A REPORT complied by Lloyds Register and LucidCatalyst for the world’s largest container tonnage provider, Seaspan Corp, has concluded nuclear propulsion creates competitive advantage for both operators and charterers through superior economics and performance.
Nuclear-powered containerships have the potential to eliminate bunker costs, cut greenhouse gas (GHG) emissions and deliver faster transit times, while maintaining safety and economic competitiveness, the report says.
It examined the technical, economic, and regulatory potential of integrating small modular reactors (SMRs) into the containership fleet. LucidCatalyst performed a comprehensive analysis of the costs and benefits for Seaspan's business model and collaboratively developed requirements that, if met, would create significant value.
For vessel operators, nuclear-powered vessels eliminate their largest operating costs, up to US$50 million annually in bunker fuel and an estimated $18 million in carbon penalties.
According to the analysis, a single 15,000 TEU nuclear-powered containership operating at 25 knots (39% faster than conventional vessels) could deliver up to 38% higher annual cargo capacity compared to conventionally fuelled vessels through a combination of increased speed (enabling 6.3 versus 5 round voyages annually) and 5% additional container space from the elimination of fuel tanks and systems.
The report highlights that translating these requirements into a rigorous, requirements-led supply chain and procurement strategy, through a cross-industry consortium, is essential for widespread success.
If industry pledges to purchase more than 1,000 units in 10–15 years, the report estimates that modular reactors could be produced for US$750–1,000 per kilowatt, significantly cheaper than conventional nuclear power plants, and maintained within standard vessel drydock cycles.
Each unit would be designed to operate for around five years between refuelling, drastically reducing downtime and providing independence from global bunkering networks.
The report forms the first phase of a three-part programme. The next stage will focus on concept design and regulatory readiness, including engagement with shipyards, port authorities, and nuclear regulators. A final phase will create a detailed implementation roadmap, outlining risk management, certification, and investment strategies for large-scale deployment.
Meg Dowling, senior engineer — nuclear technology and alternative fuels, Lloyd’s Register, said: “The energy transition and long-term sustainability challenges of shipping demands long-term solutions that can scale.
“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.”
Peter Jackson, chief technology officer at Seaspan Corporation Pte. Ltd., said: “SMR is a very exciting technology offering several desirable benefits for shipowners and operators, as outlined in this report. Naturally there are challenges to overcome, but I am confident that ongoing work in this area and studies like this will soon allow nuclear powered containerships to be operating safely, economically, and emission free.”