Executive pay dropped substantially at Connecticut-based Eagle Bulk Shipping for 2020 and marginally for New York neighbour Genco Shipping & Trading.
The cuts came as the two major US bulker owners dealt with the fallout of the Covid-19 pandemic.
Eagle Bulk saw the bigger drop, as chief executive Gary Vogel's headline compensation total of $1.68m was 35% lower than the $2.59m he took in for 2019.
Meanwhile, Genco counterpart John Wobensmith took a relatively modest 8% cut to $2.18m from the $2.38m he received in 2019.
In Eagle Bulk's case, stock-based compensation accounted for most of the difference. Vogel received stock grants valued at $207,000, but this was well off the $1.04m valuation calculated for his 2019 grants.
Base salary remained even at $675,000, while a cash bonus of $761,112 was down from 843,750 in the previous year.
It was much the same story for chief financial officer Frank De Costanzo, who saw overall compensation drop to $677,761 from $958,672, mostly on a $241,000 cut in the value of his stock compensation. Base pay held even at $425,000.
It was the second consecutive year where the Eagle Bulk team took a cut in the overall value of compensation for top executives. Vogel earned a headline figure of $3.5m in 2018, helped by restricted shares worth $1.9m.
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.
At Manhattan-based Genco, pay reductions were more modest and have moved Wobensmith to a $500,000 gap over Vogel in overall compensation.
Base pay remained even with the prior year at $650,000. But Wobensmith saw a smaller cash bonus of $540,000 compared to $686,000 in 2019, accounting for most of his reduction in pay.
Wobensmith received more in restricted stock, valued at $600,000 from $500,000. But this was offset by a reduction in the value of stock options, down to $339,000 from $508,000.
Chief financial officer Apostolos Zafolias was the second-highest earner with total compensation valued at $681,000, down from $719,000 in 2019. While base pay remained at $325,000, Zafolias also saw a smaller cash bonus.
Genco executive chairman Arthur Regan, an employee of investor Apollo Global Management, followed closely at $610,000 in total compensation, down from $672,000.
Regan saw a lower base salary at $233,000 from $325,000, but a higher cash bonus at $200,000 from $162,000.
Genco owns a fleet of 41 bulkers including capesizes, ultramaxes and supramaxes.
Eagle Bulk owns a fleet of 52, all in the ultramax and supramax sectors.
