Shipping equities slumped with the broader market on Monday as Wall Street trembled under the threat of more rate hikes by the Federal Reserve to ease the pain of inflation.

The slump came as the S&P 500 fell into bear market territory, or a 20% drop from its peak.

Norwegian Cruise Line Holdings, which trades on the Nasdaq stock exchange under the ticker symbol NCLH, tumbled the most out of nearly 30 falling maritime stocks, plummeting 12.2% to close at $11.55.

Shares of GasLog Partners, which can also be found on Nasdaq under GLOP, saw the second biggest slide of the day after declining 11.9% to $5.99.

Carnival Corp’s stock came in third on the tumble list, careening 10.3% on Monday.

Other New York-listed shipowners that lost big on Monday include US-based Eagle Bulk Shipping. Its shares, which trade on Nasdaq as EGLE, slid 8.6% to $58.02.

Shares of Athens-based Safe Bulkers, which trade on the New York Stock Exchange as SB, fell by just as much to end the day at $4.04.

The plunges came as CME’s FedWatch tool showed a 30% chance of a 0.75% rate hike at this month’s Fed meeting, a hike that would signify the biggest jump since 1994, Reuters reported.

The Federal Reserve — America’s central bank — is expected to make a decision on interest rates on Wednesday.

The equities pain was felt across various sectors as the Dow Jones Industrial Average lost 875 points to land at 30,517 as businesses braced for higher interest rates.

More than 20 New York-listed stocks lost at least 13% on Monday. Nutex Health, a US-based emergency care provider, was the biggest loser as its stock, which trades on Nasdaq as NUTX, dropped 18.1% to close at $5.78.

Massive retailers also had a down day on Wall Street, but their losses were not nearly as drastic. Walmart, which trades on the New York Stock Exchange as WMT, slipped 1.9% to $119.41.