K Line cuts executive management salaries

Eizo Murakami, K Line chairman Eizo Murakami, K Line chairman

Following a $1bn loss for FY2018 ended 31 March 2019 K Line’s executive management are taking a pay cut.

The Japanese shipowner said that its executive renumeration had been reduced by 10% for six months from April this year compared to FY2018 to “clarify” the management stance towards recovery in the current financial year.

“K Line and our group companies will continue to strive as one to improve profit and loss under the new management, being strongly determined to make every possible effort to again return to the black in 2019,” the company said.

K Line is expecting to return the black in the year ended 31 March 2020 with a forecast of a JPY11bn profit.

Read more: K Line slumps to $1bn annual loss on charter contract cancellations

Posted 23 May 2019

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Marcus Hand

Editor, Seatrade Maritime News

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