Chief executive Jens Ismar, chief financial officer Havard Furu and chief risk officer Egil Husby all received lower remuneration, the Oslo-listed firm’s annual report said.
Ismar collected $1.15m in 2014, the report said, down from $1.32m the year before.
His base salary came down from $733,000 to $721,000, while his bonus of $511,000 for 2013 retreated to $357,000.
Western Bulk explains the bonuses are paid a year in arrears, so the sum for 2014 was awarded based on the performance in 2013.
