Shipping salaries rise despite the downturn

Singapore: The latest Faststream Maritime Employment Review shows that despite shipping industry woes, salaries across the sector continue to rise.  Based on the responses of 4,000 shipping professionals working in all the main shipping centres as well as seafaring officers worldwide, the survey by specialist maritime recruiter Faststream shows that half of the respondents reported a 5% + salary rise over the past 12 months. However, 30% of seafarers reported a decrease in their salary.

Other key findings of the survey include:

·         Average salaries for Master Mariners working on passenger vessels remain the highest at $153K

·         Benefit packages offered by ship management companies have caught up with those on offer from shipowners

·         Asia based ship operators and shipbrokers are 20% better paid than their European counterparts

·          9% of shore based shipping professionals reported a salary drop in 2012

·         Officers who move from sea to shore after 6-10 years at sea can expect a significant rise in income over their career

Commenting on the results, Faststream Group CEO Mark Charman said: “Even though the shipping industry is being buffeted by poor vessel earnings, rising costs and ever more stringent regulations, salaries continue to rise. The sector suffers from a skill shortage and the pool of highly qualified people continues to shrink. This is both the legacy of a lack of training in the 1980s during the previous downturn and the often perceived low status of jobs in the shipping industry.”

Speaking exclusively to SinoShip News Faststream md for Asia Mark Robertshaw said of Chinese salaries: "The demand for Chinese nationals with excellent English speaking skills both onshore and offshore is making them internationally attractive and their corresponding salaries are also being pushed towards an international level."

For more on China's crewing costs check out the latest issue of SinoShip magazine and our Crewing special here on SinoShipNews.com. A full copy of the 16 page Faststream report can be downloaded from www.faststream.com/WebFiles/ContentFiles/2012MaritimeSalaryReview.pdf

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