Egg containers Ashdod port (photo by Pavel Tulchinsky)
Taiwan’s shipping giant Evergreen Marine is so flush with cash that it’s handing out massive bonuses to its 3,100 employees. The grant will be equal to the salary for 10 to 11 months of the employees’ salary in 2022. Combined with a huge 50-month bonus awarded to them last December, the workers are paid the equivalent of five years in bonuses alone.
The bonuses will be distributed according to the employees’ individual performance, Evergreen said. Annual salaries at Evergreen can range from $29,545 to $114,823, according to the job site Comparably. Evergreen earned a whopping $10.9 billion for the fiscal year ending in 2022. This is a jump in profit of around 39.82 per cent, according to The Straits Times, mainly due to the increase in demand for consumer goods during the COVID-19 pandemic and rising geopolitical tension.
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“We see indications that a growing number of customers are trying to renegotiate their long-term contracts with Evergreen, which could lower long-term freight rates that are key to profitability,” analysts at Bloomberg wrote.
Evergreen’s name was plastered on the front pages of media in 2021 when the container ship Ever Given blocked the Suez Canal for six days. The incident prevented hundreds of ships from passing through the critical shortcut through Egypt – meaning ships had to circumnavigate or make the long journey around Africa.
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