Korea's Komarine, a digital marketplace for the sale and purchase of marine parts and equipment, is pressing ahead with plans to expand its userbase- which now includes more than 800 suppliers and 1,000 buyers from over 50 countries.

The platform is funded by the Shipbuilding and Offshore Plant Industry Division of Korea’s Ministry of Trade, Industry & Energy (MOTIE) with the aim of connecting domestic suppliers with the international market.

Komarine makes purchasing spare parts faster and easier than ever before by eliminating communication barriers between buyers and sellers.

Its recent success comes at a time when the Korean shipbuilding industry is doubling down on the development of new technologies and construction of advanced tonnage such as LNG carriers, among others.

While the nation’s shipping community has played a pivotal role in the industry’s tech evolution, few of its equipment manufacturers marketed inventory online prior to the launch of Komarine. Previously, moving this fragmented network of players and their databases to the web seemed impossible. Nobody knew what to do, how to do it, or where to start. This changed when the government teamed up with corporate interests, universities, industry associations and organisations.

While the project was funded by MOTIE, it was led by the Korea Marine Equipment Research Institute (KOMERI). Early collaborators include the Busan Marine Equipment Association (BMEA) and Gyeonggnam Marine Equipment Association (GMEA).

The last piece of the puzzle was a partnership with Komachine, which was enlisted to build and run the platform. Komarine launched three years later. Today, its customers include some of the biggest names in shipping. You can check out a full list HERE.