Taiwan Navigation offers five-month bonus as 2024 revenue hits near-record high
Taiwan Navigation reports NT$44bn ($1.3bn) revenue in 2024, up 10% year on year
The remuneration, which consists of one month of performance bonus and four months of end of year bonus, is lower than the year-ago level, however
TAIPEI-LISTED dry bulker firm Taiwan Navigation is offering a pre-distribution of bonus equivalent to five months’ salary to employees, as the company reported the second-highest revenue in its history for 2024.
With a fleet of 35 ships, mainly kamsarmax and supramax bulkers, the company reported a full-year revenue of NT$44bn ($1.3bn), representing a 10.3% increase year on year.
Net profit for the first three quarters, however, dropped 30.8% to NT$979m, according to the latest available results from the company.
The remuneration, which consists of one month of performance bonus and four months of year-end bonus, is subject to confirmation after the 2024 financial results are approved in March 2025, according to Taiwan Navigation chairman Liu Wen-ching. That is slightly lower than the year-ago level, which equated to six months’ salary in incentives.
However, a source close to the company told Lloyd’s List that employees are anticipating an additional bonus equal to one or one and a half months’ salary.
Earlier this week, Taiwan Navigation signed contracts with Japan’s Oshima Shipbuilding and Sumitomo Corp for two 64,000 gt bulk carriers, expected to be delivered in late 2028, which will replace 15-year-old ships as part of the company’s fleet modernisation strategy for efficiency improvement.
The company has benefited from the Red Sea crisis, with rates driven up by the rerouting of grain and coal shipments around Africa on their way to Europe.
Looking ahead to 2025, Liu highlighted uncertainties in the global shipping market, including geopolitical risks in the Middle East, the Russia-Ukraine conflict, and potential tariff policies from the US government.