Yeosu Gwangyang Port Authority Promotes Cooperation and Profit-Sharing System with Coastal Passenger Ship Operators

Joint Efforts to Enhance Safety Management and Passenger Satisfaction of Coastal Passenger Ships

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Yeosu Gwangyang Port Authority (President Cha Min-sik, hereinafter referred to as the Authority) announced on the 29th that it will promote the ‘Cooperative Profit Sharing System’ to enhance the safety management level of Yeosu Port coastal passenger ships and improve user satisfaction.

The ‘Cooperative Profit Sharing System’ is a system in which public institutions and cooperating small and medium-sized enterprises (SMEs) set joint goals in advance, and when the SMEs achieve those goals, the public institutions pay agreed incentives to the companies.

Through this, the Authority will create public benefits such as securing the safety of coastal passenger ship operations and improving user satisfaction, while passenger ship companies will share profits by receiving incentives from the Authority upon achieving the tasks.

To promote this project, the Authority recently held a meeting for business explanation and joint goal setting with representatives of SMEs, including five Yeosu Port coastal passenger ship companies and one Expo Terminal coastal passenger ship company.

As a result, they set a joint goal of ‘enhancing the safety of coastal passenger ship operations through thorough safety management in collaboration between the Authority and passenger ship companies’ and plan to conclude contracts for task achievement and incentive agreements as soon as possible.

Additionally, after the five-month task period ends, the Authority will evaluate indicators such as the occurrence of safety accidents and customer satisfaction, and based on the evaluation grade, will provide safety support funds of up to 1 million KRW per company.

Choi Yeon-cheol, Vice President (Head of Management Headquarters), said, “The Cooperative Profit Sharing System is a meaningful system in spreading a culture of mutual growth as public institutions and cooperating SMEs jointly strive to create public benefits and share the results.” He added, “We will continue to promote various win-win activities to establish a mutual growth ecosystem at Yeosu Gwangyang Port.”