Shindong Digitech pioneers high-end buoys

Shindong Digitech’s multifunctional six-meter discus buoy

This is the fourth in a series of stories about Korean meteorological equipment makers seeking overseas expansion. ― ED.

Shindong Digitech CEO Jang Cheol-soon

By Park Si-soo

Shindong Digitech is stepping up efforts to become a major provider of high-end multi-functional buoys that are crucial to get accurate information about oceanic weather conditions and ensure the safe navigation of vessels.

The Busan-based company has already secured a leading position in the domestic buoy market and is trying to expand into the Middle East, Southeast Asia, Latin America and Africa.

The firm has served as an exclusive buoy supplier to the Korea Meteorological Administration (KMA) since 2005. It sold three three-meter discus buoys, each priced at around 550 million won ($469,000), to Qatar in February 2014.

Shindong is in talks with the Saudi Arabian government to export its high-performance buoys, while Turkey and several other developing countries have expressed interest in its products.

“Our competitive advantage lies in price and the high-quality of our products,” said the firm’s CEO Jang Cheol-soon in a recent interview with The Korea Times in Seoul. “Our products never fall behind those of European makers in terms of accuracy, durability and other performances, while the price is nearly 30 percent lower.”

He said Shindong’s buoys were developed from data collected through various experiments and tests in waters off the Korean Peninsula so that its products work properly under any oceanic conditions.

“Weather information collected through our buoys around the world funnels into the KMA and the data is being shared globally through the World Meteorological Organization (WMO). This means the data’s accuracy and creditability has been recognized internationally,” he said.

The demand for three- and six-meter discus buoys continues to rise, the chief executive said, adding the firm is committed to promoting the two models continuously.

“I personally see growth potential with three-meter discus buoy because they’re smaller and cheaper than the six-meter model but the two have only a little gap in overall performance,” he said. “The two models are solar powered and thus are able to work permanently if regular maintenance work is carried out.”

Shindong will display the two buoys and a wave measurement system, named WaveFinder, at the Meteorological Technology World Expo in Belgium in October.

WaveFinder measures and displays all the essential parameters of sea waves such as height, period and direction using X-band radar.

Meanwhile, the company is developing an advanced port monitoring system. It recently formed a partnership with the Electronics and Telecommunications Research Institute (ETRI) for the project.

“We are committed to fostering it as a new growth engine,” Jang said.

Unlisted Shindong’s sales in 2014 were estimated at 35 to 40 billion won, with 60 percent generated overseas.