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“Provide one-stop service to shipping players”
Interview/new KP&I Chairman Park Jong Seug
Friday, June 10, 2016, 17:06:04 Paul Yoon
“KP&I (Korea P&I) has slowed down in growth since 2008 amid the prolonged shipping slumps. Despite the continuous difficulties, I will do my best to sustain KPI’s growth.”

New Chairman Park Jong Seug said above on last June 8 at an interview with ‘Maritime Press’ when he took office as 3rd Chairman and CEO of KP&I, citing his hope to sustain its growth despite hardship.

Albeit the difficulties in the prolonged shipping slumps, new KP&I Chairman Park Jong Seug said the Club can sustain its growth by redoubling its efforts, supported by the former vice minister Ju Sung-Ho who has lately joined the Club as its senior advisor after his lengthy public service at Ministry of Land, Transport and Maritime Affairs, along with the incumbent Moon Byung-Il, COO at the Club’s secretariat.

Q: How do you plan to lead KP&I?

A: I will take pains to find what the problems the Club faces are and consider how it has got to solve them, in an effort to get its recognition by the domestic and overseas markets. There is a Korean saying, “Hearing collective opinion offers wide benefits.” This means that if one listens carefully to collective opinion, one can enjoy wider benefits from it. I will attentively listen to the Club employee’s open suggestion. I am confident that we can overcome whatever hard shipping slumps the Club is facing if we join our forces.

I will join hands with my employees to better develop the Club beyond other competitors by upgrading its service mind and service capability up to the Club members’ expectation.

Q: What’s the Club members’ entry status?

A: The Club has posted a slowdown in growth, but still continues its growth. As on last June 3, it posted a growth of 19 members to 214 in membership, of 27 entered ships to 1,076 and of $160,000 insurance premium to $31.02 million. The only exception is that the entered tonnage has fallen by 311,00grt to 24.11m gross tons due to the withdrawals of some large-size ships entered.

Though slower in growth than before, one of the reasons behind the Club’s sustained growth is attributable to the increased share in entry by foreign flag vessels. As on last June 3, the number of Club’s foreign flag ships entered stood at 62 vessels in total with insurance premium of $2.67m at an entry share rate of 8.6%. These indicate a gradual growth, comparing with 37 entered vessels and the premium of $1.83m, computed Feb. last year. Most new entered members are Asian players from countries such as Singapore, Indonesia, Vietnam, China, UAE and Brunei.

The Club’s reserve fund for contingency stood at $41.995m up $1.875m at the end of last year. This indicates a growth of 16.7% to 488% this year for the Club’s reserve fund from 418% last year. This rate is far above the average rate of 200% maintained by other Korean underwriters. Samsung Marine Fire & Insurance’s 402% holding the highest rate of reserve fund among others still falls far below that of KP&I. This shows how much stably the Club manages its operation.

Q: Please elaborate on your detailed strategy to develop the Club.

A: We will pay more attention to inducing entry of mega-size ships and diversifying our revenue sources by promoting overseas market development. The enlarged revenue scale enables enhancement of service specialty and increases the entry of new tonnage.

Also, we will expand our marketing sectors in the way we can offer one-stop service to the prospective shipping players including every other insurance cover. This will be of great help for the Club to stably grow and for the Korean flag shipping players to save their operation cost, I feel.
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