INTERVIEW: Middle East Conflict Brings Boost to Bunker Trader Salaries
Conflict in theMiddle Eastis delivering an increase in compensation offers in the bunker market for bunker traders as the volatile oil market raises margins. Bunker companies sitting on increased profits. . .
Conflict in theMiddle Eastis delivering an increase in compensation offers in the bunker market for bunker traders as the volatile oil market raises margins. Bunker companies sitting on increased profits because of volatility in the market are raising salary offers for experienced traders in particular,Vernon Jayanathan, director ofMaritime Recruitment Company Ltd, said in an interview withShip & Bunker. "Salaries have increased mostly in Southeast Asia, where it's up by nearly 30%, and in Europe by roughly 30%," Jayanathan said. "For experienced traders, it's very competitive. "There's demand for seniors who have the relationships, who have the experience, who have the cool heads, and they can command high salaries. "At the same time, firms are seeing the value of them, so they're doing their best to retain them. "Demand for traders in the Middle East remains strong despite the war in Iran stymying supply in the region. "For seniors it is, for very senior people who are insiders in the region," Jayanathan said. "People who have the network, have the knowledge, have the relationship; that's particularly important in the Middle East. Junior Bunker TradersThe hiring of junior bunker traders has also increased. Schemes like the Monjasa Oil and Shipping Traineeship have proven successful in recent years, prompting a wider range of companies to follow a similar path, Jayanathan said. "More and more people are setting up graduate schemes for them," he said. "The idea of that is to keep them on board, and try to elicit loyalty. "Non-Competes Less of a FactorNon-compete clauses - often viewed as restricting liquidity in the job market in the past - are now diminishing in prominence, Jayanathan said. "People don't mention their non-competes so much to me when they're leaving now," he said. "Some have actually mentioned that a couple of the big players have eased off on them. "For the people I have spoken to who I'm putting into positions or sending CVs across, non-competes have not been something that they have been concerned with, whereas last year it was one of the first things that they used to talk about. "Job Market AdviceFor bunker traders thinking about moving roles, Jayanathan advises now could be an attractive time to move, but only for those not satisfied with their current employer. "If you've got experience, a network and the appetite to make a jump, then this could be a rewarding time for you," he said. "But you have to weigh up your own personal situation. "If you're happy where you are, stay, because no doubt you're getting looked after. "For employers thinking about taking on new hires, Jayanathan advises caution. "Make sure you do your due diligence, because the last thing you want to do is pick up the wrong hire," he said. "Check them on ethics and compliance, because you cannot afford in this day and age to have your name sullied. "Make that bet accordingly. "And when it comes to retention of current staff, Jayanathan encourages employers to look beyond salary alone as a factor. "If you want to retain your staff, you need to make more of an effort to treat then well, and not just financially but generally," he said. "You have to look at stuff like culture and environment; whether your organisation is a meritocracy, whether you're treating all your staff equally or whether there's an insider group that you treat particularly well. ""People will not leave just for money. "About Jack JordanJack Jordan is the Editorial Lead - Insights for Ship & Bunker, the world’s most read marine fuel-focused publication. He is an experienced financial editor and reporter with a first-class degree in Arabic and Russian, a postgraduate diploma in newspaper journalism and several years' history of covering the oil and shipping industries and capital markets. Jack is based in London, UK. About Ship & BunkerShip & Bunker is the world's most read publication focused on the marine fuel markets. Completely independent, it is the leading industry authority providing comprehensive daily news, exclusive in-depth features and analysis, along with daily & historical bunker price indications. To contact the editor responsible for this story email us at[email protected]