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%