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Saturday, April 4, 2009

Shipbroker salaries - update

Since I first began this blog, a few people have asked me if ship broker salaries are under pressure.

I mentioned previously that a junior shipbroker should be earning USD 80,000 within 3 years of starting in the Industry - if they play it smart.

I also alluded to various salary bandwidths for ship brokers of different levels of experience.

Reviewing those figures today I believe they still stack up fairly well. I think if the market remains in the doldrums then first we will see some layoffs and then salaries may slide a little. This has yet to happen to any major degree. And as discussed previously, with every contraction comes opportunities. We all need to be placed well in order to take advantage of these opportunities.

Yours
VS
at

19 comments:

  1. AnonymousJune 30, 2009 at 6:19 AM

    Dear VS,

    I am senior sales executive working for a one of the top shipping companies worldwide, but I always worked in liner. Now, I have the opportunity to work in chatering in the same company. What do you recommend to me? I have some doubts because I will lose my experience in liner and starting from zero in chartering.

    Thanks for your comments.
    Eric

    ReplyDelete
  2. The Virtual ShipbrokerJune 30, 2009 at 2:24 PM

    Hello Eric

    I cannot really answer this question for you. Only you can accurately understand the risk involved.

    A few things to take into account are
    - are you happy where you are (liner)?
    - will you be paid more in chartering?
    - will you be trained properly

    One thing I can say for certain is that bulk chartering people around the world get paid more (universally) than liner people. Thi smay not be the case within your organisation but this is certainly the case out there in the wider shipping community.

    Therefore learning chartering, as a skill, could be a very worthwhile addition to your resume and could infact open up a whole new world of opportunity. Your liner skills and contacts will always be there just incase it doesnt work out!

    Bottom line though is 'are ou happy where you are?'. If you cannot answer this 100 percent affirmative then always be thinking about continued learning as you get older in the workforce so that one day you dont get stuck in a dead end position.

    Good luck

    VS

    ReplyDelete
  3. AnonymousNovember 23, 2009 at 2:00 PM

    Hi,

    You have made this a useful blog, thank you. I am a British Naval Officer but have achieved all I want to in the military. I am now looking for a change in career. I do however want to stay in the maritime sector but where my efforts are better rewarded. In which sector of Ship broking would you advise me to focus my efforts in order to secure the best potential for financial reward and career progression? What could I expect to earn as a broker in 5 ten years time?

    Many thanks for any help you are able to offer,
    Jim

    ReplyDelete
  4. AnonymousNovember 25, 2009 at 12:51 AM

    Hi!
    I found your information really usefull.
    I might be moving to singapore to work in the chartering dept of a shipping company and don't know exactly what should I get paid to go there...
    I don't have much experience (almost none, in fact), but I have courses and a Masters Degree with distiction for a very well known London Business School

    ReplyDelete
  5. The Virtual ShipbrokerNovember 25, 2009 at 1:08 AM

    Singapore is a great place. Rents are starting to firm so make sure yoru rental allowance is good - good luck.

    Jim - all sectors are travelling well.

    Cheers
    VS

    ReplyDelete
  6. AnonymousNovember 25, 2009 at 3:44 AM

    Thanks again.

    Any ideas on paycheck!? ref singapore, i mean

    ReplyDelete
  7. The Virtual ShipbrokerNovember 25, 2009 at 6:00 AM

    It is rare to be a junior expat!

    There is a reason most expats have atleast 3 years experienced - Overall expense and risk to the company to set up a foreigner overseas.

    Equally a junior wage / salary / package most of the time just wont cut it if you are an expat.

    Contrary to common belief, living as an expat is expensive!

    So as a junior employer I have no idea what is reasonable - You would just need to make sure that your company is working in good faith and that you will have enough money to live ok.

    You can send me a private emnail if you want more guidance

    Cheers
    VS

    ReplyDelete
  8. SyedJanuary 12, 2010 at 5:58 AM

    Hi VS,

    Can you tell me what will be the on-hand salary excluding bonuses for a trainee shipbroker when he joins a firm as a fresher in cities like chennai, mumbai, delhi etc??

