Lloyd's List is part of Maritime Intelligence

This site is operated by a business or businesses owned by Maritime Insights & Intelligence Limited, registered in England and Wales with company number 13831625 and address c/o Hackwood Secretaries Limited, One Silk Street, London EC2Y 8HQ, United Kingdom. Lloyd’s List Intelligence is a trading name of Maritime Insights & Intelligence Limited. Lloyd’s is the registered trademark of the Society Incorporated by the Lloyd’s Act 1871 by the name of Lloyd’s.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call UK support at +44 (0)20 3377 3996 / APAC support at +65 6508 2430

Printed By

UsernamePublicRestriction

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.

Related Content

Topics

  • Related Companies
  • UsernamePublicRestriction

    Register

    LL1152227

    Ask The Analyst

    Please Note: You can also Click below Link for Ask the Analyst
    Ask The Analyst

    Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

    All fields are required.

    Please make sure all fields are completed.

    Please make sure you have filled out all fields

    Please make sure you have filled out all fields

    Please enter a valid e-mail address

    Please enter a valid Phone Number

    Ask your question to our analysts

    Cancel