The fee stack is the first thing most operators hide. Here is all of it.
Charter income lands in the vessel’s own company. Crew, fuel, dockage, insurance, management and the maintenance reserve are paid first — nothing is buried in the split. What remains is distributed to owners in proportion to what they hold, in USDC, on a published schedule.
Illustrative. One representative week, shown to explain the split — not a forecast, a quote, or a promise of return. Rates, costs and distributions vary by vessel, season and bookings.
| Period | Revenue | Crew & fuel | Management | Reserve | Distributed |
|---|---|---|---|---|---|
| Q1 | $268,000 | −$84,000 | −$52,000 | −$36,000 | $96,000 |
| Q2 | $412,000 | −$118,000 | −$79,000 | −$44,000 | $171,000 |
| Q3 | $356,000 | −$104,000 | −$68,000 | −$42,000 | $142,000 |
| Q4 | $198,000 | −$71,000 | −$39,000 | −$29,000 | $59,000 |
How net yield is calculated. Gross charter revenue, less crew, fuel and berthing, less management and brokerage, less the maintenance reserve, divided by the hull’s surveyed value. No performance fee, no carried interest, no token buyback.
Attestation. Once the first hull is issued, each quarter is attested by an independent marine accountant and the distribution transaction is published onchain. Until a hull is actually issued there is no history to link to, and we would rather show an empty column than a fabricated one.
Own the hull, not the brochure.
Non-binding. When the first hull opens you hold priority for seven days before your place passes to the next reservation in order.