80% of global trade moves by sea, but $SHIP docs make the important carveout explicit: the token is not a claim on vessels, SPVs, or revenue streams. That split keeps the CT-facing asset liquid while the actual yield layer inherits the KYC gates, mark-to-market opacity, and thin exits that have kneecapped most non-Treasury RWAs. Ethra earns attention if fleet TCE, vessel marks, leverage, and charter counterparties become auditable data feeds; without that, dry-bulk exposure is just narrative beta to the Baltic Dry Index.

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