RANCHO DOMINGUEZ, California ― New Pride Corp., an intermodal company, is one of two U.S.-based companies, along with Access Bio, that is listed on Korea’s tech-heavy KOSDAQ market.

Behind the company’s success in the industry might have been efforts by its Korean-born chairman to earn credibility from clients.

“Perseverance and keeping up a good reputation were the key factors that made me the chairperson of New Pride Corp,” Edward Kim said. 

After obtaining a degree in management at Seoul National University in 1963, he came to the U.S. as the head of the San Francisco operation of a Korean shipping firm.

When the company closed its San Francisco office and summoned Kim back to Korea, he quit his job and moved to Oakland in 1978, to start his own business in intermodal freight transport ― the non-stop logistics of goods across the vast continent.

“We provide a complete service in picking up the freight from the coastline areas and unloading it onto the train to its final destination,” said Kim.

The company currently has about 160 corporate clients. About 32 percent are railroad companies, 18 percent transport equipment makers, 14 percent retail distributors and 11 percent offshore shipping companies. The Union Pacific Railroad has been among its largest clients.

New Pride also runs three subsidiary companies ― Dongying Hwantai Rubber Co., Intermodal Maintenance Services Inc., and Synergy Management Inc. DYH, launched a decade ago in Weifang, China, manufacturing new and recycled tires. IMS provides maintenance and repair services for freight containers and special pickup trucks ― the chassis ― and SM manages the intermodal assets.

This makes New Pride the only company in the U.S. that provides total solutions to the intermodal industry, Kim said.

The intermodal industry has blossomed since the early 1980s, as a large part of shipping was replaced by trains.

“Nowadays, it takes about 30 days to carry freight from Korea to the U.S. east coastal areas, whereas it takes only 19 to 21 days to carry freight to the U.S. West Coast and carry them on land by intermodal transport to the east.

“The development of stacking technology and the rising exports from China to the U.S. are expected to keep the intermodal industry booming,” Kim said, expecting a better performance next year.

In 2010, the company was listed on the Korea Exchange, Korea’s main bourse, instead of the New York Stock exchange, citing the KRX’s high liquidity rate. The company has been reinforcing its public relations office in Korea starting this year, Kim noted.

The company swung into the black in the first quarter this year, as one-time expenses, such as Chinese business settlements and the price of rubber, were accounted for. Its annual sales volume was about $88 million in 2012, and is expected to increase further in 2013 and 2014, as it has been negotiating contracts with new potential clients.

New Pride has reaped annual revenue growth of 5 to 10 percent in the past 20 years, according to company data.

By Chung Joo-won, Korea Herald correspondent 

(joowonc@heraldcorp.com)