The price difference between Japanese and Chinese-built bulk carriers is widening, with recent sales showing that buyers continue to prefer Japanese tonnage.
Dry bulk sale and purchase activity has accelerated, even as the number of candidates in the market continues to increase. However, values are still on an upward trend in most segments.
Recent transactions highlight the price gap. The 56,000 dwt Aquavita Bay, built in Japan in 2014, changed hands for about $20.25 million, while the Stonewell Pioneer, a same-aged Chinese-built vessel, sold for about $14.7 million. The difference is more than $5.5 million.
A similar situation exists in the Ultramax segment. The CMB Teniers, built in Japan in 2021, sold for about $33.3 million, while $27.8 million was paid for the Great Vista, built in China in 2021 and delivered by Dalian COSCO KHI.
Just a year ago, the premium for Japanese ships appeared lower. In September 2024, the 2016-built kamsarmax Nord Taurus sold for $27.5 million, while the same-aged Chinese-built Ultra Jaguar sold a month earlier for $24.2 million. The difference was just over $3 million.
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