SHIN SHIN AGENCY

SHIP AGENCY SYSTEM IN KOREA

Overview of Company

I. Basic System

  1. General Agent(GA) located in Seoul or Busan. Shin Shin Agency is a General Agent in Seoul.
    GA appoints a Local Agent at each port.
  2. Local Agent(LA) is located at ports and appointed by Shin Shin Agency.
    Share of Agent fee: General Agent (60%) / Local Agent (40%) out of total Agency Fee.

II. Duty of Agent

  1. Vessel Operations : Reporting ships movements, loading /discharging operations, safety, pollution,
    hiring service companies such as pilot, tug boats, line handling, etc.
  2. Owner’s matter : Crew matter, ship’s supplies, bunkering, maintenance, port charges, CTM handling,
    DA papers etc. Also, appointing and instructing local agents / charterer’s agents with coordinating
    concerned parties; vessel owners, consignees, charterers, port authorities, etc.
  3. Local agent (LA) : Physical attending on vessel at ports under the instruction of GA such as ship’s port
    entry, sailing formality, service hiring, supplies, crew matters, reporting vessel movements to GA and
    concerned parties with submitting shipping papers / documents to GA.

III. Agency Appointment System

  1. Normal case (Principle) : Vessel Owner–> Genral Agent (Sole agent); Vessel Owner /Charterer appoints
    Shin Shin Agency as General Agent and Shin Shin Agency appoints a local agent located at ports to make
    a team agent (GA + LA) for attending on a vessel every time.
  2. In special case, Cargo consignee or Charterer requests the Owner to appoint their favorite agent,
    This is called as the Charterer’s agent or Receiver’s agent. Owner’s agent handle II-(2) and Charterer’s
    agent handle II-(1) above respectively; Agent fee – Owner’s agent 35%, Charterer’s agent 65% out of total.