The spot market for capesize bulkers plummeted over the past week on the back of withering sentiment, a futures market sell-off, analysts and a shipowner said.

The Baltic Exchange’s capesize 5TC, which averages spot rates across five key routes, dropped 31.6% since a week ago to $11,700 per day on Friday, falling to its lowest point in almost four months.

“The capesize market had a forgettable week for owners as rates slipped away,” Baltic Exchange analysts wrote on Friday in their weekly summary of the dry bulk market.