K Line top management take pay cut

K Line top management take pay cut

With a new CEO in charge and a displeased investor base, top management at Kawasaki Kisen Kaisha (K Line) today revealed they will take a six-month 10% pay cut, effective from the start of last month. The company said in a statement the pay cut was “to clarify our management stance towards recovery of our business performance”.

Yukikazu Myochin took the reins at K Line, Japan’s third largest shipping line, last month.

The company reported a net loss of ¥11bn ($99m) for the full 2018 financial year.

In March, K Line announced a series of “fundamental structural reforms” in a bid to finally get it back into profit. Among the changes announced, K Line said it will focus more on capes within its huge dry bulk fleet with smaller and medium sized ships facing the chop while its car carrier network facing a significant streamlining.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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