Japanese owner Nissen Kaiun is capitalising on surging tanker asset values, offloading modern eco aframaxes at levels rarely seen before. The most talked-about sale in this weekend's broker reports has been the 2018 Tsuneishi-built Pusaka Borneo, a 109,000 dwt, scrubber-fitted vessel. VesselsValue notes the ship fetched $76.5 million in the end — the highest price ever recorded for a seven-year-old aframax.
The deal surpasses a March 2026 headline transaction in which Minerva Marine reportedly paid $71 million to Aegean Shipping Management for the same-aged COSCO Zhoushan-built 112,500 dwt Green Attitude. Meanwhile, Clarksons notes a sister vessel of Pusaka Borneo, Southern Reverence, has also been committed at a level around $75 million, underlining continued strong appetite for modern tonnage despite recent volatility in freight markets.
MSI data show aframax spot rates surged to around $225,000 per day in late March, averaging $136,000 per day for the month. Although rates corrected sharply in April — briefly dipping below $120,000 per day — they have since recovered, with earnings averaging $150,000 per day on the first day of May. This compares with an average of about $50,000 per day in 2025, marking a structural step change.
A critical supply-chain support has been the U.S. extension of the sanctions wind-down license for Russian cargoes already at sea. The April extension allowed deliveries to continue through mid-May without breaching restrictions, supporting ton-mile demand and tightening regional tanker availability. The combination has opened an extraordinary asset-value uplift window for modern aframax fleets — and Japanese owners are realising positions aggressively in that window, locking in gains on scrubber-fitted, eco-design tonnage.
Key Takeaways:
1. Nissen Kaiun sold the 2018 Tsuneishi-built Pusaka Borneo aframax at $76.5m — the highest price ever for a seven-year-old aframax.
2. The prior record was Minerva Marine's $71m purchase of the same-aged COSCO Zhoushan-built Green Attitude from Aegean Shipping in March.
3. Sister vessel Southern Reverence also changed hands at around $75m; appetite for modern tonnage remains strong.
4. Aframax spot rates hit $225,000/day in late March and $150,000/day on May 1, vs. a 2025 average of $50,000/day.
5. The U.S. extension of the Russia sanctions wind-down license through mid-May supported ton-mile demand.
