Seafarers are witnessing a 10-15% rise in salaries across all senior officer ranks, Seatrade Maritime News reports, citing data collected during a survey at the Seatrade Maritime Crew Connect Global 2023. The top four ranks for dry bulk carriers saw a significant increase despite the sector seeing recent freight and charger rates. “We are witnessing a wage spiral like we saw leading up to the previous financial crisis,” CEO of Danica Maritime Henrik Jensen told the news outlet.

What’s causing the spike? “The root cause for these wage increases is the combination of a general shortage of very competent seafarers and a better financial situation for most vessel owners which is making employers more generous with remuneration,” he explained. “And, with a surplus of job offers, seafarers can afford to be picky.”

This might not last long: Jensen expects shipowners to be more cautious about costs over the next year in light of falling shipping rates and sluggish trade conditions.

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