Core Power advocates for nuclear vessels to tackle pollution and speed issues, but faces regulatory and safety challenges, reports Seatrade Maritime News.
Core Power is advocating for nuclear-powered ships as a viable solution to pollution and slow vessel speeds. However, fragmented regulations and safety concerns present significant hurdles, according to reports from the UK's Seatrade Maritime News.
Chairman and CEO Mikal Boe stated that nuclear energy provides abundant clean power at competitive prices, predicting it will become mainstream. He estimated that an 11,000 TEU nuclear vessel could operate at 30 knots for 25 years without refueling, with lifetime costs of US$500 million compared to US$400 million for conventional ships.
Regulators are starting to address the challenges of nuclear shipping. The International Maritime Organization (IMO) and the International Atomic Energy Agency (IAEA) are collaborating on frameworks, while Lloyd's Register has highlighted the ATLAS project, which aims to bridge gaps in maritime nuclear standards. Current regulations were designed for pressurized water reactors, not for modern small reactors like the molten chloride fast reactors developed by TerraPower.
DNV's White Paper has outlined various challenges, including collision protection, recovery after sinking, sabotage risks, and emergency shutdowns. It proposed a licensee role with long-term responsibility for nuclear installations, safety, and financial stability. Additionally, the environmental impacts of uranium mining and fuel production must be carefully considered.
Core Power's Charlotte Vere expressed concerns about relying on carbon levies to make alternative fuels viable, emphasizing the potential of nuclear energy. The World Nuclear Association noted that in situ leaching can reduce environmental impact but requires strict safeguards to protect water supplies.
Costs associated with decommissioning, nuclear waste storage, crew training, and insurance premiums must be integrated into budgets. Mr. Boe argued that full production of nuclear-powered ships could commence by 2040, although critics contend that this timeline may be too late to significantly reduce shipping emissions before the IMO's 2050 net-zero target.
