Christopher J. Wiernicki, Chairman and CEO of the American Bureau of Shipping (ABS), emphasized the crucial role of nuclear technology in achieving net-zero emissions in the shipping industry by 2050, according to ABS's release.
Speaking at the Core Power New Nuclear for Maritime Houston Summit, Wiernicki asserted, “New nuclear technology is a global decarbonization solution and a commercial shipping disruptor. There is no net zero by 2050 without nuclear.”
Wiernicki highlighted the transformative potential of new nuclear technology, citing its ability to disrupt existing commercial models, shipping economics, vessel operations, and ship design. He noted that nuclear power offers zero-carbon operations, higher power output for faster transit speeds, increased cargo capacity due to the absence of traditional fuel storage, and the potential for reverse cold ironing, where the vessel powers the port. He also stressed the elimination of fuel bunkering needs over the vessel's lifespan.
Addressing the perceived high cost of nuclear technology, Wiernicki argued that new nuclear can be economically competitive. “The economics are compelling over the life of a vessel,” he said. “When you account for fuel differentials, the cost of compliance and residual value, it costs roughly the same as fossil options, only with zero carbon operations. And it gets much more attractive when compared to the high cost of green fuels.”
Wiernicki acknowledged that challenges beyond technological development remain. He called for a new public-private partnership and a new commercial model, urging the insurance industry to adapt from its legacy model. He also stressed the need to address regulatory gaps, develop global licensing standards, and invest in crew training. “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,” he concluded.
American Bureau of Shipping (ABS) is a global classification society providing safety and technical standards to the marine and offshore industries.