• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.161-173
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• 2021

The shipping industry plummeted and was depressed due to the global economic crisis caused by the bankruptcy of Lehman Brothers in the US in 2008. In 2020, the shipping market also suffered from a collapse in the unstable global economic situation due to the COVID-19 pandemic, but unexpectedly, it changed to an upward trend from the end of 2020, and in 2021, it exceeded the market of the boom period of 2008. According to the Clarksons report published in May 2021, the decrease in cargo volume due to the COVID-19 pandemic in 2020 has returned to the pre-corona level by the end of 2020, and the tramper bulk carrier capacity of 103~104% of the Panamax has been in the ports due to congestion. Earnings across the bulker segments have risen to ten-year highs in recent months. In this study, as factors affecting BDI, the capacity and congestion ratio of Cape and Panamax ships on the supply side, iron ore and coal seaborne tonnge on the demand side and Granger causality test, IRF(Impulse Response Function) and FEVD(Forecast Error Variance Decomposition) were performed using VAR model to analyze the impact on BDI by congestion caused by strengthen quarantine at the port due to the COVID-19 pandemic and the loading and discharging operation delay due to the infection of the stevedore, etc and to predict the shipping market after the pandemic. As a result of the Granger causality test of variables and BDI using time series data from January 2016 to July 2021, causality was found in the Fleet and Congestion variables, and as a result of the Impulse Response Function, Congestion variable was found to have significant at both upper and lower limit of the confidence interval. As a result of the Forecast Error Variance Decomposition, Congestion variable showed an explanatory power upto 25% for the change in BDI. If the congestion in ports decreases after With Corona, it is expected that there is down-risk in the shipping market. The COVID-19 pandemic occurred not from economic factors but from an ecological factor by the pandemic is different from the past economic crisis. It is necessary to analyze from a different point of view than the past economic crisis. This study has meaningful to analyze the causality and explanatory power of Congestion factor by pandemic.

• Journal of Navigation and Port Research
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• v.44 no.6
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• pp.550-556
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• 2020

Over the past years, the role of ports in the global network of supply chains has becoming increasingly important, not merely as a physical location for loading and unloading goods, but also as an essential center of economic activity where additional value is added to cargo. Due to the overall growing importance of ports, each country has chosen to adopt hub growth as a primary economic strategy. Northeast Asia in particular, due to its high population density, experiences intense competition between its ports. Busan's port, as a result, has used the establishment of Distripark in order to attract high and stable trade volume, and compete more effectively with other ports in the region. This study estimates the unit cost of the logistic process for the all principal cargos handled at Busan New Port, with the findings revealing that unit cost increases gradually starting with chemical products, LME bulk goods, automobile parts, LME containers, general cargoes, and LME inland transportation goods coming in last. Future research will look more closely at all all categories of cargo handled in the Distrpark of Busan New Port, thereby enabling us to better understand the value created by the port, and how to best implement effective trade volume-attraction strategy.

• Journal of Korea Port Economic Association
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• v.36 no.4
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• pp.17-30
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• 2020

In the shipping industry, it is essential to engage in the preemptive prediction of freight rate volatility through market monitoring. Considering that freight rates have already started to fall, the loss of shipping companies will soon be uncontrollable. Therefore, in this study, factors affecting the freight rates of bulk carriers, which have relatively large freight rate volatility as compared to container freight rates, were quantified and analyzed. In doing so, we intended to contribute to future shipping market monitoring. We performed an analysis using a vector error correction model and estimated the influence of six independent variables on the charter rates of bulk carriers by Handy Size, Supramax, Panamax, and Cape Size. The six independent variables included the bulk carrier fleet volume, iron ore traffic volume, ribo interest rate, bunker oil price, and Euro-Dollar exchange rate. The dependent variables were handy size (32,000 DWT) spot charter rates, Supramax 6 T/C average charter rates, Pana Max (75,000 DWT) spot charter, and Cape Size (170,000 DWT) spot charter. The study examined charter rates by size of bulk carriers, which was different from studies on existing specific types of ships or fares in oil tankers and chemical carriers other than bulk carriers. Findings revealed that influencing factors differed for each ship size. The Libo interest rate had a significant effect on all four ship types, and the iron ore traffic volume had a significant effect on three ship types. The Ribo rate showed a negative (-) relationship with Handy Size, Supramax, Panamax, and Cape Size. Iron ore traffic influenced three types of linearity, except for Panamax. The size of shipping companies differed depending on their characteristics. These findings are expected to contribute to the establishment of a management strategy for shipping companies by analyzing the factors influencing changes in the freight rates of charterers, which have a profound effect on the management performance of shipping companies.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.39-52
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• 2018

