The shipping industry should look into nuclear power to achieve its net-zero emissions targets.

American Bureau of Shipping (ABS) CEO Christopher J. Wiernicki noted, however, that safety will be the key challenge for utilising this type of energy for propulsion technologies.

"New nuclear technology is a global decarbonisation solution and a commercial shipping disruptor," Wiernicki said during the recent Core Power New Nuclear for Maritime summit in Houston, Texas.

"There is no net zero by 2050 without nuclear," he added.

The CEO of the classification society pointed out that nuclear technology has the potential to transform the shipping industry's economics and vessel operations. It would also lead to a decrease in bunkering requirements.

"New nuclear is a transformational technology. It disrupts the commercial model, the economics of shipping, as well as the operation of vessels and, of course, their design," Wiernicki said.

"Not only does it offer zero carbon operations but higher power with faster transit speeds, increased cargo storage due to the elimination of fuel storage and it unlocks the potential for reverse cold ironing where the vessel powers the port. Finally, critically, it eliminates the need to bunker fuel potentially over the entire lifespan of the asset," he added.

While nuclear-powered ships come with a greater initial investment, the chief of ABS pointed out that this alternative could prove to be highly competitive when evaluating the vessel's entire life cycle.

"The economics are compelling over the life of a vessel," Wiernicki said.

"When you account for fuel differentials, the cost of compliance and residual value, it costs roughly the same as fossil fuel options, only with zero carbon operations. And it gets more attractive when compared to the high cost of green fuels."

However, the implementation of nuclear energy in the commercial shipping industry could face challenges due to regulatory issues, insurance complexities, and public concerns regarding safety.

Nuclear energy has been employed in naval ships, but its use in commercial shipping has faced limitations due to regulatory issues and safety concerns.

"The ultimate boundary condition for this technology will be safety, and we need to ensure we engage and educate the public about the advanced safety performance of these new reactors," Wiernicki added.