The number raises eyebrows at first. It says Eagle Bulk Shipping chief executive Gary Vogel pulled down a whisker under $10m in total compensation for his work in 2016.

It is a big number for a shipping executive. And for anyone familiar with Eagle Bulk’s history as a New York-listed company, it conjures up memories of a $20m payday for ­former chief executive Sophocles Zoullas, big cheques to directors and the owner’s eventual settlement of a class-action lawsuit by shareholders.