VLCC spot rates declined sharply Friday, adding to an already negative start for 2016 fuelled by a buildup of available ships with insufficient cargoes to clear the list.

The Baltic Exchange’s average time-charter equivalent (TCE) assessment posted a one-day plunge of nearly $9,110, or 12.5%, bringing the day rate to slightly above $63,700.

That’s a 27% swoon from the $87,200 per day average TCE on 24 December, the last trading day on the exchange before the holidays.

Still