MPC Container Ships CEO Constantin Baack received $765,000 in variable pay in 2023.

That is equivalent to 161% of his base salary of $474,000.

His total compensation amounted to $1.24m, according to the Oslo-listed shipowner’s annual report.

In 2022, Baack’s total remuneration was $776,000. Hence he got a pay raise of about 60% last year.

Container companies have benefited from the security situation in the Red Sea.

The diversions have increased teu-miles by 11%, according to Clarksons.

Baack told TradeWinds in an interview in February that the market is difficult to forecast this year.

Mortiz Fuhrmann, who became finance chief at the end of 2022, made a total of $495,000 in his full first year in the position.

Fuhrmann’s base salary was $275,000 and the variable pay was $220,000.

The total remuneration of the executive management and the board was $2.1m in 2023, compared to $1.2m in 2022.

MPC Container also said in the report that in March it completed the sale and delivery of the 2,500-teu AS Petra (built 2004) to an unrelated party.

The company sold the vessel for an en-bloc price of $25.5m together with 2,500-teu AS Pauline (built 2006) and AS Paulina (built 2004) last year.

MPC Container was included in the Oslo Stock Exchange’s major index the OBX earlier in March.

The company is one of the most traded stocks in Oslo compared to its market capitalisation of about NOK 5.4bn.