IINO Lines to install Norsepower rotor sails on a newbuild VLGC
Finnish cleantech company Norsepower Oy has signed a contract with global shipping company IINO Lines for the delivery and installation of two Norsepower Rotor Sails™ on a newbuild Very Large Gas Carrier (VLGC).
The LPG dual-fuel vessel was delivered today from Daewoo Shipbuilding & Marine Engineering Co., Ltd in Korea, and it is ready to be equipped with two bespoke 20m tall Norsepower Rotor Sails™ side by side.
Specifically, the vessel has already been fitted with Norsepower Rotor Sail™ foundations.
Norsepower said that the specially designed, 20m x 4m units have been developed to accommodate the vessel’s specific air draught limits.
The installation is scheduled to take place in the second quarter of 2024.
Following calculations, Norsepower estimates the Rotor Sails will reduce the fuel consumption and CO₂ emissions from the vessel by approximately 4%.
The savings are expected to help the vessel meet international emissions reduction targets, including the Carbon Intensity Indicator (CII), and save on rising fuel costs, while also can be future-proofing from anticipated carbon pricing.
“IINO Lines is committed to taking an innovative approach to meeting and exceeding local and international decarbonisation targets. Investing in sustainable vessels is central to our approach and working with Norsepower will enable us to use innovative, and proven technologies which fit in seamlessly with our operations. We appreciate all the concerned parties who made efforts to realise this innovative project. We look forward to the installation of the Rotor Sails to make the vessel greener than ever,” Hiromi Tosha, President of IINO Lines, said.
“With more stringent environmental regulation being enforced, interest in the Norsepower Rotor Sail™ is increasing significantly and our latest agreement shows how action is being taken today across multiple stakeholders including charterers. This is being underpinned by the real-life performance data from the 15 Norsepower Rotor Sails™ which are in action today. The data taken from eight years of operations demonstrates the reduction of fuel costs and emissions that are achieved, which in some cases is over 25%,” Tuomas Riski, CEO of Norsepower, added.
This is the company’s third gas carrier installation contract.
The deal is being revealed on the back of Norsepower’s latest funding round which has raked in EUR 28 million. The company plans to use these funds to ramp up production and expand its reach.