The price divide between Japanese and Chinese-built bulk carriers is widening, as fresh sales highlight buyers’ ongoing preference for Japanese tonnage.

With shipbrokers back at their desks after the Mid-Autumn Festival break, dry bulk sale-and-purchase activity has picked up pace, even as the number of candidates on the market continues to swell. Values, however, are still trending higher across most segments.

Recent transactions underline the pricing gulf. The 2014-built 56,000-dwt Aquavita Bay, built in Japan, has changed hands for about $20.25m, while the same-aged, Chinese-built Stonewell Pioneer fetched roughly $14.7m — a difference of more than $5.5m.

In the ultramax segment, the pattern is similar. The 2021 Japanese-built CMB Teniers was sold for around $33.3m, compared with $27.8m paid for the 2021 Chinese-built Great Vista, delivered by Dalian COSCO KHI.

Just a year ago, the premium for Japanese ships appeared smaller. In September 2024, the 2016-built kamsarmax Nord Taurus fetched $27.5m, while the same-aged Chinese-built Ultra Jaguar sold a month earlier for $24.2m — a gap of just over $3m.