The end of 2016 saw the Maritime HR Association releasing the 2016 salary survey reports. We are now beginning to conduct our Market Analysis - comparing the results with previous years – and we started by looking at Chartering roles specifically. We focus on comparing salaries by company type, location and vessel type and found the following:
• Shipowners are still typically paying their Chartering staff less than oil majors and commodity groups, but the margin of difference is reducing and at the upper quartile level they tend to be the highest payer. Shipowner total compensation has remained stable but we have seen an increased use of bonus pay by these companies this year – see fig. 1 (salary scale removed to protect member data anonymity).
• Those working in the US and Singapore still receive the highest salaries but the UK has fallen out of the top 3 due to the weakened GBP when compared to the US Dollar (see fig. 2). In real terms though, salaries in the UK remain competitive and the total compensation packages are more favourable still.
• When we look at base salaries by vessel type, we typically we see Mixed Fleet employees receiving the lowest pay (both at the lower and upper quartile points), Tankers receiving the highest and Dry Bulk somewhere in between.
Watch this space for more updates on our other job families, the next will feature Technical & Marine (including Superintendents).
If you would like to learn more about our salary data and the benefits of Maritime HR Association membership, please get in touch with a member of the HR Consulting team.