The scene on late Monday afternoon was like nothing in recent memory at a Capital Link finance forum.

A rambunctious panel of equity analysts at New York's Metropolitan Club could be described as trashing shipping’s corporate-governance record, including the industry’s history of related-party conflicts.

Seated just feet away, and appearing to grow increasingly rigid in his seat, was Capital Link president Nicolas Bornozis — both the organiser of the forum a leading defender of shipowners with related party structures, though he has argued proper corporate governance must be in place.