SR Corporation (Korean: 에스알, formerly Suseo High Speed Rail Corporation),[3][4] also known as Supreme Railways,[5] is a South Korean rail operator that operates high-speed rail services.
The company was established in December 2013 and adopted its current name in June 2014. In December 2016, SR Corporation officially launched its SRT (Super Rapid Train) services on an open-access basis. By January 2021, the company's services called at 17 stations, three of which it managed directly.[6] The merger of SR Corporation and the national passenger operator Korail has been repeatedly mooted and fallen through; presently the company remains an independent competitor to the incumbent's KTX services. Recent initiatives have included the greater use of local component production and the in-housing of rolling stock maintenance.
Historyedit
The organisation was originally established as the Suseo High Speed Rail Corporation (수서고속철도주식회사, 水西高速鐵道株式會社) in December 2013.[7] It was founded with the ambition of increasing competition in the South Korean railway sector and end the monopoloy on Korean passenger operations by the national passenger operator incumbent Korail.[8][9] During June 2014, it was announced that the company name would be changed to SR Corporation; one month later, it joined the Korea Railway Association.[citation needed]
In December 2016, SR Corporation officially launched SRT (Super Rapid Train) services, initially running between Suseo–Busan on a newly-opened high speed line.[10][11] Being an open-access operator, it is charged more for track access by the to the Korea Rail Network Authority than those imposed on Korail's KTX services, paying 50 percent of its sales revenue against the KTX's 34 percent.[9] SR Corporation has claimed that its presence has increased competition, driving down ticket prices and raising service quality overall, while also contributing to repay the accumulated debts from the construction of Korea’s high-speed network.[12][9]
Throughout SR Corporation's existence multiple proposals have been mooted for merging it with Korail. In 2017, a taskforce organised by the Ministry of Land, Infrastructure and Transport reviewed one such merger initiative; the terms of the envisioned merger were publicly opposed by SR's trade union.[9] During December 2018, the South Korean government announced the revival of plans to combine the two entities.[13]
In December 2022, it was announced that the planned merger between SR Corporation and Korail, a move that the latter had strongly advocated for, had been abandoned.[12][14] During January 2023, Lee Jong-guk, SR’s newly appointed CEO, announced that the company would be pursuing greater independence from its majority shareholder, Korail; furthermore, that a comprehensive review of all existing contracts would be conducted. Specific areas of independence include a planned expansion of internal maintenance of rolling stock, including component production.[15]
The Super Rapid Train (SRT) is a high-speed rail service operated by SR Corporation; it was launched on 9 December 2016.[10][16] By January 2021, the service consisted of two routes, Suseo–Busan and Suseo–Mokpo.[17] For 2020, SR Corporation achieved a market share of 29 percent upon these two routes against the incumbent KTX service.[2] Ticket prices have typically been cheaper than KTX equivalents, the average price being around 10% cheaper in late 2016.[18] The SRT runs the Seoul-Busan route eight minutes faster than KTX.[citation needed] In August 2019, amid a souring of trade relations between South Korea and Japan, SR Corporation announced that it would replace all Japanese components present in its rolling stock with locally-produced counterparts; efforts are being made to reduce reliance on other exporters such as Germany and the Netherlands.[19]
Referencesedit
^"Shareholders". SR Corporation. from the original on 20 January 2021. Retrieved 20 January 2021.
^"SR 연혁". SR Corporation (in Korean). from the original on 26 September 2020. Retrieved 20 January 2021.
^Jeong-hwan, Lim (2 July 2020). "[단독]수서고속철도→에스알→?…SR 6년만에 이름 바꾸나". Newdaily (in Korean). from the original on 20 January 2021. Retrieved 20 January 2021.
^Briginshaw, David (1 June 2018). "Supreme Railways fights for survival". International Rail Journal. from the original on 20 January 2021. Retrieved 20 January 2021.
^"Exclusive Stations". SR Corporation. from the original on 20 January 2021. Retrieved 20 January 2021.
^"SR연혁". www.srail.or.kr (in Korean). Retrieved 17 January 2022.
