Preheat the oven to 325°F (162°C) and line muffin pans with cupcake wrappers. This recipe yields 16 cupcakes so you'll need two pans.
In a medium bowl, whisk together the flour, baking powder and salt.
In a large bowl, cream the butter and sugars until light and fluffy. Beat in the eggs one at a time until well-incorporated.
Use a spatula to stir in the remaining ingredients by hand. It's easy to overmix this batter, resulting in too many air bubbles and peaked cupcakes. That's why we're finishing with the spatula instead of a mixer. Start by mixing in the vanilla and coconut rum until just combined. The batter will look a little grainy, but that's okay.
Now fold in 1/3 of the flour mixture until just combined, followed by the pineapple juice, another 1/3 of the flour, the coconut milk and then the remaining flour.
Fill the cups 2/3 full of batter. Fill any unused cups 2/3 full of water (don't use wrappers). Bake for 20-24 minutes, or until a toothpick inserted into the center of a middle cupcake comes out clean and the edges are very lightly browned. My sweet spot was 22 minutes, but oven temperatures vary.
Let the cupcakes rest in the pan for 5 minutes before transferring to a wire cooling rack.