If you are used to executives of public shipowners painting a rosy picture of the future — about how the outlook is bright and any downturn is an opportunity — recent messaging by Angeliki Frangou may take you off guard.

The Greek shipowner, who controls the Navios Group and is chief executive of New York-listed Navios Maritime Partners, sees an array of macroeconomic risks that she has described as “clouds on the horizon” in what are otherwise strong shipping markets.