^Lee, Juhyung (10 August 2017). "KTX: South Korea's high-speed rail network goes from strength to strength". globalrailwayreview.com.
^ abcd"KTX and SR merger faces rough prospects". The Korea Herald. 14 July 2017.
^ abTebay, Andy (9 December 2016). "Korea opens Suseo high-speed line". International Rail Journal. from the original on 20 January 2021. Retrieved 20 January 2021.
^윤보람 (20 November 2016). "수서고속철 내달 9일 개통…117년만에 철도경쟁시대 열린다". Yonhap News Agency (in Korean). Retrieved 17 January 2022.
^ abTebay, Andy (23 December 2022). "Supreme Rail merger with Korail postponed". International Rail Journal.
^"Korail-Supreme Railways merger plan back on". Railway Gazette International. 5 December 2018.
^Kyung-min, Lee (20 December 2022). "Merger of KORAIL and SR postponed". The Korea Times.
^Tebay, Andy (9 January 2023). "Supreme Rail pushes for more independence from Korail". International Rail Journal.
^Jackson, Julie Kim (5 December 2016). "New SR railway company to launch super rapid trains". The Korea Herald.
^Byung-kyu, Sun (21 September 2016). "[철도의날 특집] 수도권고속철도 운영기업 (주)SR". Kukto Ilbo (in Korean). from the original on 20 January 2021. Retrieved 20 January 2021.
^윤보람 (20 November 2016). "수서고속철 내달 9일 개통…117년만에 철도경쟁시대 열린다". Yonhap News Agency (in Korean). Retrieved 17 January 2022.
^Hee-seok, Choi; Eun-joo, Lee (28 August 2019). "S. Korean train operator seeks to replace Japanese parts with Korean parts". pulsenews.co.kr.
This South Korean rail transport related article is a stub. You can help Wikipedia by expanding it.
corporation, korean, 에스알, formerly, suseo, high, speed, rail, corporation, also, known, supreme, railways, south, korean, rail, operator, that, operates, high, speed, rail, services, formerlysuseo, high, speed, rail, corporationindustryrail, transportfoundedde. SR Corporation Korean 에스알 formerly Suseo High Speed Rail Corporation 3 4 also known as Supreme Railways 5 is a South Korean rail operator that operates high speed rail services SR CorporationFormerlySuseo High Speed Rail CorporationIndustryRail transportFoundedDecember 27 2013 10 years ago 2013 12 27 HeadquartersSuseo Hyosung Building Gangnam gu SeoulServicesSuper Rapid Train SRT OwnersShareholders 1 2 Korail 41 0 Teacher s Pension 31 5 Industrial Bank of Korea 15 0 Korea Development Bank 12 5 Websitesrail wbr co wbr kr The company was established in December 2013 and adopted its current name in June 2014 In December 2016 SR Corporation officially launched its SRT Super Rapid Train services on an open access basis By January 2021 the company s services called at 17 stations three of which it managed directly 6 The merger of SR Corporation and the national passenger operator Korail has been repeatedly mooted and fallen through presently the company remains an independent competitor to the incumbent s KTX services Recent initiatives have included the greater use of local component production and the in housing of rolling stock maintenance History editThe organisation was originally established as the Suseo High Speed Rail Corporation 수서고속철도주식회사 水西高速鐵道株式會社 in December 2013 7 It was founded with the ambition of increasing competition in the South Korean railway sector and end the monopoloy on Korean passenger operations by the national passenger operator incumbent Korail 8 9 During June 2014 it was announced that the company name would be changed to SR Corporation one month later it joined the Korea Railway Association citation needed In December 2016 SR Corporation officially launched SRT Super Rapid Train services initially running between Suseo Busan on a newly opened high speed line 10 11 Being an open access operator it is charged more for track access by the to the Korea Rail Network Authority than those imposed on Korail s KTX services paying 50 percent of its sales revenue against the KTX s 34 percent 9 SR Corporation has claimed that its presence has increased competition driving down ticket prices and raising service quality overall while also contributing to repay the accumulated debts from the construction of Korea s high speed network 12 9 Throughout