Chavalit Frederick Tsao enjoys a reputation for once throwing maritime’s liveliest parties. However, the 67-year-old chairman of Singapore-headquartered Tsao Pao Chee Group has been largely absent from Asian shipping’s social scene of late.

The leader of a conglomerate that until April was known as IMC Pan Asia Alliance Group, the parent of Singapore-based IMC Shipping — has had good reason for his absence.