For vessel operators, nuclear-powered vessels eliminate their largest operating costs, up to $50m annually in bunker fuel and an estimated $18m in carbon penalties, according to a new industry report.
The findings are drawn from a new Lloyd’s Register and LucidCatalyst report for Seaspan Corporation Pte. Ltd.
The report examines the technical, economic, and regulatory potential of integrating small modular reactors (SMRs) into the containership fleet.
According to the analysis, a single 15,000 teu nuclear-powered containership operating at 25 knots (39% faster than conventional vessels) could deliver up to 38% higher annual cargo capacity compared to conventionally fuelled vessels through a combination of increased speed (enabling 6.3 versus 5 round voyages annually), and 5% additional container space from the elimination of fuel tanks and systems.
If the industry commits to purchase more than 1,000 units in 10–15 years, the report estimates that modular reactors could be produced for US$750-1,000 per kilowatt and maintained within standard vessel drydock cycles.
Each unit would be designed to operate for around five years between refuelling.
The study outlines a roadmap showing how manufactured nuclear propulsion units could reach commercial readiness within four years of starting an intensive program, with total system costs below $4,000/kW and fuel costs under $50/MWh. Market modelling indicates potential uptake of 40-90 GW by 2050, depending on regulatory progress and industry adoption.
It also highlights best practices for designing a competitive supply chain and outlines reactor and fuel-leasing models intended to help manage upfront costs while maintaining safety and regulatory compliance.
The report forms the first phase of a three-part programme. The next stage will focus on concept design and regulatory readiness, including engagement with shipyards, port authorities, and nuclear regulators.
A final phase will create a detailed implementation roadmap, outlining risk management, certification, and investment strategies for large-scale deployment.
