SHANGHAI-LISTED shipping giant Cosco Shipping Holdings Co. is offering mega bonuses to employees amid a boom in freight rates, according to Caixin Global.

Employees of the container unit of Cosco Shipping said their year-end bonuses had grown to as high as 30 times their monthly pay. Year-end bonuses are usually paid right before the Lunar New Year, Caixin Global reported.

Other shippers in Asia are also giving out generous rewards. A worker at Taiwan’s Evergreen Marine Corp. received a year-end bonus that was nearly 40 times their monthly salary, according to the daily.

Asian shipping lines have seen revenues soar on record freight rates, as the pandemic created major disruptions to the global supply chain.

Surging demand for consumer goods coupled with lockdowns and border closures have created a worldwide shortage of shipping capacity and port delays.

Cosco Shipping’s earnings jumped 1,651 percent to 67.6 billion yuan (US$10.7 billion) in the first three quarters of 2021, according to a company filing.

The spot rate for a 40-foot container to the United States from Asia topped US$20,000 last year, including surcharges and premiums, up from less than US$2,000 a few years ago. (SD-Agencies)