Eagle Bulk Shipping management took a nominal cut in pay for 2019, while board compensation remained conservative, according to public filings.
Chief executive Gary Vogel received cash and shares worth $2.6m, down substantially from a stated figure of $3.5m in 2018.
However, the cash components were little changed. Vogel’s base salary of $675,000 was unchanged, and his cash bonus of $843,750 fell only slightly from $907,000 a year earlier.
The biggest difference was in stock awards. Vogel received restricted shares valued at $1m, but this was barely half of the $1.9m stock award for 2018.
Stock grants are assigned an estimated value under financial accounting standards, but the ultimate value of the grants can be higher or lower, based on share performance.
Nasdaq-listed Eagle Bulk owns a fleet of 50 supramax and ultramax bulkers and has a market capitalisation of about $123m.
Vogel’s 2019 compensation is roughly in line with that earned by John Wobensmith, chief executive of New York-listed bulker owner Genco Shipping & Trading.
Wobensmith reported an all-in figure of $2.38m last month, edging up from $2.2m in 2018. He is the only other US-domiciled dry bulk chief executive to have reported pay for 2019 thus far.
The only other Eagle Bulk executive to report compensation was chief financial officer Frank De Costanzo, who listed an overall pay of $959,000, down from $1.2m for 2018.
De Costanzo’s base pay of $425,000 stayed flat, while his cash bonus of $212,500 dipped from $275,000. Restricted stock fell to $290,000 from $447,000.
Eagle Bulk’s board of directors saw overall compensation tick upward for the second straight year, although they remained among the most conservative in the industry.
Awards averaged $131,000, with the high figure being $190,000 handed out to chairman Paul Leand Jr, chief executive of New York boutique financier AMA Capital Partners.
The four other directors earned cash pay ranging between $85,000 and $95,000, and restricted stock worth $25,000, while Leand took in $160,000 and $30,000 in stock.
In comparison, members of Genco’s board who received compensation for 2019 made an average of $234,000, but their cash payments were similar to the Eagle board.
Genco’s high earner was James Dolphin, Leand’s partner at AMA. He received $352,000 including stock.
