Gulf VLCC freight to Asia slides 15 percent

Freight prices for transporting crude oil from the Gulf fell sharply on Friday as a build up of spare Asian tonnage and a falling spot booking sheet hit prices on core routes, shipping brokers said.
By the close of play Very Large Crude Carriers (VLCC) from the Gulf to Asia had struck W85, a fall of 15 percent from around W100 in the previous session.
Rates from the Gulf to the United States were pegged around 10 points under that at W75, though traders said the market still had to it with last done at W87.50.
"The market is down sharply. We've got a build up of tonnage and slowing of demand - it doesn't look good," one shipping broker said.
Broking house E.A. Gibson reported only 16 VLCCs from the Gulf over the week and an excess of Asian tonnage hanging heavy on the market. Other core export routes from West Africa and the North Sea also slipped as the bearish tone rippled through the market.