Korea Ocean Business Corp., LS Securities sign MOU to expand KCCI use in finance sector

Korea Ocean Business Corp. is joining forces with LS Securities to expand the use of the Korea Container Cost Index (KCCI) in the financial sector.

The two organizations announced Tuesday that they signed a memorandum of understanding at LS Securities' headquarters in Yeouido, Seoul, to cooperate on linking and utilizing shipping information indexes including the KCCI and on exchanging maritime supply chain data.

The agreement aims to raise awareness of the KCCI — published by Korea Ocean Business Corp. — among financial institutions and private investors, while strengthening both organizations' capacity for maritime supply chain information exchange and analysis by drawing on their combined expertise in shipping, finance and logistics.

Under the MOU, the two sides agreed to cooperate on exchanging information and analysis related to maritime freight rates including the KCCI, monitoring maritime supply chain risks, holding joint research initiatives and seminars, and linking systems and channels.

Kim Jong-woo, head of Korea Ocean Business Corp.'s Marine Industry Information Center, said the agreement "will serve as an opportunity for the KCCI, a public shipping information index, to expand into financial markets and private investment."