Norsepower Oy Ltd., the leading global provider of mechanical sails for large ships, IINO Kaiun Kaisha, Ltd. (IINO Lines), and Mizuho Leasing Company, Limited (Mizuho Leasing) have jointly and exclusively signed a co-operation agreement to launch a ground-breaking mechanical sail leasing initiative for the Norsepower Rotor Sail, according to the company's release.
This aims to increase shipping companies’ access to Norsepower’s product to help reduce fuel consumption, greenhouse gas (GHG) and other related emissions. The partnership brings extensive experience in lease financing, including expertise in leasing sustainable technologies, which is combined with Norsepower’s nearly 10-year track record of successful installations onboard commercial vessels.
The International Maritime Organization (IMO) recently set a net zero emissions target for close to 2050. However, the adoption of proven, commercialised energy efficiency products such as the Norsepower Rotor Sail is hindered by the traditional requirement for upfront investment.
This initial investment can be a significant barrier to technology take-up for small to medium-sized shipowners and operators, despite the achievable fuel consumption, GHG and other emissions reductions. This failure means that thousands of vessels on the water today are missing out on the potential benefits of the Norsepower Rotor SailTM.
The new service aims to remove these barriers and enable greater accessibility to finance Norsepower’s product. The initiative’s focus is to provide shipowners and operators with leasing packages for the Norsepower Rotor SailTM which start at a minimum five-year term against a fixed monthly fee.
The concept is being developed amid growing recognition that GHG and other emissions reductions with low carbon or green fuels alone prior to 2030 will be minimal. This is due to the limited availability of alternative fuels, placing an onus on energy efficiency solutions like Norsepower Rotor SailsTM to maximise energy efficiency savings.
Norsepower Oy Ltd is a Finnish clean technology and engineering company pioneering modern auxiliary wind propulsion for the global maritime industry. The Norsepower Rotor Sail has been used by customers for nearly 10 years and has been proven as a low-maintenance, easy to use, and reliable fuel saving product, which is supporting the decarbonisation of the shipping industry. Since its establishment in 2012, Norsepower has raised more than €40 million in funding. It has now installed Norsepower Rotor Sails onboard eight vessels. Next upcoming installations on ten ships include the combination carrier M/V Koryu, MR tanker Alcyone, capesize bulk carrier Camellia Dream, two CO₂ carriers as well as a VLGC, cement carrier and further two bulk carriers to be installed and on the water within the next 12 months.
IINO Lines is a Tokyo-based company founded in 1899 and runs Oceangoing Shipping, Short- sea Shipping and Real Estate businesses. In Oceangoing Shipping business, IINO Lines provides services worldwide and transports energy resources and its related products such as crude oil, LNG, LPG, petrochemicals and dry cargoes as a shipowner and operator. As of March 31, 2023, we own and operate a total of 93 vessels, including 4 VLCCs, 37 chemical tankers, 20 dry bulk carriers, 8 large gas carriers, and 24 small gas carriers.
Mizuho Leasing leverages its expertise in equipment and other assets including ships, in-depth understanding of commercial distribution, and sophisticated financial knowledge to provide a wide range of financial and business services.