A survivor from the ship told the Japanese coastguard the Gulf Livestock 1 fell victim to rough weather.
The man, who is in good health, was spotted by a Japanese navy surveillance aircraft wearing a life vest and waving while bobbing in the water.
He told rescuers the ship capsized before sinking, said spokesman Yuichiro Higashi at the Japanese coastguard’s regional headquarters conducting the search.
The 12,000-ton ship was carrying 5,800 cows west of the western coast of Amami Oshima in the East China Sea when it sent a distress call early on Wednesday.
The cause of the distress was not immediately known, but the weather was rough in the area due to Typhoon Maysak.
The typhoon has since passed the area and the weather during the search is fine, Mr Higashi said.
The ship’s other crew include 38 from the Philippines, two from New Zealand and another two from Australia.
The ship, owned by Gulf Navigation Holding, based in the United Arab Emirates, left the port of Napier in north-eastern New Zealand in mid-August and was on its way to the port of Tangshan on China’s eastern coast.
