Drag to rotate · Cargo holds fill with the utilization slider · Toggle the token layer to see on-chain claims
Dry bulk 101
Dry bulk carriers haul unpackaged cargo — iron ore, coal, grain. Owners earn via time charters: a charterer pays a fixed day rate to use the vessel.
Rates swing hard with the commodity cycle. The Baltic Dry Index has historically moved from crisis lows near a few hundred points to booms above 5,000 — meaning the same ship can earn $6k/day one year and $25k+/day another. Any "steady yield" pitch has to explain how it survives the trough.
What a token can claim
A token is only worth what a legal structure gives it. Three common models:
- Equity in an SPV that owns the vessel — strongest claim, most regulation.
- Revenue-share contract — a right to a slice of cash flow, not ownership.
- Nothing enforceable — a "utility" token whose value is narrative only.
"Working product before token" — real ships, real charters, dashboard tracking — is a genuinely better signal than vaporware, but it still doesn't tell you which of the three models you'd be buying.
Due-diligence checklist
Worked example
A mid-size Supramax at a $14,000/day charter, on hire 330 days (35 days off for dry-docking and idle time), with $6,000/day OPEX (crew, insurance, maintenance, management) across all 365 days:
- Gross: 330 × $14,000 = $4.62M
- OPEX: 365 × $6,000 = $2.19M
- Net: $2.43M/yr — before debt service, fees, and the platform's cut.
Split across 10,000 tokens that's $243/token/yr. If tokens sell at $2,000 each, the implied yield is ~12% — attractive, but entirely dependent on charter rates staying near $14k. Drag the rate slider to $8k and watch the yield collapse. That sensitivity is the core risk of every shipping RWA.