore power in ports and could even feed electricity back into the grid, revolutionizing energy distribution. Floating nuclear power plants, meanwhile, could address the challenges of expensive grid connections and shore power shortages, offering a scalable solution for coastal energy needs.
Jeffrey Richard de Corban Evans, Lord Mountevans, a member of the House of Lords, emphasized the UK’s potential: “We have the skills, expertise, and history of innovation to lead this charge. By leveraging our experience with small reactors, we can decarbonize maritime transport, create jobs, and solidify Britain’s role as a clean energy powerhouse.”
The Role of Insurance and Regulation
One of the key hurdles for nuclear-powered shipping is insurability. NorthStandard’s involvement in the report highlights the critical role of commercial insurance in making this vision a reality. Paul Jennings, Managing Director at NorthStandard, stressed the need for a civil marine nuclear liability convention under the International Maritime Organization (IMO). “Governments must work towards creating an appropriate liability regime to ensure the success of nuclear-powered shipping,” he said.
Andy McKeran, LR’s Chief Commercial Officer, echoed this sentiment, emphasizing the importance of global regulatory alignment. “As nuclear technology advances, existing frameworks must evolve to reflect modern reactor designs and operational needs. The UK has the expertise to lead these efforts at the IMO and the International Atomic Energy Agency (IAEA), ensuring safe, insurable, and scalable nuclear-powered shipping.”
A £2.5 Trillion Opportunity
The report paints a bold picture of the economic potential of maritime nuclear power. Mikal Bøe, CORE POWER’s Founder and CEO, described it as a “£2.5 trillion economic opportunity” that could reverse the decline of the British shipping sector and create a competitive edge against global players like China. “Maritime nuclear is the catalyst that can transform the UK’s shipping industry and position us as a leader in this emerging market,” he said.
CORE POWER is already making strides with its U.S.-anchored Liberty program, aiming to bring floating nuclear power to market by the mid-2030s. This initiative will focus on modular construction of advanced fission technology and the development of regulatory and supply chain frameworks to enable global deployment.
The message is clear: the UK has a unique opportunity to lead the charge in maritime nuclear power. The cost of inaction, as the report warns, will far outweigh the cost of seizing this transformative opportunity.
