Greater ChinaShipyards

CSBC chairman takes pay cut until company returns to profit

Cheng Wen-Lon, the chairman of Taiwan’s flagship shipbuilder CSBC Corporation, has voluntarily taken a major salary cut in order to help the company through financial difficulties.

Cheng announced that he would be giving up his senior management montly salary of around TWD250,000 ($8,513) from August and will only receive the company’s minimum salary of TWD23,800 ($810) until the company returns to profit.

In January, Cheng sent an application to Taiwan’s Ministry of Economic Affairs to resign after CSBC posted a net loss of TWD1.78bn ($59m) for the year of 2019, the fourth consecutive year that the shipyard has suffered losses. Later Cheng withdrew the resignation application.

VesselsValue data shows CSBC currently has an orderbook of 10 commercial vessels made up of eight containerships, one heavylift vessel and one wind farm installation vessel.

CSBC has also been making efforts to diversify its business, having set up a joint venture with Belgian company DEME to serve the emerging offshore wind industry in Taiwan.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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