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Hi. I am a shipping company director, transport academic, author, family man and all round nice guy. I have worked as shipbroker, shipowner, freight trader and bulk charterer, in senior positions, with some of the largest and most disrespected (joke) companies in the world. Ask my advice on all things shipping and you will receive my blunt and always honest answer. Hang around to learn more about chartering and ship broker salaries, chartering and ship broker jobs, chartering and shipbroker recruitment agencies, cheap freight, maritime education, chartering and ship broker qualifications, become a ship broker, tips on how to be a successful bulk shipping executive, philosophy, Zen and the art of shipbroking, and much more. Yours The Virtual Shipbroker (recently proclaimed the guru of shipbroking) Copyright © 2009-17 by Virtualshipbroker

Monday, May 5, 2014

Shipping Salaries (a good question)

From a close friend of the blog (ad a new entrant)

Quote


Hello VS,


I was just wondering, if a broker's earning potential is influenced by the country he is working in. If i remember correctly, a broker's total income (base + bonus. Correct me if im wrong) is, in general 1/3 of the commission brought in by him. If that's the case, wouldn't it be better for a broker to work from a place with a relatively low cost of living? 

Thanks,

Unquote

A good question. And generally you are correct. But there tends to be two salary rates in many developing nations. One for 'expats' and one for 'locals'. Certainly for an expat being able to earn 'western' dollars while living in a developing country is very attractive. For more established locals they too will also (probably a bit slower) start hitting pay dirt after a while but this is sometimes no always so easy. (Entry level wages for locals tends to be at local rates)

The good news for 'locals' is that this disparity is closing over the last 5 or 6 years.

Finally - probably the best way to answer your question is with a simple yes. The entire industry uses a common currency (USD) - so if you live in a developing nation with a currency that is valued much lower than the USD - when you convert you are a king!....The opposite is also the case. Currency values play an important role in the wealth of shipping companies and employees alike.

great question

VS




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