(HOUSTON) — New nuclear reactor technology represents a once-in-a-generation opportunity for U.S. industrial policy, and vessels propelled by advanced small modular reactors (SMR) could act as a catalyst for the revitalization of U.S. shipbuilding, according to Christopher Wiernicki, chairman and CEO of the American Bureau of Shipping (ABS). He believes the next step is development of a marinized SMR demonstrator.
“It is a key transformational technology. It changes the commercial model, the economics of shipping, the operation of the vessels and their design,” Wiernicki said. “So, while it is a global story, this is also a domestic U.S. story, bringing together national energy and economic security and acting as a catalyst for new industrial policy amid the reinvigoration of U.S. shipbuilding.”
“New nuclear can be highly competitive. The economics are compelling over the life of a vessel when you account for fuel differentials, the cost of compliance and residual value, it costs roughly the same as fossil options,” he added.
Wiernicki explained that SMR technology represents a huge opportunity for U.S. shipbuilding, but there remained much work to support its adoption.
“New nuclear could be U.S. shipbuilding’s secret weapon, but we need to invest in the technology, and we need a new nuclear playbook to make it happen,” he said. “We have to separate the commercial approach from the military and land-based applications from marine and enhance public engagement and education.”
Regulation and licensing are going to be key to unlocking new nuclear’s potential.
“Current regulations are designed for large land-based reactors, specific technologies and domestic deployment. So, we need to look at the regulatory gaps and develop a dedicated framework to support SMRs and a global collaboration for international licensing standards,” Wiernicki said.
ABS published the industry’s first comprehensive rules for floating nuclear power in October. The ABS Requirements for Nuclear Power Systems for Marine and Offshore Applications are available to download here.
– American Bureau of Shipping
