Busan is emerging as a center for ship management, considered as a blue ocean in the marine industry. The headquarters of the STX Marine Service opened in Jungang-dong on April 5. The STX Marine Service aims to achieve an annual turnover of 1.4 trillion won in 2020 by managing some 120 ships.
Following the STX Marine Service, SK Shipping is reputed to be planning to establish the headquarters of one of its affiliates in Busan, which will be in charge of ship management. Once the STX Marine Service and SK Shipping's affiliate are headquartered in Busan, Korea's leading shipping companies and ship management companies will all be based in Busan.
Ship management offers general services with regards to ships including crew management, ship repairs, equipment purchase and insurance management commissioned by the ship's owner. Currently, 60% of the 430 domestic ship management companies are located in Busan. 160 out of the 180 members of Korea Ship Management Companies' Association are either headquartered in Busan or have a major branch here which effectively functions as their headquarters.