WCI MR Market Update

WCI MR vessel supply in the seven-day ahead window stands at 9 ships against a 90-day moving average of 20, the list is materially tighter than ten days ago. Incremental cargo demand is +4 vessels, reinforcing the bullish signal from both sides of the Freight Supply and Demand (FSD) model. The FSD model points firmly bullish, forecasting rates to firm from WS 308 to WS 327 over the coming week into the 27 April to 6 May load window.

The breadth of fixture destinations over the past seven days is the clearest evidence that demand for WCI CPP cargoes remains robust and diversified. Cargo flows have moved simultaneously toward South Africa, East Africa, the Arabian Gulf, Japan, and Australia and New Zealand; a spread of destinations that signals genuine underlying demand rather than a single arbitrage window driving activity. WCI loading arb margins across main routes are currently negative (although open earlier in April), but the volume and variety of recent fixture activity shows that demand is absorbing available tonnage regardless.

Falcon Majestic and Leo Maris both fixed loading Sikka for South Africa at WS 350, while Torm Damini fixed the same load port for Dar es Salaam on a multiport laycan. Torm Astrid fixed Sikka to Colombo at $950,000 lumpsum. Fos Mercury fixed New Mangalore to Sohar at $1.36m lumpsum. SC Sapphire went on subs loading Sikka for Australia / New Zealand, and Energy Athena and Cape Bonny fixed loading Mumbai and New Mangalore respectively for Japan at WS 310 and WS 305. The range of destinations and the pace of fixing confirm that shipowners are well positioned to hold their asking levels.

Worth noting that bunker costs at Mundra are elevated, highest out of the main bunker zones globally, with VLSFO at $828.50 per metric tonne and LSMGO at $1,339.00, which raises voyage costs and provides owners with additional justification to push rates.

With vessel supply running at less than half the trailing 90-day average, incremental demand adding to enquiry, and a diverse cargo slate confirming sustained export activity across multiple trade lanes, the WCI MR outlook is firmly bullish into early May. Charterers should cover requirements promptly. Owners retain leverage.