What connects Ptolemy and technology?
Around 2,745 years ago, Ptolemy I, Alexander the Great's successor, built the world’s first lighthouse on the western bank of the Nile.1
Topped by giant mirrors that reflected the light from its roaring fire right down the dangerous Alexandrian coastline, the so-called Pharos acted as a beacon for sailors coming into port and was deemed one of the Seven Wonders of the Ancient World.
Fast forward three millennia and mariners are still innovating. Having experimented with every fuel from wind to wood and coal to diesel, we find ourselves right back where we started.
Wind harnessed by innovative sail technologies and steam, not from coal but from nuclear fission, may well be the future of commercial shipping.2
Ships carry some 90%3 of the world’s goods around the world, generating around 3%4 of the world’s carbon emissions. With regulatory expectations rising and consumer pressure growing, there is a premium on speeding the adoption of new wind and nuclear technologies.
But there are substantial risks in new technology. Not least investment, operational safety, reliability and performance.
So far only naval ships or ice-breakers use nuclear power. But several companies across the UK, France, Norway, Sweden, the US and China are experimenting with innovative sail technology.
Like the Phoenicians three centuries ago, as the cargo industry sees the light, so more insightful insurance provision around investment performance and operational risk should enable even more ship operators to ride the wave.
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