Nuclear-Powered Boxship Could Save $68 Million/Year With Zero GHG Emissions

Nuclear-fuelled ships could make significant savings. File Image / Pixabay

A container ship equipped with nuclear propulsion could save as much as $68 million per year while eliminating its GHG emissions, according to new research.

A new report from Lloyd's Register and LucidCatalyst on behalf of Seaspan Corporation examines the benefits for a 15,000 TEU boxship of running with a nuclear reactor, finding annual savings of up to $50 million in bunker costs and an estimated $18 million in carbon penalties.

The ship would also be able to run at 25 knots, 39% faster than conventional vessels, and thus deliver up to 38% higher annual cargo capacity from a combination of the increased speed and reduced space needed for fuel tanks and systems.

"The report highlights that translating these requirements into a rigorous, requirements-led supply chain and procurement strategy, through a cross-industry consortium, is essential for widespread success," the companies said in an emailed statement on Wednesday.

"If industry pledges to purchase more than 1,000 units in 10–15 years, it estimates that modular reactors could be produced for US$750–1,000 per kilowatt, significantly cheaper than conventional nuclear power plants, and maintained within standard vessel drydock cycles.

"Each unit would be designed to operate for around five years between refuelling, drastically reducing downtime and providing independence from global bunkering networks."

The savings would need to be offset against a much higher initial capital cost of building the ship. 

Nuclear firm Core Power last year put the projected cost of a large ship with nuclear propulsion at somewhere in the region of $700 million.

But as this ship's reactor would be installed on the ship for it to continue running for the ship's lifetime, Core Power expects a nuclear-powered ship to come with energy costs equivalent to $500-700/mt in fuel oil terms over a 25-year lifetime, with zero carbon emissions.