The Seosan-Daesan Port is a representative trade port in Chungnam, and has the sixth largest total cargo throughput and the third largest oil cargo throughput in Korea. However, research on this port's development is lacking relative to that for Busan Port, Incheon Port, and Gwangyang Port, and no study exists that suggests the direction of the development strategy for Seosan-Daesan Port. This study discusses the future role of Seosan-Daesan Port in preparation for a rapidly changing future and the development strategy that should be established. Using the AHP, a development strategy is provided for Seosan-Daesan Port from short/mid-term and long-term viewpoints for three aspects: operation activation, infrastructure construction, and policy support. Operation activation is chosen as the most significant factor from a short/mid-term viewpoint, whereas infrastructure construction is recognized as important from a long-term viewpoint. Specifically, from a short/mid-term viewpoint, sustainable container cargo attraction, multipurpose dock construction, management pier construction, and opening of international passenger ferry lines are important factors while from the long-term viewpoint, hinterland construction, petrochemical industry cluster construction, automobile industry cluster construction, and management improvement system are important. Establishing action plans for each strategy and a cooperative network for sharing goals and strengthening cooperation is necessary.

• The monthly packaging world
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• s.240
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• pp.85-87
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• 2013

한국통합물류협회는 2월 21일 정기총회에서 천일정기 화물자동차(주) 박재억 대표이사를 제3대 회장으로 선임하였다. 대기업만이 아닌 많은 중소기업으로 이뤄진 통합물류협회는 모두의 이익을 조화롭게 조율할 수 있는 회장을 통해 업계 발전을 이룬다는 목표 아래, 전 물류영역을 아우르는 다양한 경험을 가진 박재억 회장을 선임했다고 밝혔다. 박재억 신임회장은 전일정기화물자동차(주)를 이끌연서, 컨테이너와 벌크화물 운송, 특수화물, 철강 및 철도운송, 항만하역사업, 자동차부품운송, 택배, 창고 등 물류 전 영역에서 물류정보화, 정시운송시스템 도입과 독보적인 조달물류 분야 개척 등 우리나라 물류경쟁력 확보에 앞장서 왔다. 3월 20일 열린 기자간담회를 통해 박재억 신임회장에게 협회 운영 계획에 대한 견해를 들어보았다.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2023.11a
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• pp.116-118
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• 2023

In recent years, the need for economical and sustainable ship routing has emerged due to the enforced regulations on environmental issues. Despite the development of weather forecasting technology, maritime accidents by rough waves have continued to occur due to incorrect weather forecasts. In this study, onboard measurements are conducted to observe the acutal situation on merchant ships in operation encountering rough waves. The types of measured data include information related to navigation (Ship's position, speed, bearing, rudder angle) and engine (engine revolutions, power, shaft thrust, fuel consumption), weather conditions (wind, waves), and ship motions (roll, pitch, and yaw). These ship experiments was conducted to 28,000 DWT bulk carrier, 63,000 DWT bulk carrier, 20,000 TEU container ship, and 12,000 TEU container ship. The actual ship experiment of each ship is intended to acquire various types of data and utilize them for multi-objective studies related to ship operation. Additionally, in order to confirm the sea conditions, the directional wave spectrum was reproduced using a wave simulation model. Through data collection from ship experiments and wave simulations, various studies could be proceeding such as the measurement for accurate wave information by marine radar and analysis for cargo collapse accidents. In addition, it is expected to be utilized in various themes from the perspective of safety and efficiency in ship operation.

