Daebo Shipping selected as fast passenger ferry operator in Pusan and Hakata

Daebo Shipping, a backbone Korean ocean-going shipping company, was chosen as the fast passenger ferry operator in the Pusan and Hakata trade route.

In the final screening on June 11, Daebo Shipping scored high with the sole proposal to suggest a Jet-Foil style fast passenger ferry be put into this trade. Daebo's sound financial structure played a large role in winning the bid.

Daebo shipping was established in 1974 with 5 billion won in capital and has been in charge of carrying export cargoes for the Pohang Iron and Steel Co. (POSCO). It also has in carried more than 3.6 million passengers since 1997with three car ferry vessels in and around the construction of the Inchon International Airport. Daebo is widely considered to be one of the most competitive carriers, especially in light of its 30 years of experience, strong financial structure, and it's ability to effectively compete in tough trades such as the Pusan and Hakata fast passenger ferry trade, where there is fierce competition with Japanese lines.

The 2002 World Cup will act as a special procurement to this trade, and Daebo Shipping is prepared thoroughly for it with training twenty crews in Kawasaki. The president of Daebo shipping, Mr. Kim Chang-joong said, "As the first Korean ship owner to deploy a Jet-Foil Fast Passenger Ferry in the Pusan and Hakata trade, I will try give my best to keep this trade sound and active through deliberation with the Korea Shipping Ferry company, an existing ferry operator."