Who pays the highest in chartering & freight trading?

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Although 2020 has brought a magnitude of challenges to the maritime industry, chartering and freight trading compensation appears relatively unscathed.  Base salaries, bonus payments and total compensation has remained on par with previous years. But is change on the horizon?

Base salaries highest in…

Base salaries in the US are among the highest across all job levels, with Singapore paying similar at Professional and Senior Professional level. At Manager and Head of / Director levels though, the US is joined by Denmark as one of the highest payers.

A shift at the top?

37% of the highest of proportion of staff in Singapore at Professional and Senior Professional level are Singaporean nationals.  So, it will be interesting to see if salaries in Singapore at higher levels increase as these staff progress further.

More women poised for senior positions in the future

Women are still underrepresented in chartering and freight trading jobs.  This year 17% of all incumbents are women and 47% of them are working at Junior / Trainee and Professional level, a slight increase on last year.   Could this indicate more women joining the specialism?  If so, in a few years could we see these women progress through the job family and hold more senior positions?  Only time will tell. 

We are already seeing this happening on a small scale at the Manager / Senior Manager level where the percentage of women has increased this year.

Tankers continue to pay highest

The same old continues when looking at company types and vessel type. As we saw with last year, the tanker industry pays their charterers and freight traders the highest when compared with Dry Bulk and Mixed Fleet incumbents.  Oil companies and commodity groups are still higher payers than their shipowner counterparts.

While we may expect some areas of the industry impacted by the pandemic, so far the indication is that Chartering and Freight Trading has become a more important aspect of maritime companies as the ‘money makers’.  There are some changes happening with regards to demographics so we will keep an eye on how this changes over the next few years. 

These insights were brought to you from Spinnaker’s benchmarking team using data from our 2020 shore-based salary benchmarking report. Want to know more? Contact Helen McCaughran at [email protected].

Teresa Peacock joins Dryad Global as first Non-Executive Director

Handshake to celebrate new hire

I am incredibly excited to be joining the Dryad Global team in this role, bringing my passion and drive for ensuring diversity across the maritime industry’s workforce. Our industry’s people help keep the world turning, and in a truly diverse workplace, productivity and success thrives.

Teresa Peacock
Teresa Peacock

Teresa Peacock is currently Managing Director at Spinnaker and a member of the Maritime UK’s Diversity Taskforce, a board member of the Women’s International Shipping & Trading Association (WISTA UK) and a part of the All Party Parliamentary Group for Women and Work. Her experience spans a career in recruitment of over 30 years, most recently working to deliver major global recruitment projects in shipping and the offshore and oil & gas markets in Australia, New Zealand, Canada, Middle East, Far East, Africa and Europe.

Teresa joins the team to provide senior counsel and strategic guidance as Dryad Global expands its international team and seeks to recruit a diverse workforce more reflective of the ever-changing seascape workplace.

Phil Diacon, CEO at Dryad Global, said: “On behalf of our team, I am delighted to welcome Teresa to Dryad Global.”

Teresa brings exceptional experience of sales, customer relations, human resources and equality and diversity knowledge from her career working with global shipping companies and the UK’s Maritime Diversity Taskforce.”

With a proven track record and two decades at the helm of one of Europe’s largest shipping recruitment companies, Teresa is a force for change, bringing much needed insight to the sector as it strives to modernise and address issues such as gender inequality and pay gaps as well as ethnic and social diversity in the workplace.” 

This appointment is one of a number that Dryad is planning to announce in 2021 as part of a plan to strengthen the Dryad Global brand and deliver exceptional customer service through maritime security and risk intelligence solutions. 

Dryad Global continues to carve out its own niche in the maritime security sector. We pride ourselves on our agility and innovative approach in playing our part to improve the shipping industry not only for SOLAS but also for the shore-based employees of this industry who play such a vital role in keeping the sea-lines open. I am confident that the skills, experience and diversity Teresa will bring as our first non-executive board member will pave the way for a panel of experts that will support and oversee the delivery of our new strategy.”

I speak for the whole team, from the UK, Africa, to Australia and the United States as I warmly welcome Teresa and look forward to the onward voyage with her aboard.” 

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