Japanese shipowners are continuing to cash in as buyer appetite for quality Japanese-built tonnage pushes values higher, according to a report by Splash247.

This week sources revealed an exceptionally rare sale by Doun Kisen, one of Japan's largest private tonnage providers. Japanese owners traditionally hold modern ships for long service lives, so young, quality tonnage reaching the secondhand market tends to draw outsized attention from buyers. The Okochi family-controlled firm is trimming its 20-ship strong capesize arm, selling the 2022-built Princess Eternity for around $78m. The buyer has yet to be revealed.

The 182,000 dwt bulk carrier was constructed at Japan Marine United, one of Japan's leading shipyards, and the transaction marks Doun Kisen's first capesize sale in a year. Capesize vessels are the largest class of dry bulk carrier, typically above 150,000 dwt and employed mainly in the iron ore and coal trades. The class takes its name from the Cape of Good Hope and Cape Horn, as such ships are too large to transit the Panama Canal. Because their employment is concentrated in raw material flows to steel mills, capesize earnings swing sharply with changes in seaborne iron ore and coal volumes.

The closest comparable deal emerged in June, when Nissen Kaiun sold a two-year-older sister ship in an off-market transaction for $66m. Even allowing for the age gap, the step-up in price illustrates how firm values for modern Japanese-built tonnage have become, with newbuilding slots at major yards booked years ahead steering buyers toward near-new secondhand ships.

The latest sale comes at a time when average capesize spot earnings jumped just under 40% week on week to around $46,000 per day. Market watchers will next be looking for the identity of the buyer and for any further disposals from Doun Kisen's remaining capesize fleet while values hold near these levels.