CONVOY 2026 opened with a strategic discussion on the current state of the sector and a look into the future of nuclear in maritime, bringing together perspectives on market development, commercial deployment and regulatory progress. Hosted by Tobi Menzies, the session was designed to establish a shared baseline for participants and frame the wider CONVOY program as a journey through the evolving maritime nuclear landscape.

In his opening remarks, Tobi positioned the session as more than a standalone webinar. He described CONVOY as a cumulative programme, where this opening ‘view from the hilltop’ provided a structured exploration of how maritime nuclear is moving from a long-range concept into an increasingly practical area of industrial, energy and maritime strategy. He highlighted that the purpose of the first event was not to provide a deep technical analysis, but to help participants understand why the sector mattered now, how the market was taking shape, and where organisations might realistically engage.

What's Important: Key News and Market Signals in Maritime Nuclear by Charlotte Vere

Charlotte, The Baroness Vere, opened the set of main presentations by reframing maritime nuclear as part of a much broader shift in global energy and industrial systems. She explained that while nuclear propulsion and floating nuclear power were not new ideas, the conditions surrounding them had changed significantly. In previous decades, cheaper fuel, lower pressure on electricity systems and limited climate regulation meant there was little incentive for commercial adoption. By contrast, today’s environment of constrained grids, growing industrial power demand, tightening emissions expectations and energy transition pressures for the maritime sector had created a very different context. Charlotte emphasised that maritime nuclear should no longer be viewed as “a speculative science project”, but as a response to structural pressures affecting both energy systems and maritime transport. Her presentation distinguished clearly between two separate but connected markets: nuclear propulsion for commercial vessels, and floating nuclear energy platforms serving ports, industrial clusters and remote power demand. She stressed that while the technologies shared nuclear foundations, they involved very different financing, operational and regulatory models.

A key theme throughout her presentation was that the sector was moving from technical exploration into commercial structuring, arguing that the central questions were no longer purely about reactor physics, but about ownership models, deployment pathways, insurance, regulation and industrial partnerships. She also highlighted growing engagement from governments, insurers, classification societies and capital markets as evidence that maritime nuclear was beginning to move into mainstream strategic discussion.

How Value is Created Across Marine and Power Generation by Thomas Davies

Thomas Davies followed and focused on commercial value creation and deployment architecture. He explored how floating nuclear power plants and nuclear propulsion systems could benefit from shipyard-style manufacturing approaches rather than traditional large-scale nuclear construction projects. By comparing “products, not projects”, he explained how modular production and serial manufacturing could reduce construction risk, improve financing conditions and accelerate learning across deployments.

Thomas also examined where value might accrue across the maritime nuclear ecosystem. He outlined opportunities for reactor developers, shipyards, operators, infrastructure investors, utilities, charterers and industrial users, showing how different participants could engage at different points in the value chain. His presentation highlighted the importance of orchestration between stakeholders and argued that commercial success would depend on integrating financing, operations, regulation and offtake into a coherent deployment platform.

Regulatory Reality: What we Need to Understand Early by Scott Edwards

After a short break, Scott Edwards then addressed the regulatory environment and the progress already underway internationally. He outlined the respective roles of the IAEA, IMO and national regulators, such as the NRC in the United States and the ONR in the United Kingdom, noting that while international bodies set overall frameworks and standards, individual nations remained responsible for licensing specific reactors and ships.

His presentation focused particularly on the modernisation of existing maritime nuclear regulations. Edwards explained that many of the current IMO instruments dated from the 1960s and 1970s/1980s and had been written around earlier reactor concepts and propulsion systems. He described ongoing efforts to revise these frameworks into more modern, goal-based standards aligned with current nuclear safety approaches. Participants were also given an overview of the increasing collaboration between regulators, governments and international organisations to prepare for future commercial deployment.

Panel Session and Q&A

The session concluded with a panel discussion that connected the themes from all three presentations. The panel explored what would need to happen for organisations to move from passive observation to active participation in the sector. The panel discussed the importance of external signals such as policy movement, regulatory progress and industrial partnerships in giving organisations confidence to engage. There were also interesting insights into first-mover advantage both at a member-state or international level, and more specifically at a commercial or company level, with parallels drawn between the two.

The discussion also examined areas of tension and sequencing within the market, including why floating generation applications might advance more quickly than nuclear propulsion, where regulatory constraints might ease in the short to medium term, and how organisations could position themselves while commercial and regulatory frameworks continued to mature. Throughout the panel, speakers reinforced the view that maritime nuclear was entering a practical structuring phase, where decisions about partnerships, capability building and strategic positioning were becoming increasingly relevant.

Looking Forward

Overall, the first CONVOY event of the 2026 program established a clear foundation for the sessions ahead. Maritime nuclear is positioned not as a distant future possibility, but as an emerging industrial and energy proposition shaped by converging pressures in shipping, infrastructure and clean power demand. Participants will be able to approach the June session (Reactors & Fuels) with a clearer understanding of the sector’s direction, and the distinct markets beginning to emerge.

Full Recording: