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> ABOUT COMPANY > Development History |
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Chairman Yoon-Kook Wang, the founder of Dong Won Fisheries is the wintness of Korean deep sea fishing industry in the Northern Pacific Ocean.
Chairman Yoon-Kook Wang established Sinheung
Fisheries Co., Ltd. in 1954 right after the Korean War
and started a freezer, refrigeration and fish processing
business.
The business commenced with pilot fishing in
Indonesia and eventually comprised a fleet of a 10,000
ton mother ship, fifteen 145 ton independent ships and
one 500 ton transportation ship and explored salmon fishing
in the Northern Pacific Ocean.
He handed over the company
to Taeyang Fishing Co., Ltd. according to government policy
and established Dong Won Fisheries Co., Ltd. on May 5,
1970. |
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We were successful in negotiations with Libya in 1984 and for the first time in Korean fishing history entered Mediterranean fishing grounds. We supplied high quality tuna to the janpanese and Korean markets.
In August 1970, we dispatched Dong Won 501 and 502 to
the Kamchatka fishing area in the Northern Pacific Ocean
and achieved remarkable success fishing Alaskan Pollack.
To earn foreign currency, we went to the west African
Coast fishing in Morocco, Mauritania, Guinea Bissau, and
established a base in Las Palmas, Spain in 1971.
We explored
and opened neighboring fishing grounds such as Las Palmas,
Mauritania, Morocco, Guinea, Senegal and Ghana for 100
Korean vessels to fish these grounds.While exploring the
Guinea Bissau fishing area, we contributed to creating
a national relationship between Korea and Guinea Bissau
as civil diplomats. Such an overseas fishing venture was
made based on the thought that the way to increase profits
would be through acquisitions.
We dispatched a pair of trawl vessels working in the African
fishing field to New Zealand in 1983 to develop more deep-sea
fishing areas, as these were being reduced due to the
exclusive economic zones being established in many countries
(200 nautical miles).Additionally, in 1991, we entered
the South Indian Ocean and have been exporting high value
fish species caught in these grounds to Japan. Currently
three vessels are fishing in this area.
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The car ferry business between China and Korea played role of a bridgehead in material and human resource exchange between Korea and China. We are proud of the contribution to building good relationship and activating the investment in this area.
We are trusted by the government of Sandong as well as people in this area.
In 1987, we built a freezer processing
plant and coolstore in Saha-gu, Busan to store and supply
necessary products to the public. We are doing our best
to supply products that meet the needs of our customers
using nature friendly materials.
In September 1990, before diplomatic relationships between
Korea and China had been established, we established Wei-Dong
Ferry Co., Ltd with a Chinese company. It operates between
Incheon and Weihai and Incheon and Qingdao and is responsible
for transportation of passengers and containers.
The investment
would not have been undertaken, if we had been unable
to forecast the economic exchanges between Korea and China.
It was based on precise forecasting, a considerate business
plan and assistance from Chinese friends of Chairman Yoon-Kook
Wang. The car ferry business between China and Korea played
the role of a bridgehead in material and human resource
exchanges between Korea and China.
We are proud of the
contribution in building good relationships and activating
investment in this area. We are trusted by the Shandong
government as well as people in this area. Our Chairman
received an Honorary Citizenship from Weihai city and
was appointed as an economic advisor by the People’s
Government.
In 1995, we established “Weihai Dong Won Food Limited”
and completed building a seafood processing plant in 1998.
We automated all processes, installing conveyor systems
to each processing line. In particular it is equipped
with a state-of-the-art hygienic system including freezing,
refrigerating and water purifying facilities. We will
complete the second plant in July, 2004.
In 1996, we established San Won Limited, which constructed
a 5,000 ton level freezer coolstore as an overseas investment
and increased the capacity to 10,000 ton in 2002.
In November 1996, we listed on the Korean Stock Exchange
and increased the capital to 10 billion won. Consequently,
in May 1999, we issued overseas CB as much as US$5 million
successfully to increase the capital to 14.8 billion won.
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Our 19 ships are fishing day and night in the fishing area and our overseas investment companies such as Wei Dong Ferry Co., Ltd, Weihai Dong Won Food Limited and San Won Ltd. makes profit and dividend distribution is at hand.
The productivity of coastal fishing
is limited due to a Fishing Agreement with Japan and China
and it is difficult to meet peoples’ demands. We
need to supply further products from other deep sea fishing
areas. Actually, deep sea fishing is one of strongest
export industries earning profits in the primary industry.
Additionally, fish caught in clean unpolluted zones will
lead the dining culture of modern people. Therefore, deep
sea fisheries that will supply fish sustainably, is a
promising industry.We catch many species from overseas
countries clean water zones, store them in our freezer
cool stores and coordinate supply. Additionally, we build
processing plants overseas and export processed goods
to international markets.
As we have built a one-stop supply system from production
to export, buyers trust us and our reliability is high.
Our 19 vessels fish 24 hours and our overseas investment
companies such as Wei Dong Ferry Co., Ltd, Weihai Dong
Won Food Limited and San Won Limited generate profits
and dividend distributions will be made.
We remember that to increase value and profitability of
the company, it is very important to create more profits
through reasonable management in a stable financial structure.
We are doing our best to be a first class company with
global competitiveness and as a pioneer of sea food leading
the 21st century. |
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