February 26 ------ Technology company CORE POWER, marine insurance provider NorthStandard and classification society Lloyd’s Register (LR) have jointly published a report that sets out a policy framework for the UK government to support the deployment of advanced small nuclear reactors on commercial ships and floating nuclear power plants (FNPPs).
The report, titled Advanced Maritime Nuclear: A unique opportunity for the UK, argues that the Department for Transport should include nuclear-powered shipping and FNPPs in an updated Clean Maritime Plan (CMP) and long-term nuclear strategy.
Jeffrey Richard de Corban Evans – Lord Mountevans, a current member of the House of Lords, stated: “The UK has the skills, expertise, and history of innovation to lead the development of nuclear-powered shipping. By leveraging our decades of experience with small reactors for the Royal Navy, we can decarbonize maritime transport, create jobs, and strengthen Britain’s position as a clean energy world power.”
To note, the UK pledged to triple nuclear energy generation capacity at COP 28. The Civil Nuclear Roadmap to 2050, published by the government, envisaged nuclear technologies, from advanced small modular reactors (A-SMRs) to large-scale nuclear plants as part of the country’s energy mix. These new technologies are said to allow for “straightforward manufacturing and regulatory approval processes that enable dramatic energy efficiency gains for global shipping.”
According to the partners, NorthStandard’s participation in the new paper reflects the role commercial insurability will play in future nuclear operations in the civil maritime space, particularly to cover shipowners’ liability.
Paul Jennings, Managing Director at NorthStandard, commented: “The ability to commercially insure nuclear propelled ships will be vital to the success of bringing nuclear to maritime. It is important that governments understand the need for a civil marine nuclear liability convention within the framework of IMO and work towards creating an appropriate liability regime. With the right investments and policies, the UK can develop a multi-billion-pound industry,” the paper claimed. Reportedly, in addition to zero pollution, nuclear-powered ships would not rely on shore power in ports and could even feed electricity into the grid. Partners pointed out that FNPPs could also be used to alleviate the issues surrounding shore power and expensive connections to the UK national grid.
Mikal Bøe, CORE POWER’s Founder and CEO, said: “History has shown that there has never been a great naval power that wasn’t also a great maritime power. Maritime nuclear is the catalyst that can reverse the trajectory of the British shipping sector, creating unique competition to Chinese shipbuilding and ocean transport. The UK has been at the center of global shipping for centuries, and this report reinforces that maritime nuclear power is not only necessary to improve the energy effectiveness of shipping dramatically but also a £2.5 trillion economic opportunity. Over time, the cost of inaction will far outweigh the cost of being the champion in this rapidly emerging market.”
Andy McKeran, LR’s Chief Commercial Officer, emphasized: “As nuclear technology advances toward maritime applications including Floating Nuclear Power Plants, global regulatory alignment is crucial. Existing frameworks must be updated to reflect modern reactor designs and operational needs. The UK has the expertise to lead these efforts at the International Maritime Organization (IMO) and with the International Atomic Energy Agency (IAEA), setting the foundation for safe, insurable, and scalable nuclear-powered shipping.”
It is worth mentioning that, in February 2025, CORE POWER launched a U.S.-anchored maritime civil nuclear program, titled Liberty, which aims to bring floating nuclear power to market by the mid-2030s.
The program will lay the foundation for the use of nuclear power in the civil maritime sector, CORE POWER revealed, adding it will encompass modular construction of advanced fission technology and create the regulatory and supply chain frameworks necessary to enable this technology to be rolled out worldwide.
Source: offshore-energy.biz
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