Top-tier executives at Yang Ming Marine Transport have accepted a big pay cut to weather the liner shipping storm.
The Taiwanese owner said the salaries of its first line managers would be slashed by one third while executives’ wages would be reduced by 50%.
This new salary structure is expected to bring savings of nearly $1m, the company explained.
Yang Ming saw its quarterly loss dramatically increase between April and June from TWD 24m ($0.8m) to TWD 4.78bn.
Besides salary cuts, the company has also issued new guidelines, under which its ships would no longer work on loss-making shipments and increase efforts to avoid delays.
A new information system among Yang Ming and its partners will be also launched to help the company achieve its target.
In the middle of a consolidation wave in the container market, Yang Ming was tipped to follow the example of Japanese carriers and merge with its compatriot Evergreen Marine.
But president Bronson Hsieh dismissed those rumours and said this would not happen, according to JOC.
