Empire of the Ring

A Turkish shipping company owner, Fikret Yilmaz, entered Youngho’s office while having a tense look.

He heard rumors about the autonomous state, but he had no idea how big the Grand Palace was. There were guards just like other European royal palaces. He was intimidated as he was escorted by a solemn-faced servant.

Yilmaz had always kept his ears open when it came to rumors about Youngho. The reason was that his company could only survive because Youngho had yielded wheat transport between Baku and Istanbul. Since most of the bulk carriers of the Caspian Sea were busy transporting minerals from the Arirang Autonomous State, his freighters could monopolize the wheat that was transported to Turkey.

When Jong-il reached out to him as Youngho requested, Yilmaz was worried that he might be there to announce that the Arirang Shipping would now start a Turkish route. Thankfully, that was not the case.

“I congratulate you, albeit belatedly. I heard the news, but I didn’t dare to visit.”

“It was an internal event. The press came, and it became so crowded and noisy.”

“I didn’t even prepare a congratulatory gift because I was in a hurry.”

“You coming all the way here to see me is already a wonderful gift.”

Yilmaz repeatedly thanked him for helping his business.

“Thanks to my daughter and her friend Princess Zeynep, I was connected to you and received a huge favor that continued my career. I hadn’t been able to repay your kindness. However, when Mr. Park contacted me, I was going to buy extra cargo ships.”

“I heard you’re planning to buy two medium cargo ships.”

“I need two 5,000-ton bulk carriers, but I was short of cash, so I was thinking of buying used cargo ships. But the president of Arirang Shipping, Mr. Park, said there was a way to finance the ships.”

“I don’t know how short you are in terms of money, but I can lend you some. I run an investment company. The interest rate would be cheaper than other ship finance.”

A 5,000-ton bulk carrier would cost 10 million dollars to make.

It was a tempting offer for new ship buyers if a shipbuilding company offered financing options. Ship financing had usually been a financial product in which state-run banks in each country were involved to strengthen their state-owned shipbuilders.

In the case of Youngho, he nearly had 200 million dollars in cash that he received as a commission for brokering to sell the gold bars. There was no interest in keeping it in a bank anyway, and ship financing was not a big deal. Also, it did not matter whether Youngho or the state would lend the money to him since the end would justify the means anyway. He was going to lend that money to Yilmaz.

“If so, I will place an order to make ships right away. I have about six million dollars available at hand. If that’s not enough, I’ll provide you with real estate as collateral.”

“The cash is enough. When would you like me to deliver the ships?”

“The sooner the better.”

“I think two years will be enough. Since you’re the first customer of our state’s shipyard, we’ll get to production right away.”

The docks at the state’s shipyard were able to build two ships at the same time.

Since the state was in the middle of creating a new dock as well, it would be able to produce more ships even if there were additional orders.

“I think this must be my lucky year.”

“I’m also happy to have my first client.”

“Can I introduce your shipyard to my friends in Turkey?”

“You’re more than welcome to do that.”

Youngho picked Yilmaz’s shipping company as his first client because he utilized the statistics of transport in the Volga-Don Canal. He found that Yilmaz’s company had quite a lot of shipping orders, so he sent Jong-il to propose ship financing.

Now that the state’s shipyard took a great first step, there would be more extra orders from now on through Yilmaz’s acquaintances.

***

At the small docks, two 100-ton ships were stationed in a row. They were almost completed. The large-size dock next to it also had an old freighter which was in the process of repairing.

“Prince consort, do you make a warship, too?”

“This is what the Kazakh Navy ordered and a ship that would be used for patrolling in the state. We’re only at the starting stage.”

“I know it’s hard to make a warship, but you’ve got a lot of technology.”

“It’s not that difficult because shipbuilding technology has become common these days. The key depends on how much ship prices can be lowered. That’s why we’re also working on ship financing.”

“What factory are you building over there?”

“It’s an engine plant. It’s a hassle to import every part for the shipyard, so we’re going to make our own products and study new engines. Although the Caspian Sea is small, it is the front yard of five countries. The number of ships going through the Volga-Don Canal will continue to increase. That’s one of the reasons why I’m running a shipyard.”

“I feel like I have been so complacent after hearing what you just said. If I keep doing things my way, my company will be out of business one day.”

“If you want your shipping company to grow, you’d have to have more ships. The route to the North Pole will open soon. Keep that in mind.”

Strictly speaking, it was the Northeast route, but people generally referred to it as the North Sea or Arctic route. Recently, the route to Europe that passed the Bering Strait in Alaska and through Russia’s northern coast was gaining popularity. The route was desirable to anyone since it was 5,500 kilometers shorter than the route that went through Suez Canal, and the length of the voyage would be reduced by 10 days.

Of course, it should be a ship equipped with icebreaking functions, but even if it was not, it could travel along Russia’s coast in the summer, although it would have to pay a toll since it would be passing through Russian territorial waters.

“Doesn’t that route require an icebreaker?”

“If the ship is strong, it could travel in the summer months, but ultimately, you will need icebreakers.”

“I heard that the Arirang state has icebreakers. I’m sure you’ll have enough access to the North Pole route. I’ve heard that the waves are not too high because of the ice, so you can travel well on small boats. Is that right?”

“Yes. We’re currently transporting lumbers from Siberia.”

“Really? Is there enough supply?”

“The wood is literally everywhere.”

With his eyes glistening for a moment, Yilmaz grasped Youngho’s hand.

“Prince consort, can I be in it too?”

“It sounds like you want to build an icebreaker.”

