Gary Vogel was co-chief executive of Denmark’s private Clipper Group when his mobile phone rang on a Saturday afternoon in the spring of 2015.

He saw the caller was an acquaintance of 25 years, Paul Leand — a finance man who was also chairman of Eagle Bulk Shipping.

“I thought I might know what this was about,” Vogel said. “I told my wife: ‘I think I should take this’.”