One of the major benefits of membership to Spinnaker’s Maritime HR Association, is access to information and insights on Executive Pay Trends.

Data from the 2024 salary survey published by Spinnaker at the end of last year provided a comprehensive overview of salary trends, bonuses, and total compensation for Executive Leadership Team (ELT) positions within the maritime industry.
Based on data from 289 ELT roles, the report allows companies to benchmark compensation by location, company type, and vessel type and for positions including CEO (both global & regional), CFO, COO, CCO, CTO and CPO. These positions represent the highest levels of corporate leadership, with responsibilities ranging from financial oversight to commercial strategy, environmental compliance, and human resources management.

Demographics and Representation
Danish and British nationals dominate the Executive landscape, making up 28% of leadership roles, followed then by Indian and American.

When it comes to gender representation, female representation in Executive Leadership makes up 14% of roles in 2024. Notably, the majority of female executives hold Chief People Officer (CPO) roles.

CEO Compensation Trends
For CEO’s with global responsibilities, the highest paid Executives were found in the US and Hong Kong when it comes to base salary. If the package then included bonus and allowances, the top payers then also included Singapore.

The picture is not dissimilar when it comes to Chief Financial Officer (CFO) with the highest median base salary being paid in Hong Kong. The highest total compensation packages are found in Singapore, driven by significant bonus payments.

Compensation by Vessel Type
The Tanker sector has historically led the way when it comes to base salaries, but in 2024:

• Regional or divisional CEO’s salaries in the Mixed Fleet sector surpassed those in the Tanker sector.
• Bulk sector executives saw higher bonuses but lower base salaries, contributing to competitive total compensation.
• Tanker executives continue to receive the highest total compensation at the Global CEO level due to larger bonuses.

Conclusion

The 2024 analysis highlights geographical salary disparities, declining female representation, and variations across vessel types. While some executives received substantial salary uplifts, others saw stagnation, particularly in leadership positions outside of high-growth regions like Singapore and Hong Kong. With changing market conditions, these insights are crucial for companies aiming to attract and retain top maritime leadership talent.

Find out how to access the full report and join the Maritime HR Association