Call for UK action on maritime nuclear power

The UK is well positioned to lead the safe development and deployment of new nuclear power systems for commercial ships and Floating Nuclear Power Plants (FNPPs), according to a new report from CORE POWER, NorthStandard and Lloyd’s Register (LR).

Technology company CORE POWER, global marine insurer NorthStandard and maritime professional services provider LR have jointly published Advanced Maritime Nuclear: A unique opportunity for the UK. The new paper sets out a policy framework for the UK Government to support the deployment of advanced small nuclear reactors on commercial ships and FNPPs.

The Department for Transport should include nuclear-powered shipping and FNPPs in an updated Clean Maritime Plan (CMP) and long-term nuclear strategy, the report argues.

Global shipping currently depends on fossil fuels for close to 99% of its energy consumption, but the International Maritime Organization (IMO) is aiming for its greenhouse gas (GHG) emissions to reach net zero by around 2050. However, alternative fuels options (including biodiesel, methanol, hydrogen and ammonia) face major cost, production, transportation and use challenges.

In the foreword to the paper, Lord Mountevans comments:

“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 decarbonise maritime transport, create jobs, and strengthen Britain’s position as a clean energy world power.”

The UK pledged to triple nuclear energy generation capacity at COP 28. The Civil Nuclear Roadmap to 2050, published by the last government, envisaged nuclear technologies, from Advanced Small Modular Reactors (A-SMRs) to large-scale nuclear plants as part of the UK’s energy mix. These new, safe and advanced nuclear technologies in modular designs, which allow for straightforward manufacturing and regulatory approval processes that enable dramatic energy efficiency gains for global shipping. 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, 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 according to the report. In addition to zero pollution, nuclear powered ships would not rely on shore power in port and could even feed electricity into the grid.

FNPPs could also be used to alleviate the issues surrounding shore power and expensive connections to the UK national grid.

CORE POWER’s founder and CEO, Mikal Bøe, 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 centre 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.”

Commenting on the launch of the research paper, Andy McKeran, LR’s Chief Commercial Officer, said:

“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.”

Together, CORE POWER, NorthStandard and LR aim to expand on the potential role for safe and sustainable nuclear technology within the maritime industry at the next London International Shipping Week (LISW) in September 2025.

ENDS 

About CORE POWER

CORE POWER is the leading developer in the OECD of both advanced nuclear technologies and shipyard construction designs for maritime applications.

Through our LIBERTY program, an end-to-end system for maritime civil nuclear applications, we are building the first fast-spectrum molten salt reactor, which is the ideal advanced reactor for civilian use at sea.

Using common engineering standards to deliver fully modular nuclear energy systems from shipyard manufacturing, CORE POWER will provide floating nuclear power plants to heavy industry and nuclear-powered ships to critical value chains for industrial components, durable consumer goods, and commodities.

Headquartered in London with offices in Washington and Tokyo, our progress in engineering, designs, and regulatory influence is backed by strategic industry shareholders from the global maritime industry and a fast-growing client base of shipyards, ship owners and operators, trading houses, banks, and energy companies.

For more information, please visit www.corepower.energy.

About NorthStandard

NorthStandard is one of the leading providers of global marine insurance products and services across the maritime industries. Established through the merger of North P&I Club and the Standard Club in February 2023 and ‘A’ rated by S&P Global, NorthStandard has premium revenues exceeding US$836 million, free reserves of US$803 million and mutual pool tonnage surpassing 260 million GT.

From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard offers a unique blend of worldwide presence and class-leading expertise across multiple specialist areas, including P&I, FD&D, War Risks, Strike & Delay, Hull and Machinery and ancillary insurance. Its Sunderland Marine and Coastal & Inland divisions also provide cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels. NorthStandard’s comprehensive local market and sector knowledge is underpinned by continuous investments in market-leading digital technologies.

NorthStandard is a leading member of the International Group of P&I Clubs (IG) and is fully committed to upholding the shared objectives of its 12 independent member clubs, which provide liability cover for approximately 85% of the world’s ocean-going tonnage.

About Lloyd’s Register

Lloyd’s Register (LR) is a global professional services group specialising in marine engineering and technology. It was created more than 260 years ago as the world’s first marine classification society to improve and set standards for the safety of ships.

Today we are a leading provider of classification and compliance services to the marine and offshore industries, helping our clients design, construct and operate their assets to accepted levels of safety and environmental compliance.

We also provide advice, support and solutions on fleet performance and optimisation, voyage optimisation, enhancing our clients’ digital capability. Our digital solutions are relied upon by more than 20,000 vessels.

In the race to zero emissions, our research, technical expertise and industry-firsts are supporting a safe, sustainable maritime energy transition.

Lloyd’s Register Group is wholly owned by the Lloyd’s Register Foundation, a politically and financially independent global charity that promotes safety and education.