U.S. technology firm Oracle to set up IT system for S. Korean shipper

Lim Chang-won Reporter Posted : 2018-05-16 14:54 Updated : 2018-05-16 14:54
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[Yonhap News Photo]

SEOUL -- U.S. computer technology firm Oracle was selected as a business partner for South Korea's top shipping company, Hyundai Merchant Marine, in establishing a next-generation information technology system based on cloud computing.

Hyundai Merchant, controlled by creditors, said Wednesday that Oracle would design and implement a cloud-based infrastructure. The shipper also considers setting up a joint research lab with the U.S. company which develops database software and technology, cloud engineered systems and enterprise software products.

Through cooperation with Oracle, Hyundai Merchant hopes to acquire new technologies relates to blockchain, internet of things (IoT) and big data.

South Korean shippers have been in trouble due to falling freight rates stemming from an oversupply of ships and a protracted slump in the global economy. In February last year, Hanjin Shipping which used to be South Korea's top container carrier terminated its 40-year-long business. Hyundai Merchant absorbed some of Hanjin's assets.