Shipowners constantly do business with partners from other countries, given that the sector is completely dependent on international trade.

But some are seriously looking at ceasing business relations with Russia after its military invaded neighbouring Ukraine last week in an ongoing attempt to take over the country.

“The real question you have to ask yourself is, do you want to be doing business with Russia overall, whether it’s coal or grain,” Eagle Bulk Shipping chief executive Gary Vogel said on Thursday as a member of the online TradeWinds Shipping Forum’s ESG panel.