S&P Platts Global has taken a bearish stance on dry bulk shipping over the next couple of months, citing market overperformance in the third quarter as the reason for its gloomy outlook.

The Baltic Dry Index (BDI) soared 86% from 16 July to 5,650 points on 7 October despite pockets of volatility amid escalating prices for iron ore and coal.

Capesizes, the main carriers of these commodities, saw the highest spot rates since 2008 as the Baltic Exchange's 5TC average across five benchmark routes in the sector tripled to $86,953 per day.