Nuclear power has the potential to revolutionise shipping by eliminating vessel emissions and the need for a bunkering network, according to a report by class society Lloyd’s Register.

The 40-page assessment raises the prospect of a fundamental change in the ownership structure of ships, with a power company owning onboard reactors and charging shipowners for power produced.

“Nuclear energy offers the potential to be as transformational to shipping as the shift from wood to iron, the shift from sail to steam, or the advent of containerisation,” said the report, the latest in a series on future fuels for the global fleet.