A new report by Lloyd’s Register (LR) and LucidCatalyst, commissioned by Seaspan Corporation, suggests that nuclear-powered containerships using small modular reactors (SMRs) could revolutionise global maritime transport. The study outlines how SMR-powered vessels can cut greenhouse gas emissions to zero, eliminate bunker fuel costs, and significantly boost operational efficiency while remaining safe and commercially viable.
Economic and Operational Advantages of SMR-Powered Containerships
The report highlights that nuclear propulsion eliminates the largest operating expense for vessel owners bunker fuel saving up to $50 million per year, along with an estimated $18 million in carbon penalties.
A single 15,000 TEU nuclear-powered vessel travelling at 25 knots about 39% faster than conventional ships can increase annual cargo capacity by 38%. This performance gain comes from faster round trips and an additional 5% container space achieved by removing fuel tanks and combustion systems.
LucidCatalyst’s analysis shows that if the industry commits to ordering over 1,000 SMR units in 10–15 years, modular reactors could be mass-produced at $750–1,000/kW, far cheaper than today’s nuclear plant costs. These units would run for five years between refuelling, fit standard drydock cycles, and allow shipowners freedom from global bunkering hubs.
Roadmap for Commercial Readiness and a Competitive Supply Chain
The study emphasises that successful adoption depends on a structured supply chain strategy and strong cross-industry cooperation. With an intensive programme, manufactured nuclear propulsion units could achieve commercial readiness within four years, with total system costs below $4,000/kW and fuel costs under $50/MWh.
Projected uptake ranges from 40–90 GW by 2050, depending on regulatory progress. The report stresses the importance of a diversified supply chain to avoid vendor lock-in, introducing flexible reactor-leasing and fuel-leasing models to reduce upfront costs for shipowners.
This research forms the first stage of a three-phase programme. The next phases will focus on concept design, regulatory engagement, risk management, and a detailed implementation roadmap involving shipyards, ports, and nuclear regulators.
The LR–LucidCatalyst report positions nuclear propulsion as a transformative solution for decarbonising and modernising the global shipping industry. With the potential to deliver zero-emission operations, eliminate fuel costs, and dramatically improve vessel performance, SMRs offer a compelling pathway for the future fleet. As regulatory frameworks advance and supply chains mature, nuclear-powered containerships could become a commercially dominant and sustainable choice for shipowners worldwide.
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Source: LR
