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Independent Research Outlines Fractional Ship Owning Structures

Maritime asset tokenization – policy research framework note.

This week, a policy discussion paper published by the Research and Information System for Developing Countries (RIS), New Delhi, examines maritime asset tokenization as a potential mechanism to mobilize capital for shipbuilding and ship ownership.


The paper (Discussion Paper #318, January 2026) is authored by Commodore Sujeet Samaddar (Retd) and Vanshika Goyal, under RIS’s Centre for Maritime Economy and Connectivity (CMEC).


Why this matters beyond one geography


Shipping finance is capital-intensive and long-cycle by nature. The paper notes that traditional financing can be constrained by factors such as pricing, tenor, and risk limits.


In the India context, it estimates the capital requirement for shipbuilding and ship ownership at USD 178–190 billion toward long-term maritime targets, and suggests that existing mechanisms alone may not mobilize capital at the required scale.


While the analysis is written through an India lens, the underlying question is global: how can participation in maritime assets become more modular, without weakening governance, compliance, and market integrity?


What the research proposes



The paper outlines a reference framework for fractional participation in ships through tokenization. At a high level, it discusses:

  • SPV-based structures for asset ring-fencing and issuance

  • Compliance rails, including KYC/AML integration at the platform level

  • Governance and rule-based controls enabled through smart contracts

  • The role of market infrastructure to support orderly transferability It also recommends an inter-agency approach, including the creation of a dedicated task force to evaluate policy design, oversight, and implementation pathways.

Reference to Shipfinex

In its review of emerging market activity, the authors cite Shipfinex and reference the Marine Asset Tokens (MATs) concept as an example of early work in maritime asset tokenization.

What this means for Shipfinex users

Shipfinex’s core contribution is the operational structure required to make fractional ship ownership operable in markets:

  • Asset-level ring-fencing: each asset structured so participation is clearly defined and isolated

  • Permissioned participation: onboarding and access controlled through compliance checks

  • Governance-first design: focus on disclosures, oversight, and transaction integrity, before scale

Regulatory progress (where Shipfinex stands today)

Shipfinex has built its approach inside regulated pathways across multiple jurisdictions, including:

  • UAE: Initial approval for broker-dealer services by Dubai’s Virtual Assets Regulatory Authority (VARA) (final approval pending)

  • European Union: Virtual Assets Service Provider (VASP) licensing from MiCA

  • St. Vincent & the Grenadines (SVG): licensing for asset tokenization & exchange platform

Our interpretation

We see this as a constructive signal: maritime asset tokenization is increasingly being discussed in policy research as a defined structure, with attention to compliance enforcement, governance, and orderly transferability.

Third-party publications are not endorsements, and policy discussion is not a substitute for regulatory authorization. We are sharing this paper as an independent reference point in the broader conversation on how shipping finance can modernize responsibly.

Until next time,

Team Shipfinex

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