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Vogemann touts new blockchain-based handy Green Deal

German shipping company Vogemann has started a new way of financing, using blockchain-based Green Shipping Token to expand its fleet of bulk carriers. 

The company is looking to raise $50m via this novel green financing method with minimum investments set at $1,000.

The raised capital will be used to purchase green geared handy bulkers. Vogemann data suggests that currently worldwide there are just two handy bulk carriers (up to 40,000 dwt), which meet the highest requirements for CO2 emissions. These requirements only apply to newbuildings that will be put into service from 2029. Both ships of the so-called Green Dolphin’class were built for Vogemann and were put in service in 2019.

Vogemann’s decision to invest in future-oriented ships is also in line with the company’s decision to use the still new financing instrument of a digital securities issue. 

“We have always been open to new financing methods,” said Markus Lange, managing partner of H. Vogemann Reederei. “A security token offering is the logical continuation of our financing strategy.”

“The worldwide fleet of handysize bulkers is threatened with an extreme shortage as a large number of these ships are too old, too uneconomical and therefore no longer competitive,” said Patrick Schütze, managing director of Neofin Hamburg G, which is overseeing Vogemann’s digital securities issue. “The purchase prices are currently at a low level. By acting with foresight, Vogemann is opting for an anti-cyclical investment and the oldest merchant’s motto in the world: the profit is in the purchase”.

The issue will run on the Ethereum blockchain. The issuance and investor platform www.greenshiptoken.com is based on Ive.One, which was specially developed by the Frankfurt-based FinTech Agora Innovation for issues of digital securities via blockchain solutions. 

The so-called Green Deal created by Vogemann comes with 8% interest plus profit sharing for investors. 

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Comments

  1. Great, the KG model without governance (token holders have no voting rights, just dumm dumm money) and in the disclaimer they themselves state a conflict of interest as the recipient of the funds is also custodial over the asset. Should they raise 50 million the US 4.25Million in fees (stated 2% in Agio costs). This is even worse than the KG model…. Secondly, the promise of liquidity through an ERC20 token would require opening a web ETH adress by way of Myetherwallet, store “hot or cold” and then upload to a DEX (Decentralized exchange) after receiving the ERC20 token Adress. Once you pay gas fees and actually calculate the nominal value in ETH and don`t completely fatfinger the book because you missed a decimal imagine this ” prognosis 8% return” can actually become cash negative….. Poor logic, poor execution and another plea for money…..

    1. what they do not mention is they lost all their previous ships as the banks forced them to sell

  2. What exactly is a Green ship? Block Chain – requiring huge quanitities of Data warehousing in cooled warehouses – Green Hmm perhaps not so.

  3. The CEO of Ive.one has had 18 jobs or positions in the last 12 years? seems serious. Charges 4.25 mill in “fees” on a 50 million raise. Blockchain stands for decentralization and this project is entirely centralized. A lawsuit waiting to happen as they state 8% dividends and it just a “profit participation” token, lol? So the business idea is give us money, we manage it ourselves and you have no say what happens to it while the recipient and custodian is charging you fees??? An other project this would be called a cashgrab

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