MT Tulip is the first commercial vessel to be tokenized, issued, and operated as a live yield-generating real-world asset on a public blockchain.
Tulip is a 15,000 DWT chemical tanker currently operating under time charter in the Port Louis area of Mauritius, conducting bunkering operations. Its key commercial parameters:
| Vessel type | Chemical tanker (dual propeller) |
|---|---|
| Size | 15,000 DWT |
| Current operation | Time charter, bunkering operations, Port Louis area |
| Charter rate | $15,675 per day until July 2026, $17,500 / day until January 2027, $16500 from January 2027 until end of 2028. |
| Charter expiry | End of 2026, with expected renewal |
| Commercial manager | PSTV Energy (part of Uni-Tankers Denmark / Bunker Holding group) |
| Technical manager | Kaptanoglu Holding / Fractalized |
| Competitive advantage | Dual propeller configuration and niche bunkering expertise enables long charter terms and strong renewal rates |
Tulip was selected as the first Fractalized asset for reasons that go beyond satisfying the three admission criteria. As a proof-of-concept, it needed to be small enough that a closed MVP raise could validate the full system without requiring institutional scale capital, but operationally significant enough that the charter and income flows were genuine. A $105,000 MVP raise representing a small fractional ownership interest in a vessel with a $14.84M total allocation provides exactly this balance. The vessel is real, the charter is real, the income is real, but the initial investor cohort was small enough that system validation could happen quickly and safely.
The complete Tulip deployment proceeded through the following stages:
A dedicated SPV was established to hold the Fractalized ownership interest in MT Tulip. The SPV's governing documents define the income rights of token holders, the distribution mechanics, the management fee structure payable to Kaptanoglu Holding as technical manager, and the conditions under which the asset interest can be sold. The SPV is the legal counterparty to the management agreements with Kaptanoglu Holding and PSTV Energy.
Legal review of the income rights structure was conducted by Vircon Legal (blockchain law). The KYC framework was designed to meet AML requirements while remaining operationally practical for the expected investor demographic, primarily accredited investors in MENA and GCC markets.
The Tulip token contracts were deployed on Arbitrum mainnet. The deployment includes:
The base ERC-20 token contract (TULIP)
The wrapper contract managing the KYC allowlist and wTOKEN minting/burning
The distribution contract receiving USDT and distributing proportionally to all wTOKEN holders
The liquidity pool contract (10% of raise allocated at launch)
The router contract abstracting all investor interactions into Buy and Sell