New nuclear can be a transformational technology for the shipping industry, but challenges remain including the need for a new commercial model and for public/private partnerships in a bid to finance development and deployment, Christopher Wiernicki, chairman and chief executive officer of the American Bureau of Shipping maritime classification society said.

Wiernicki told a US summit on the potential of nuclear for the maritime sector that nuclear “disrupts” the commercial model, the economics of shipping, and the operation of vessels and their design.

He said contrary to conventional wisdom about the high cost of nuclear technology, new nuclear can be highly competitive and the economics are “compelling” over the life of a vessel.