New Nuclear Reactor Technology: A Catalyst for U.S. Shipbuilding Revitalization

Christopher J. Wiernicki, Chairman and CEO of American Bureau of Shipping (ABS), believes that new nuclear reactor technology represents a significant opportunity for U.S. industrial policy. Advanced small modular reactors (SMRs) could potentially revolutionize the shipping industry by serving as vessels’ propulsion systems, sparking the revitalization of the country’s shipbuilding sector.

Wiernicki emphasized the importance of developing a marinized SMR demonstrator as the next crucial step in this transformational technology. He stated, “It changes the commercial model, the economics of shipping, the operation of the vessels, and their design. While this is a global story, it is also a domestic U.S. story that aligns with national energy and economic security, acting as a catalyst for new industrial policy and the rejuvenation of U.S. shipbuilding.”

According to Wiernicki, new nuclear technology can be highly competitive in the maritime industry. When considering factors such as fuel differentials, compliance costs, and residual value over a vessel’s lifespan, the economics of new nuclear propulsion are comparable to traditional fossil fuel options.

Despite the significant potential benefits for U.S. shipbuilding, Wiernicki acknowledged that there is still much work to be done to support the adoption of SMR technology. He highlighted the importance of addressing regulatory and licensing challenges to unlock the full potential of new nuclear propulsion in the maritime sector.

Wiernicki emphasized the need for a dedicated regulatory framework tailored to support SMRs and facilitate global collaboration on international licensing standards. He stressed the importance of separating commercial approaches from military and land-based applications, enhancing public engagement, and promoting education on new nuclear technologies.

ABS, a leading classification society, took a significant step in advancing the industry’s understanding of floating nuclear power by publishing the first set of rules for this technology in October last year.

As the maritime industry explores the possibilities of new nuclear reactor technology, it is clear that SMRs have the potential to revolutionize ship propulsion, drive economic growth, and shape the future of U.S. shipbuilding. With the right regulatory framework and industry collaboration, new nuclear propulsion could indeed be U.S. shipbuilding’s secret weapon for a sustainable and competitive future.