ABS Sees Nuclear as ‘Generational Opportunity’ for US Shipbuilding
New nuclear reactor technology represents a once in a generation opportunity for U.S. industrial policy, as vessels propelled by advanced small modular reactors (SMR) could act as a catalyst for the revitalization of the country’s shipbuilding, according the Chairman and CEO of American Bureau of Shipping (ABS), Christopher J. Wiernicki.
Wiernicki added he believes the next step is development of a marinized SMR demonstrator.
“It is a key transformational technology. It changes the commercial model, the economics of shipping, the operation of the vessels and their design. So, while it is a global story, this is also a domestic U.S. story, bringing together national energy and economic security and acting as a catalyst for new industrial policy amid the reinvigoration of U.S. shipbuilding,” said Wiernicki.
“New nuclear can be highly competitive. The economics are compelling over the life of a vessel when you account for fuel differentials, the cost of compliance and residual value, it costs roughly the same as fossil options,” he added.
Wiernicki explained that SMR technology was a huge opportunity for U.S. shipbuilding but there remained much work to support its adoption, with regulation and licensing identified as key to unlocking new nuclear’s potential.
“New nuclear could be U.S. shipbuilding’s secret weapon, but we need to invest in the technology, and we need a new nuclear playbook to make it happen. We have to separate the commercial approach from the military and land-based applications from marine and enhance public engagement and education.”
“Current regulations are designed for large land-based reactors, specific technologies and domestic deployment. So, we need to look at the regulatory gaps and develop a dedicated framework to support SMRs and a global collaboration for international licensing standards,” Wiernicki concluded.
To remind, ABS published the industry’s first set of rules for floating nuclear power in October last year.