    ReplyDelete
  9. The Virtual ShipbrokerJanuary 12, 2010 at 12:36 PM

    Hello Syed

    India is a tough one to make generalisations.

    Certainly in these cities many of the top brokers are earning big money and with large packages.

    In terms of trainee salaries - I have no idea.

    There would be lots of competition for starting positions so my suggestion is to accept what is reasonable in your eyes, for a year or two because the payoff happens down the track.

    Cheers
    VS

    ReplyDelete
  10. ritesh sharmaFebruary 26, 2010 at 11:39 AM

    hi VS

    i am doing MBA(master in business administration)specialition in international busines. i have one year work experiance in bulk cargo shipping (loading and discharging by grab). now after my MBA i like to go in shipbrokering firm how shold i enter in this professional how i can search my summer internship in shipbroker company
    after getting this professinal what should be our salary packed because after my MBA i have to earn atleast USA 500 p.m.in india and for foregan that is depend on there country's living of standar

    ReplyDelete
  11. AnonymousApril 26, 2010 at 5:20 AM

    Great blog MR VP, i wish you continue to contribute more

    ReplyDelete
  12. lukas luJune 13, 2010 at 12:52 AM

    my question is that how to become a shpbroker .

    ReplyDelete
  13. wickedshaniJune 16, 2010 at 4:37 PM

    hi VS. I m currently sailing as 3rd officer on tankers and want to switch to chartering an shipbroking. I have no idea if i can apply to chartering firms or i will have to do some courses to fit in. And yeah can u also update me abt the salary coz i heard it payz off really well

    Tejas

    ReplyDelete
  14. AnonymousJuly 13, 2010 at 7:03 AM

    HELLO V.S,
    GOOD DAY!

    I have been working for a Dry Bulk Ship Operator in pakistan for almost three years and now willing to move. Would you mind telling me which is the right place with respect to dry bulk cgo and how much i can earn there. By profession I am a Business Graduate and did my MBA few years ago.

    Await yours reply.

    Regds

    SY

    ReplyDelete
  15. AnonymousJanuary 16, 2011 at 12:11 AM

    hi VS

    i quit sailing in 2 yrs back as a 3rd mate and since then working in a shipping company as a ops executive...i wish to get into the commercial sector charterting/broking.

    i also plan to do my mba so that my option are wider just in case broking /chartering does not suit me.
    how good is the shipbroking industry in terms of salary? with my sealife expernce is it wise to stay in the shipping industry or move into smthng new after mba..?

    tnks

    rahul

    ReplyDelete
  16. AnonymousJanuary 19, 2011 at 11:37 PM

    Hi guys

    in this blog i write alot about shipping salaries. Check out the other posts as they should answer your questions.

    VS

    ReplyDelete
  17. AnonymousJanuary 27, 2011 at 7:21 AM

    Hi

    I am a second year Law student at Southampton University. I am doing two shipping modules next year, which I believe will be of great help due to Southampton's renowned reputation for shipping.
    I am almost certain that I want to be a ship broker, yet have no experience as of yet.
    Where do you suggest I start?
    Is there anything I should be doing/thinking about?

    Jess

    ReplyDelete
  18. The Virtual ShipbrokerFebruary 19, 2012 at 3:48 PM

    Your first stop is to check out "inside Shipbroking"

    good luck!

    ReplyDelete
  19. mikewolfMarch 1, 2012 at 7:33 AM

    hello, sir

    I am a seaman by profession i was with merchant navy for two years but worked as trainee cadet but on papers. being a seaman i know abt cargo operations with gas tankers, then i moved to cruise lines sailed there as an seaman took loads of knowledge with the lifeboats an the life-raft maintenance. periodic maintenance schedule inventory an things like that total yrs of experience is 8yrs. got married settled down now that i feel i need a land job but dont want to put my experience to waste so can u tell me what are the courses should i do from institute of Chartered Shipbrokers. as per my knowledge i feel the advanced diploma should be the right course to do. but then sir your knowledge is far better so please could u suggest me something on these courses.
    looking forward for your suggestion.

    ReplyDelete