Mr. Kim informally announced as first CEO of 'Vessel Fund'

Mr. Youn-shin Kim, managing director of the Kyobo Book store, was informally named as CEO for the first domestic Vessel Fund scheduled to launch in the middle of February.

An official from the Ministry of Maritime Affairs and Fisheries revealed that stockholders preferred Mr. Kim to Mr. Ahn Gong-hyuk, an advisor at Hyundai Investment & Securities and former officer at the Korea Maritime and Port Office. He also explained that from among Daewoo Shipbuilding & Marine Engineering and STX Corporation, each of which invested 2 billion won in the Vessel Fund Operating Company, and with Korea Line investing 1 billion won among others for a total investment of 9.8 billion won, most supported Mr. Kim, nominating him as the first CEO of the company. The 13 investing companies will announced Mr. Kim as CEO January 30 when they signed on the “Stockholder Agreement”, he added.

Mr. Kim, born in Kimhae, South Kyoungsang, studied at Kyounggi-high school, Korea University and Boston University. He is also a former sales executive director from DSME.

This “Vessel Fund” will operate with 300 billion won including 9.8 billion won of operating capital and shares in the profits from vessel chartering fees after building vessels with money from general investors.

The MOMAF insider said that the Vessel Fund Operating Company will be officially launched around February 14 in the inaugural meeting.