• Journal of Navigation and Port Research
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• v.41 no.4
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• pp.181-188
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• 2017

In the existing ship sales market, prices determined based on the prices of similar ship types that recently traded. ince the 2008 financial crisis, ship prices have fluctuated, and ship price criteria have become ever more necessary to the imminent value of the ship. Therefore, this research used the hedonic price model to estimate imminent values of ships. In this study, the influence on ship prices was analyzed by the value of each characteristic and an estimated functional formula was. Out of the four models suggested by the hedonic price model, an optimal model was selected with variance inflation factors and a stepwise selection. For this, the influence of determinants of ship prices was analyzed based on actually traded ships and characteristic data. The selected model s the Log-Line model; as a result of regression analysis, eight variables, including DWT, Age, Market Value, Short-Term Charter, Long-Term Charter, Enbloc, Special Survey Due and Builder were to affect the ship price model. This model is expected to be useful for objective and balanced ship price evaluation.

• Journal of Korea Port Economic Association
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• v.37 no.2
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• pp.73-89
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• 2021

The handysize bulk carriers are capable of transporting a variety of cargo that cannot be transported by mid-large size ship, and the spot chartering market is active, and it is a market that is independent of mid-large size market, and is more risky due to market conditions and charterage variability. In this study, Granger causality test, the Impulse Response Function(IRF) and Forecast Error Variance Decomposition(FEVD) were performed using monthly time series data. As a result of Granger causality test, coal price for coke making, Japan steel plate commodity price, hot rolled steel sheet price, fleet volume and bunker price have causality to Baltic Handysize Index(BHSI) and charterage. After confirming the appropriate lag and stability of the Vector Autoregressive model(VAR), IRF and FEVD were analyzed. As a result of IRF, the three variables of coal price for coke making, hot rolled steel sheet price and bunker price were found to have significant at both upper and lower limit of the confidence interval. Among them, the impulse of hot rolled steel sheet price was found to have the most significant effect. As a result of FEVD, the explanatory power that affects BHSI and charterage is the same in the order of hot rolled steel sheet price, coal price for coke making, bunker price, Japan steel plate price, and fleet volume. It was found that it gradually increased, affecting BHSI by 30% and charterage by 26%. In order to differentiate from previous studies and to find out the effect of short term lag, analysis was performed using monthly price data of major cargoes for Handysize bulk carriers, and meaningful results were derived that can predict monthly market conditions. This study can be helpful in predicting the short term market conditions for shipping companies that operate Handysize bulk carriers and concerned parties in the handysize chartering market.

• Journal of Digital Convergence
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• v.16 no.2
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• pp.179-188
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• 2018

In this paper, we analyze accident factors that occur in the unloading of steel cargoes and try to derive priority of importance among factors. The Fuzzy-AHP, which enables hierarchical analysis through pairwise comparison of factors, is used to derive priorities of safety factors to consider when unloading steel cargo. In the top factor analysis results, weights were ranked in order of human factors, safety education, equipment and facilities, and business environment. The purpose of this paper is to contribute to the improvement of the safety consciousness of the field workers and enterprises and to reduce the incidence of accidents in the unloading and unloading operations by deriving the relative importance between the factors. In the future, it is necessary to study the cargoes of other disasters such as container cargo as well as steel cargo.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.546-554
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• 2018

The Bulk market, unlike the line market, is characterized by stiff competition where certain ship or freight owners have no influence on freight rates. However, freights are subject to macroeconomic variables and economic external shock which should be considered in determining management or chartering decisions. According to the results analyzed by use of ARIMA Inventiom model, the impact of the financial crisis was found to have a very strong bearing on the BDI index. First, according to the results of the VEC model, the libor rate affects the BDI index negatively (-) while exchange rate affects the BDI index by positively (+). Secondly, according to the results of the VEC model's J ohanson test, the order ship volume affects the BDI index by negatively (-) while China's economic growth rate affects the BDI index by positively (+). This shows that the shipping company has moved away from the simple carrier and responded appropriately to changes in macroeconomic variables (economic fluctuations, interest rates and exchange rates). It is believed that the shipping companies should be more aggressive in its "trading" management strategy in order to prevent any unfortunate situation such as the Hanjin Shipping incident.