Changing Course

Navigating shipping & maritime HR with expert industry insights
Home » Slow down in the dry bulk market reflected in bonuses and total compensation packages

Share this blog

Found something you want to talk about? Share this article online:

Latest Maritime Vacancies

Slow down in the dry bulk market reflected in bonuses and total compensation packages

Since 2007, Spinnaker’s Maritime HR Association has been gathering salary and bonus data from shipping companies to compile annual reports that provide insights into compensation trends across various maritime roles globally.

In 2023, 2022 and 2021 these salary reports, and subsequent deep-dive into ‘Chartering and Freight Trading’ salaries, highlighted that very high bonuses were paid to some Chartering and Freight Trading staff in the dry bulk market.

In fact, in 2023 and 2022, Charterers at Manager and Senior Manager levels in the dry bulk sector received bonuses that were 45% and 120% higher, respectively, compared to their counterparts in the Tanker market.

However, this trend of generous bonuses shifted in 2024. Our latest findings show a noticeable decline in bonus payments in the dry bulk sector, while the tanker sector saw a marked increase. Specifically, the median bonus for Chartering Managers and Senior Managers in the dry bulk market in 2024 was 26% lower than those in the Tanker market.

This change was particularly evident in regions like Singapore and the UAE, where a significant portion of dry bulk Charterers and Freight Traders are based.

Tanker bonuses have shown steady growth since 2022 according to the Spinnaker salary data and in 2024, the average USD equivalent for bonuses paid in the tanker market increased by 44% compared to 2023 across all job families, not just Charterers & Freight Traders.

Will this trend continue in 2025? Contact the Maritime HR Association to see how you can access this information to help inform your pay reviews and bonus payments.

 

Author(s):

Lucy McQuillan

HRC Manager, Spinnaker

Lucy is the driving force behind Spinnaker's Salary Benchmarking Data team here and she oversees all aspects of Salary Survey work, Market Analysis reports, and Information Exchanges for both the Maritime HR Association and the Seafarer Employers’ Association.

Job has been added to your shortlist.

Shortlist

Your Shortlist

View Shortlist
Website by ionic.