South Korea: KR Launches Subsidiary Aimed at New and Renewable Energies
On 26 February 2013, in Seoul, the Korean Register of Shipping (KR) launched “Innovation KR” (iKR), a new subsidiary company established to manage all non-traditional work.
iKR will undertake engineering, consulting and, in particular, a wide range of R&D activity aimed at new and renewable energies and environmental issues. The new subsidiary will operate from a recently opened “shipping building” in Seoul that also houses the Korean Shipowners’ Association and the Korea P&I Club.
Commenting on the launch, KR’s Chairman and CEO, Oh Kong-gyun said:
“Classification societies must always look to the future. iKR has combined our existing skill-sets to generate synergies that will help support and advance the shipping and maritime industries as they move into a new era. Research and development into new fuels and greener ships will be key to the future success of our industry and I am keen to see KR play a leading role in these exciting innovations“
Whilst the provision of traditional classification services will always remain at the heart of KR, diversification into related areas has been a successful element of KR’s business strategy for some years. KR will continue as a not-for-profit classification society leaving iKR free to focus on non-core and future-looking business.
Press release, February 28, 2013; Image: KR