KOBC Explores Cooperation Opportunities with IMO and Financial and Insurance Institutions in London

[Financial News] Korea Ocean Business Corporation (KOBC) employees recently visited the United Kingdom and held meetings with major institutions, including the International Maritime Organization (IMO) and organizations specializing in maritime information, finance, and insurance, to explore opportunities for international cooperation, the corporation said on the 14th.


KOBC President Ahn Byeong-gil first met with IMO Secretary-General Arsenio Dominguez to exchange views on efforts to achieve carbon neutrality in international shipping and the impact of changing international regulations on the shipping industry as a whole. Based on the discussions, KOBC explored ways to expand its support role, including in finance and information, during the transition to environmentally friendly operations.
KOBC also met with major professional institutions leading the local maritime industry to examine London’s competitiveness, which stems from the close integration of specialized functions such as maritime information, ship trading, finance, and insurance. The corporation explored implications for South Korea’s maritime industry and potential areas of cooperation with these institutions.
With Baltic Exchange CEO Mark Jackson, KOBC discussed how global shipping information and freight indices are used by market participants in decision-making and transactions, as well as the direction of development for related markets. With Clarksons CEO Andy Case, it discussed the integration of specialized services such as ship trading, finance, and information, along with changes in the global shipping business driven by the spread of digital technologies and artificial intelligence (AI).
KOBC then exchanged views with Marsh UK CEO James Addington-Smith on the links among maritime finance, marine insurance, and reinsurance; the risk-management functions of the international insurance market; and potential cooperation with South Korea’s maritime industry.
Based on the discussions, KOBC plans to conduct a follow-up analysis of the competitiveness and development factors of international maritime hubs. It also plans to continue reviewing its future role in strengthening the competitiveness of South Korea’s maritime industry and establishing new foundations for growth, drawing on its capabilities in maritime finance and information.
In particular, KOBC will examine various ways to broaden the maritime industry’s reach, including connecting the industry with diverse sources of private capital, improving the use of information, and expanding links among market participants.
KOBC President Ahn Byeong-gil said, "KOBC has played an important role in providing financial support to stabilize the shipping industry and help it overcome crises. Going forward, we need to consider new roles in a wider range of areas, including not only finance but also information and connections between markets, in line with the changing international maritime environment." He added, "During this visit to London, we examined how the competitiveness of a world-class maritime hub is built. We will apply those lessons in ways suited to conditions in South Korea."
[email protected] Byun Ok-hwan Reporter