SR Corporation s existence multiple proposals have been mooted for merging it with Korail In 2017 a taskforce organised by the Ministry of Land Infrastructure and Transport reviewed one such merger initiative the terms of the envisioned merger were publicly opposed by SR s trade union 9 During December 2018 the South Korean government announced the revival of plans to combine the two entities 13 In December 2022 it was announced that the planned merger between SR Corporation and Korail a move that the latter had strongly advocated for had been abandoned 12 14 During January 2023 Lee Jong guk SR s newly appointed CEO announced that the company would be pursuing greater independence from its majority shareholder Korail furthermore that a comprehensive review of all existing contracts would be conducted Specific areas of independence include a planned expansion of internal maintenance of rolling stock including component production 15 Services editMain article Super Rapid Train The Super Rapid Train SRT is a high speed rail service operated by SR Corporation it was launched on 9 December 2016 10 16 By January 2021 the service consisted of two routes Suseo Busan and Suseo Mokpo 17 For 2020 SR Corporation achieved a market share of 29 percent upon these two routes against the incumbent KTX service 2 Ticket prices have typically been cheaper than KTX equivalents the average price being around 10 cheaper in late 2016 18 The SRT runs the Seoul Busan route eight minutes faster than KTX citation needed In August 2019 amid a souring of trade relations between South Korea and Japan SR Corporation announced that it would replace all Japanese components present in its rolling stock with locally produced counterparts efforts are being made to reduce reliance on other exporters such as Germany and the Netherlands 19 References edit Shareholders SR Corporation Archived from the original on 20 January 2021 Retrieved 20 January 2021 a b SR Co Ltd fitchratings com 18 May 2021 SR 연혁 SR Corporation in Korean Archived from the original on 26 September 2020 Retrieved 20 January 2021 Jeong hwan Lim 2 July 2020 단독 수서고속철도 에스알 SR 6년만에 이름 바꾸나 Newdaily in Korean Archived from the original on 20 January 2021 Retrieved 20 January 2021 Briginshaw David 1 June 2018 Supreme Railways fights for survival International Rail Journal Archived from the original on 20 January 2021 Retrieved 20 January 2021 Exclusive Stations SR Corporation Archived from the original on 20 January 2021 Retrieved 20 January 2021 SR연혁 www srail or kr in Korean Retrieved 17 January 2022 Lee Juhyung 10 August 2017 KTX South Korea s high speed rail network goes from strength to strength globalrailwayreview com a b c d KTX and SR merger faces rough prospects The Korea Herald 14 July 2017 a b Tebay Andy 9 December 2016 Korea opens Suseo high speed line International Rail Journal Archived from the original on 20 January 2021 Retrieved 20 January 2021 윤보람 20 November 2016 수서고속철 내달 9일 개통 117년만에 철도경쟁시대 열린다 Yonhap News Agency in Korean Retrieved 17 January 2022 a b Tebay Andy 23 December 2022 Supreme Rail merger with Korail postponed International Rail Journal Korail Supreme Railways merger plan back on Railway Gazette International 5 December 2018 Kyung min Lee 20 December 2022 Merger of KORAIL and SR postponed The Korea Times Tebay Andy 9 January 2023 Supreme Rail pushes for more independence from Korail International Rail Journal Jackson Julie Kim 5 December 2016 New SR railway company to launch super rapid trains The Korea Herald Byung kyu Sun 21 September 2016 철도의날 특집 수도권고속철도 운영기업 주 SR Kukto Ilbo in Korean Archived from the original on 20 January 2021 Retrieved 20 January 2021 윤보람 20 November 2016 수서고속철 내달 9일 개통 117년만에 철도경쟁시대 열린다 Yonhap News Agency in Korean Retrieved 17 January 2022 Hee seok Choi Eun joo Lee 28 August 2019 S Korean train operator seeks to replace Japanese parts with Korean parts pulsenews co kr nbsp This South Korean rail transport related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title SR Corporation amp oldid 1210784128, wikipedia, wiki, book, books, library,
