Samyoung E&C, a navigation communication equipment company, announced on the 10th that its top management task is to increase profitability by increasing sales of its main shipbuilding and marine-related businesses this year.
An official from Samyoung E&C said, “As of the end of 2022, exports account for about 30% of total sales, but we will expand export channels to grow the company and improve shareholder value.” “We plan to grow into a global company by consistently participating in related overseas exhibitions and increasing the export proportion of navigational communication equipment, excluding the defense industry, to 50%.”
Samyoung E&C’s main focus, the maritime communications field, has recently seen active advancement by Chinese manufacturers. In particular, companies such as China’s NSR and ONWA Marine Electronics, as well as small and medium-sized manufacturers, are improving product quality through active investment, creating a fierce competition system centered on the Southeast Asian market.
Samyoung E&C’s goal is to expand its market share by continuously introducing various equipment to domestic and overseas markets based on differentiated technology despite intensifying market competition.
To this end, the ’23rd International Shipbuilding and Offshore Industry Exhibition (KORMARINE 2023)’, Korea’s largest shipbuilding and maritime exhibition held in October and December last year, and ‘MARINETEC CHINA 2023 (Marintech 2023)’, Asia’s largest shipbuilding and maritime technology exhibition. Participated in and developed improved performance of △Marine Distress System (GMDSS) △Ship Navigation (GPS Plotter) △Automatic Identification System (AIS) △Target Tracking Radar (RADAR) △FISH FINDER △Korean e-Navigation ( Marine electronic equipment such as marine navigation was introduced.
An official from Samyoung E&C said, “Despite the recent fierce competition in the market, we are accelerating our market development so that we can leap forward as a leader in overseas markets by differentiating our technology, such as marine navigation, and at the same time expanding our business to Southeast Asia and the Middle East, which are emerging as emerging markets. “We are preparing to obtain European certifications such as ‘MED’ and ‘CE’ to expand sales in developed markets such as Europe,” he emphasized.
At the same time, attempts are being made to expand sales in the domestic market. Samyoung E&C has also been developing an ‘autonomous navigation system for fishing boats’ since last year as a future food source.
This technology includes the ‘automatic steering and engine control system’ for autonomous navigation control, the ‘intelligent automatic steering system’, an interlocking system for route setting and automatic steering control, and the ‘danger and accident detection system’ through the fusion of various sensor equipment. We are developing an ‘automatic rescue request system’ for distress transmission through marine navigation and GMDSS (Maritime Distress Safety System) in the event of an accident.
In particular, it is expected that it will be able to create a new market in Korea as it is a system that must be developed to solve the shortage of fishing boats due to the aging of fishermen and population decline and to maximize the use of the geographical advantage of being surrounded by the sea on three sides.
An official from Samyoung E&C said, “We will continue to coexist with fishermen by not only expanding export channels but also developing autonomous navigation systems for fishing boats,” and added, “We will listen to the voices of the field so that we can grow beyond the image of a company representing Busan into a global company.” “I will make it happen,” he said.