Press release | Hamburg/Germany, July 2020
The shipping company Vogemann based in Hamburg/ Germany issues the Green Ship Token, its first digital security on the blockchain. The total issue volume of the Green Deal is 50 million US dollars (USD). Institutional and private investors can invest from USD 1,000 on. The securities prospectus was approved for publication by the FMA Financial Supervision Authority Liechtenstein on July 3rd, 2020.
The raised capital will be used to purchase bulk carriers with their own board cranes – a type of ship that is particularly flexible and can be used almost anywhere due to its size and equipment. Bulkers transport raw materials such as grain, fertilizer, coal, ores, minerals, steel and forest products. “We are talking here about goods that form the basis for our daily needs,” says Markus Lange, managing partner of H. Vogemann Reederei GmbH & Co. KG. Bulkers take over almost half of the worldwide sea transport.
Jens-Michael Arndt, managing partner of H. Vogemann Reederei GmbH & Co. KG, explains the acquisition profile: “We are particularly targeting so-called ‘Green Ships’. They offer the ideal combination of increased energy efficiency with reduced emission values. This not only makes them more environmentally friendly, but also ensures lower fuel costs and higher charter rates”. Vogemann continues to expand its pioneering role in this area: Worldwide exist currently only two bulkers in the handysize segment up to 40,000 tons deadweight, which already 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.
New ways in financing meet the right timing
Vogemann’s decision to invest in future-oriented ships is 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,” Lange continues. “A security token offering is the logical continuation of our financing strategy.”
The time for the Green Deal is conceivably favourable: “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,” says Patrick Schütze, Managing Director of Neofin Hamburg GmbH, which is responsible for conceptual consulting, coordination and sales of the 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”.
Technically, the issue will run on the Ethereum block chain. The issuance and investor platform www.greenshiptoken.com is based on Ive.One, which was specially developed by the Frankfurt-based FinTech Agora Innovation GmbH for issues of digital securities via blockchain solutions. The capital market regulatory support is provided by attorney Lutz Auffenberg, LL.M. from Fin Law, Frankfurt, a law firm specialized in the tokenization of financial instruments.
Key data of the Green Ship Token issue
qualified subordinated profit participation rights embodied in tokens
50 million tokens worth USD 1 per token
8% p.a. + plus profit sharing of 50/50 between investors and issuer, insofar as the economic success of the issuer permits.
Up to 15 years
Vogemann Green Ship Token, Hamburg
Neofin Hamburg GmbH, Hamburg
Like any investment, the purchase of Green Ship Tokens is not only associated with yield opportunities, but also with the risk of loss, up to the total loss of the invested capital. The main risks associated with an investment in Green Ship Tokens can be found in the securities prospectus approved for publication by the Liechtenstein Financial Market Authority (FMA). Potential investors are strongly recommended to read the securities prospectus in its entirety before making an investment decision and, if necessary, to seek advice from qualified third parties on an investment in order to ensure a comprehensive understanding of the information contained in the securities prospectus. The full securities prospectus is available for inspection and download at https://greenshiptoken.com.
The shipping group H. Vogemann, Hamburg, was founded in 1886 and specialises in the business of bulk cargo transport in all its facets. The business model stands for three independent, solid pillars on which the owner-managed companies occupy a unique position worldwide: The brokerage, shipping and service companies. Through decades of experience Vogemann combines intensive, global contacts to industry, trade and production with historically grown, worldwide relationships with shipping companies. www.vogemann.de
About Neofin Hamburg
Neofin Hamburg GmbH supports capital-seeking companies in the issuance of tokenised investment products via Security Token Offerings (STO). The comapny assists their clients during the planning phase of the issuance of tokenised investments, from the start of the public offering in the token sale and the distribution to private and institutional investors via its own network to the successful completion of the capital market project. Neofin Hamburg also participates as a venture capitalist in companies and projects in the Fintech/Blockchain segment. The focus is on high-performance networks and platforms. Among the investments is SatoshiPay Ltd. a developer of micropayment solutions and one of the pioneers in the areas of block chain and crypto currencies. Founder and managing director of Neofin Hamburg is Patrick Schütze. Neofin Hamburg GmbH operates the investment brokerage business within the meaning of Section 1 (1a) Sentence 2 No. 1 KWG as a contractually bound agent within the meaning of Section 2 (10) KWG exclusively for the account and under the liability of Anton v. Below GmbH & Co. KG, Große Theaterstrasse 42, 20354 Hamburg. www.neofin-hamburg.de