The Finland-based provider of mechanical sails for large ships, Norsepower Oy, and the Japan based companies IINO Kaiun Kaisha (IINO), and Mizuho Leasing Company (Mizuho) announce that they jointly and exclusively have signed a co-operation agreement to launch a mechanical sail leasing initiative for the Norsepower Rotor Sail™.

The Norsepower Rotor Sail™ is a modernised version of the Flettner rotor, which uses a small amount of the ship’s electric power to rotate cylinder-shaped rotors for generating powerful thrust that saves fuel, reduce thereby greenhouse gas (GHG) and other related emissions.

The new signed partnership aims to increase shipping companies’ access to Norsepower’s product by bringing in extensive experience in lease financing, combined with Norsepower’s nearly 10-year track record of successful installations onboard commercial vessels, and then to provide shipowners and operators with leasing packages for the Norsepower Rotor Sail which start at a minimum five-year term against a fixed monthly fee.

“Norsepower Rotor Sails™ are now an undisputed choice for making meaningful emissions reductions and managing escalating fuel bills. Having our product as standard onboard all suitable vessels should be feasible for shipowners and operators of all sizes. That’s why we’re delighted to introduce new, competitively priced leasing services with our partners. By doing so, we could lower upfront capital requirements and encourage vessel owners to take action and upgrade their fleets,” said Tuomas Riski, CEO, Norsepower.

“We have fostered a strong relationship with Norsepower, installing its rotor sails on two of our vessels. Now, we want to make this product more accessible to the industry. We are confident that bringing together our complementary leasing and finance capabilities with Norsepower’s proven product will accelerate the shipping industry’s journey to decarbonisation,” commented Ryuichi Osonoe, Director, Senior Managing Executive Officer at IINO Lines.

“Through our work in other sectors, we have seen first-hand how improving access to finance and providing flexible options for accessing sustainable technologies can make a real-world impact on improving environmental performance. We are excited to apply our experience to the maritime industry and support IINO Lines and Norsepower in achieving our shared ambition to make the use of energy-efficient technologies a scalable reality,” said Yasuhiko Hashimoto, Managing Executive Officer at Mizuho Leasing.