KOBC Declares ‘2030 Vision,’ Aiming to be Global Maritime Financing Leader

Vice Minister Song Sang-geun of the Ministry of Oceans and Fisheries (MOF), Rep. Ahn Byung-gil, KOBC President Kim Yang-soo, Chairman Chung Tae-soon of the Korea Shipowners’ Association, President Kim Kyung-be of HMM, President Kim Jung-hoon of Hyundai Glovis, and President Kang Shin-ho of CJ Logistics attend a session in which KOBC declared “KOBC 2030 Vision” at Park Hyatt Busan on July 19. (Photo: KOBC)

Korea Ocean Business Corp. (KOBC) held a ceremony to declare “KOBC 2030 Vision,” laying out a plan for its future for the next 10 years at Park Hyatt Busan on July 19.

Among those on hand at the event were Vice Minister Song Sang-geun of the Ministry of Oceans and Fisheries (MOF), Rep. Ahn Byung-gil, KOBC President Kim Yang-soo, Chairman Chung Tae-soon of the Korea Shipowners’ Association, President Kim Kyung-be of HMM, President Kim Jung-hoon of Hyundai Glovis, President Kang Shin-ho of CJ Logistics, and representatives from government, parliament, the maritime sector, financing and shipowners circles. Attendees congratulated KOBC for its new pledges.

KOBC said the corporation worked out the vision to facilitate the smooth execution of maritime policies to become a maritime industry leader beyond maritime reconstruction, preemptively coping with reinforced international environment restrictions and future market changes, such as digital-based competition, and have KOBC, celebrating the 5th anniversary, set future goals.

During the event, KOBC set a vision of being a “global maritime financing leader” and put forward 2030 goals.

They included topping 20 trillion won in total assets, ranking first in ship financing, building a smart maritime logistics integrated platform and obtaining the best grade in the public sector’s ESG category.

KOBC’s latest vision and long-term strategies have four characteristics. First, KOBC plans to expand the scope of financing from its focus on ship financing to maritime logistics, eco-friendly fuel supply infrastructure, and smart port equipment.

In a long-term perspective, the corporation plans to expand it to the whole of the maritime industry, including startups.

Secondly, KOBC will ramp up support to maritime assets of eco-friendly transition, such as expanding the new ship building program up to $3 billion to cope with international environment restrictions to achieve carbon neutrality, while building a database on regulatory trends and forming the public and private sectors’ joint consultative committee.

National flag carriers can cope with a variety of regulations in a systematic fashion.

Thirdly, KOBC plans to secure a legal foundation for the long-term restructuring of companies, to brace for the recession of the maritime industry, with greater market fluctuations, expand a Korean-type ship owning business on a gradual basis and raising funds designed to cope with emergencies.

Lastly, KOBC plans to grow into a think tank of the maritime industry by raising the quality of predicting the market situation and analysis capabilities and building a maritime port and logistics integrated platform.

KOBC President Kim said, “KOBC, established in July 2018 with the goal of rebuilding the maritime industry, has contributed to restoring the Korean maritime industry to pre-levels of the bankruptcy of Hanjin Shipping in four years thanks to public support and the maritime industry’s help.”

President Kim said KOBC will be reborn into a public entity, beloved by people by leading the world as a maritime financing leader by 2030, supplying financing and information essential for the growth of the maritime industry and obtaining the best grade in the public sector’s ESG category.

KOBC, UPA Strike MOU on Raising Competitiveness of Ulsan Port

Korea Ocean Business Corp. (KOBC) signed an MOU on raising the competitiveness of Ulsan Port and nurturing maritime logistics companies in the Ulsan area with Ulsan Port Authority (UPA) on July 13.

Under the agreement, KOBC and UPA jointly develop and implement financing support programs for tenant companies at the terminal of Ulsan Port and port hinterland, cooperate in the development of port and logistics infrastructure the two institutions will jointly implement, and pursue cooperation to ramp up the competitiveness of Ulsan Port and tenant companies.

KOBC President Kim Yang-soo said, “Under the agreement, KOBC will serve as a driving force to explore and support beneficiaries at Ulsan port, one of the nation’s four hub ports.”

Kim expressed hope the two institutions would closely cooperate in strengthening the competitiveness of the major port by making the most of their resources.

Meanwhile, starting with Ulsan Port, KOBC plans to concentrate on expanding investments and support to major hub port terminals and tenant companies of hinterland complexes in Korea and abroad.