“If I have a chance, I’ll have to make it regardless of its cost.”

“Didn’t you say your budget is tight?”

“I don’t have any cash, but I have some real estate. I bought a building in Baku 15 years ago, and I’m thinking about disposing of it because its price had gone up quite a lot.”

It was said that a building in Baku had risen several times more than a decade ago, and it seemed that Yilmaz was one of the lucky ones. Fifteen years ago, Baku was not so popular, and buildings were traded at about a third of the current price.

“I see. It’s the real estate you were offering as collateral a while ago.”

“I know its price is more than 100 million dollars right now, but wouldn’t that be enough to buy the cargo ships and an icebreaker?”

“Don’t overdo it.”

“You said the wood is everywhere.”

“That’s true. I’ve also started a logging business in Siberia.”

“…”

“Prince consort, then I must participate too. It doesn’t worth much, but please take my building and build me a ship of the same value. I was going to dispose of it because the price of the building has gone up a lot. A few years ago, it was a pain in the neck.”

“Why don’t we move to my office and talk?”

There used to be a time when Zeynep came into Youngho’s office and acted out, saying,

‘If you bully my friend’s father’s company, it would be no fun.’

Perhaps that was when the shipping business hit the bottom.

His connection with Yilmaz was probably meant to be, and now it was bringing him a great gift.

***

“Was your trip convenient?”

“I didn’t know a personal jet would be this convenient.”

“Normally, you’d have to be connected to get to Baku. Many people who are not used to traveling abroad hate that. The first step should be refreshing if you want to get things done. There is no special entry procedure required for you. Just give us your passport, and our staff will take care of everything.”

“I thought the VIP room is for special people. Thanks to you Mr. Lee, I’m enjoying this honor.”

“It’s not because I’m special, but in Baku, businessmen are treated special. If you have a business that’s larger than a certain size, you can use the VIP room.”

“It’s a paradise for businessmen.”

“It’s a place where you can be treated well as long as you pay the tax properly.”

“Not being swayed by powerful people?”

“Of course. Azerbaijan is a democratic country that abides by international agreements.”

“I think I’m in another world.”

“This country is small, but it is also a country with many opportunities.”

Youngho sent a private jet to Chairman Nikolay since he wanted to visit Baku.

Since he was a foreigner, he had to go through Baku International Airport. It was a good idea since Youngho could show him that he could use the VIP room too. Now that Youngho impressed him, he was going to impress him even more by stopping by the Main Police Department before going to a farm site. Nikolay would be surprised if he was introduced to the Commissioner General of the Main Police Department during his first visit to Baku.

As Young-ho instructed, the car entered the Main Police Department.

As the policemen stood at the entrance of the front door saluting Youngho, Nikolay was puzzled, not knowing what was going on. And as if Youngho had deliberately timed his arrival, Sevan was at the front door to welcome the two.

“Good afternoon, prince consort.”

“Oh, why did you come out all the way down here? I shouldn’t have bothered the busy man.”

“I couldn’t sit still after hearing that you’re bringing an important guest.”

“Commissioner, let me introduce Chairman Nikolay. He is the king of all of Siberia’s businessmen.”

“Thank you for coming all the way here. I’m Sevan, the police commissioner of Azerbaijan.”

“I’m Nikolay. It’s an honor to be welcomed this way.”

Nikolay was stunned.

He thought he would be going straight to the hotel, but he was introduced to the police chief instead. This would never have happened in Russia. The only time when the police chief met a businessman was when he was bribed with a large sum of money.

“The prince consort is a good friend of mine. Please think of me as a friend too, chairman.”

“I am dumbfounded to be welcomed like this. I didn’t know that the Commissioner-General would come out to greet a mere businessman.”

“I heard you’re planning to invest in Baku, so I thought I’d help my friend, prince consort. I’ve also searched for the site of the villa and farm you asked for, so why don’t we go look at the site together?”

“Wow, do you already have the site?”

Nikolay seemed to have found comfort already as an experienced businessman. He liked this kind of treatment.

“Of course. Prince consort here has asked me, so I had to hurry. Even the president would not refuse his request.”

“Oh, Commissioner, you’re flattering me too much.”

“No, no. Ask the people in Baku. You’re the one who does all kinds of good things, right? There’s no one in Baku who doesn’t know about the Arirang Foundation.”

Nikolay also seemed surprised since he did not know Youngho was doing social work. It was surprising that Youngho was respected this much in a foreign country.

“I don’t know Mr. Lee very much, but I’m getting a lot of help. I guess there’s a whole reason why you’re so famous here.”

“I’ve known him for more than a decade, but he’s a real gentleman.”

Youngho had no choice but to ask Sevan to hurry to the land site. It was unbearable to be praised so much.

Sevan also rose from his seat while grinning.

“There’s a hilly area about five kilometers from Zeynep Farm. I’ve finished consulting with the relevant department, and the chairman’s decision is all we have left. Shall we go now?”

“Well, I wouldn’t be able to say no since you’re treating me so well.”

“If you don’t like it, I’ll buy it for you. We need to increase the vineyard.”

“Now that you’ve said it, I feel like I should buy it more.”

“You’ll find that the atmosphere is completely different from that of the city area of Baku. After looking at the site, I’ll take you to Zeynep Farm. The barbecue would be getting ready by now. I have all sorts of drinks ready too.”

“Well, I think the villa site is already almost decided. Can’t we go drink first?”

It seemed Nikolay was quite excited since he asked to drink first. It must be because Russia had never been treating him honorably like this before.