The Grinch returned to the dry bulk market on Wednesday and the Baltic Dry Index plunged to a low not seen since April.

The drop came on the back of declines in spot rates for bulkers large and small ahead of the Christmas holiday, though midsize ships were spared.

The BDI fell 2.8% in one day to reach 2,229, a 19.6% drop since this time last week and the lowest level in more than eight months.

The day's plunge came as handysize, supramaxes and capesize bulkers all saw their spot indices turn red, while in the middle panamaxes posted Wednesday's only gains.