This is a terrific windlass but it does need a bit of lube from time to time.
As said in the previous post east the chain gypsy off, you may need some dismantling agent (wd 40, diesel
oil), avoid tapping the gypsy with a metal tool use a wooden mallet.
I think that you will find that the face of the cone clutch is sticky with dried salt
or possibly a metal to metal seize.
To remove the gypsy unscrew the clutch nut and the gypsy should be free to remove.
Clean it well with a nylon brush and diesel
. Clean thoroughly paying attention to the inside of the cone within the body of the 555 chain gypsy.
Hope that this helps,