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Nuclear-powered container ships could eliminate bunker costs, cut emissions and reduce transit times. Core Power

Regulatory agencies developing maritime nuclear power framework

By Greg Knowler

A push to establish a regulatory framework for the safe deployment of civil nuclear applications in maritime environments is gathering momentum, with two key agencies now working on a set of standards for the shipping industry. The Maritime Safety Committee of the International Maritime Organization( IMO) in June agreed to start revising the“ Code of Safety for Nuclear Merchant Ships.” That initiative began in January as part of broader discussions on decarbonization and alternative fuels, aiming to create a regulatory framework for civilian nuclear shipping. The IMO is also working with a division of the International Atomic Energy Agency( IAEA) known as Atlas( Atomic Technologies Licensed for Applications at Sea) to plug regulatory gaps and develop the maritime nuclear power framework.

“ These two agencies are taking all the security and safeguard standards that exist and making sure that they’ re relevant for the maritime industry,” said Mikal Bøe, founder and CEO of Core Power, a UK-based development company specializing in scalable atomic power technology.

“ During 2026, the agencies will come together to form a harmonized regulatory framework that will apply both to floating nuclear power and to nuclear-powered ships,” Bøe told reporters at a recent press briefing.“ That is the bedrock on which maritime nuclear power will rest.”

Nuclear-powered container ships have the potential to eliminate bunker costs, cut greenhouse gas( GHG) emissions and deliver faster transit times, while maintaining safety and economic competitiveness, according to classification society Lloyd’ s Register.

With no international regulatory framework yet in place, Lloyd’ s Register in October published Navigating Nuclear Energy in Maritime, a new guidance document providing the first roadmap for the safe and responsible use of nuclear technology in commercial shipping and offshore industries.

The document discusses the roles of key bodies, including the IMO and the IAEA, highlighting the importance of harmonizing maritime and nuclear standards.

“ Nuclear energy has the potential to transform maritime, providing a scalable and zero-carbon energy source that can accelerate the industry’ s energy transition,” Mark Tipping, a director at Lloyd’ s Register, said in a statement.“ However, its adoption requires clarity, collaboration and trust across regulators, operators, insurers and wider society.”

In September, US President Donald Trump and UK Prime Minister Sir Keir Starmer signed a memorandum of understanding on the“ Technology Prosperity Deal.” The MOU included commitments to explore opportunities for civil maritime nuclear applications, consult on the creation of international standards, establish a maritime shipping corridor between the two nations and strengthen energy resilience for defense facilities.

Building blocks

An international regulatory framework is one of two key elements required before nuclear power in the maritime industry can be realized at scale; the other is reducing nuclear production costs through mass manufacturing.

Lowering the costs of building floating nuclear power platforms( FNPPs) and nuclear-powered ships rests on the large-scale modular construction of the sort employed by existing shipyards, Bøe noted.

“ It is taking a project-based industry and turning it into a product-based industry where you’ re mass manufacturing an identical product at scale,” he said.“ We do this with ships, with aircraft, with space technology. The way to get things done at a grand scale with economics that makes sense, and quality that makes sense, is through mass manufacturing.”

The large-scale modular construction where systems or components are assembled separately dramatically reduces time and costs and has enabled shipyards to achieve high volume and high quality with a skilled workforce.

There is growing recognition that nuclear can play a significant role in the decarbonization of shipping and enable the maritime industry to meet its ambitious emissions-cutting targets.

The IMO’ s 2023 GHG Strategy wants total annual emissions from international shipping to be reduced by at least 20 %( striving for 30 %) by 2030, at least 70 %( striving for 80 %) by 2040 and to achieve net-zero GHG emissions by or around 2050, all compared with 2008 levels.

But Bøe said the only way the industry would achieve its mandated 70 % reduction in carbon emissions by 2040 is to complement the use of marine fuel for smaller ships by adopting nuclear propulsion for larger vessels.

He noted that of the world’ s fleet of 65,000 ships, just 7,000 vessels consume 50 % of all marine fuel oil.

“ If we’ re cutting emissions by 50 %, we need to focus on the larger ships rather than the smaller ships, because that is where we will get the most bang for our buck,” he said.“ Reactors with about 100,000 horsepower is the right kind of power profile for those 7,000 ships, which will cut emissions and speed up the fleet,” Bøe added.

email: greg. knowler @ spglobal. com

28 Journal of Commerce | February 2, 2026 www. joc. com