One thing I've noticed about shipping RWA projects: Most conversations immediately jump to "fractional ownership." But that skips over the real problem. Shipping is not difficult because ships are expensive. @EthraShip is difficult because the industry itself is built on regulation, operational expertise, legal frameworks, commercial management, insurance and global logistics. Owning a vessel is only one piece of a much larger system. That's why I find EthraShip's approach interesting. Instead of squeezing everything into a single token, it separates the ecosystem into different layers. The regulated side remains responsible for vessel ownership and compliance. The onchain side focuses on participation, governance, transparency and verified maritime intelligence. That distinction is important. Not every blockchain user needs to become a ship owner. But anyone should be able to understand the industry, follow real fleet activity, engage with the ecosystem and benefit from greater transparency without disrupting how global shipping already operates. To me, that's what real-world asset tokenization should look like. Not replacing existing industries. Making them more accessible while respecting the rules that have kept them running for decades. That's a far more sustainable path for bringing shipping onchain. @EthraShip is building with that mindset and I think that's what makes the model worth paying attention to.