A Japanese shipping company, IINO Kaiun Kaisha, Ltd. (IINO Lines), and shipping finance institution Mizuho Leasing Company, Limited (Mizuho Leasing) have signed a co-operation agreement with Norsepower to launch a mechanical sail leasing initiative for Norsepower’s Rotor Sail.

The leasing initiative is intended to help ship owners avoid the upfront CAPEX costs that have acted as a barrier to adoption for Norsepower’s wind-assisted propulsion solution for small to medium-sized shipowners and operators.

IINO Lines and Mizuho Leasing have extensive experience in lease financing, including expertise in leasing sustainable technologies, while Norsepower has accumulated almost a decade of experience of successful installations onboard commercial vessels.