Nissen Kaiun is rapidly reshaping the secondhand bulker market, having sold eight vessels in six months and closing in on a tenth. The latest deal, the sale of the 183,000 dwt Lady Deena for around $70m, underscores the intense demand for young, modern Japanese-built tonnage, according to brokers cited by Splash247.
Record Secondhand Sales for Modern Tonnage
The Lady Deena, built by Japan Marine United in 2020, was sold to cash-rich Chinese buyers, who have been the most active takers of modern capesizes. The price sets a fresh benchmark: the one-year-older Lowlands Spirit (Imabari-built) was sold in April for $65.5m. The $4.5m difference represents a 7% increase in just 10 weeks, Splash247 reported. Earlier this month, Shanghai-based Van Hui Shipping purchased Nissen Kaiun's Ehime Queen (181,000 dwt, Imabari-built) for $57.5m.
| Vessel | DWT | Year Built | Builder | Sale Price | Sale Date (approx.) | Buyer Origin |
|---|---|---|---|---|---|---|
| Lady Deena | 183,000 | 2020 | Japan Marine United | ~$70m | Late June 2026 | Chinese |
| Lowlands Spirit | ~183,000 | 2019 | Imabari | $65.5m | April 2026 | (not specified) |
| Ehime Queen | 181,000 | (not given) | Imabari | $57.5m | Early June 2026 | Van Hui Shipping (Shanghai) |
Implications for the Capesize Market
Nissen Kaiun's sell-off is draining the pool of premium secondhand vessels, which could tighten supply for charterers seeking high-quality tonnage. The company still controls 23 young capesizes with an average age of around four years — one of the youngest fleets of its size in the market. This suggests further sales and sustained upward pressure on secondhand prices, especially for vessels built in Japanese yards, which hold a premium among buyers.
Operational Outlook for Shippers
Freight forwarders and ocean carriers should monitor secondhand pricing as a leading indicator for charter rates. Rising asset values often translate to higher period charter expectations. Additionally, Chinese appetite for modern Japanese-built tonnage may continue to divert vessels away from the spot market, reducing available capacity on key routes such as the transpacific eastbound and Brazil-China iron ore lanes. Nissen Kaiun’s remaining young fleet could become even more valuable if the sell-off continues.
Watch List
- Nissen Kaiun's next sale: With only two more vessels needed to reach double-digit sales, additional deals in the coming weeks are likely.
- Chinese buyer activity: Continued strong demand from Chinese shipping companies and financial institutions could further inflate secondhand prices.
- Benchmark movements: The 7% rise over 10 weeks sets a trend that may ripple through the bulker market.
- Young fleet availability: Nissen Kaiun's 23 young capesizes remain a potential source of supply for the secondhand market.
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