Gary Vogel could not have known what was to come when he agreed to become the next chief executive of Eagle Bulk Shipping in the spring of 2015.

The bottom was about to drop out of the dry bulk market, which skidded to a 25-year low by February 2016.

By the time Vogel, 55, settled into the chief executive’s chair in the September, his plans to convert the Nasdaq-listed outfit to an “active owner-operator” model took a back seat to a different priority: survival.