TAIPEI Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global cargo, as the industry continues to benefit from earlier pandemic gains.

Yang Ming Marine Transport is awarding workers up to 30 months salary on their next payday after shareholders approved the NT$2.3 billion (S$101 million) bonus last week, according to an Economic Daily News report on Thursday.

That is in addition to a year-end bonus worth 12 months of salary paid at the beginning of 2023.

Company rules dictate that the shipping firm must distribute 1 per cent of its previous years profit to employees as compensation, Yang Ming said in an e-mail to Bloomberg, although the amount each member of staff receives is at the companys discretion.

Evergreen Marine will give its 3,100 workers another NT$1.9 billion, equivalent to around 12 months of pay, after shareholders approved the bonus at a meeting on Tuesday, according to the same report.

The latest payments come on top of bonuses of around 50 months worth of salary in January after the maritime giant reported record profit of NT$334.2 billion in 2022.

Evergreen did not immediately respond to requests for comment.

Shipping firms have enjoyed a windfall over the past two years on an industry-wide surge in demand for consumer goods and in freight rates during Covid-19. But that is waning, with economic uncertainty driving a slump in global shipping.

Evergreens net income is expected to plunge 94 per cent in 2023 to NT$18.6 billion, according to analyst estimates. Yang Ming is forecast to see profit fall 99 per cent to NT$2.2 billion. BLOOMBERG More On This Topic 98 Rolex watches given to long-serving employees of Paradise Group Malaysias best boss: Sambal tycoon rewards workers with Hari Raya shopping spree, special bonus