• Journal of Korea Port Economic Association
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• v.35 no.2
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• pp.1-20
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• 2019

This study aims to establish a method for activating Korean ship finance through an analysis on the development of Chinese ship finance market, which has grown rapidly in recent years. It focuses on its main institutions, laws and policies, strengths and weaknesses, market share, and development status. Because 80.7% of South Korea's economy depends upon foreign trade and 99.7% of the South Korea's traded volume is transported by ships, shipping has assumed an important role in Korean economy. However, since the global financial crisis, Korean shipping and shipbuilding industry has been facing difficulties and Hanjin, the biggest Korean shipping company, went bankrupt in 2017. One of the key aspects of the competitiveness of the shipping and shipbuilding industry is acquiring competitive shipping assets; therefore, stable and smooth supply of ship finance is crucial for the development of the shipping and shipbuilding industry. Given this background, the study analyzed how the Chinese ship finance market has grown rapidly in the past 30 years and identified the problems, strengths, and weaknesses of the Chinese ship finance. The analysis on the status of the Chinese ship finance market is expected to suggest a direction for establishing methods for activating the Korean ship finance market, which is facing scarcity of finance, even as the global ship finance market has remained depressed since the global financial crisis. Although this study focused exclusively on the Chinese market, future research can draw conclusions from a comparative analysis that includes the Japanese ship finance market; the conclusions obtained would contribute to the establishment of long-term policies and plans for Korean ship finance.

• Journal of Korea Port Economic Association
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• v.38 no.3
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• pp.29-51
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• 2022

The International Maritime Organization (IMO) designated the Emission Control Area (ECA) in Northern Europe to reduce the NOx and SOx emissions from ships in the coastal areas. This study used Network slack-based measure (SBM) Data Envelopment Model (DEM) and Bootstrop Truncated Regression (BTR) model to analyze the ECA's impact on ferry companies' financial performances based on the financial data from eight ferry carriers in Northern Europe, the Mediterranean and North America from 2004 to 2017. To alleviate the problem of arbitrary variable selection in DEA, the variable selection criteria proposed by Dyson et al. (2001) were applied; the size of the company was considered through the Network SBM DEA model; and the company's profit-generating process was divided into stages to measure financial performance in more detail. In addition, the BTR model was applied to derive results that minimize the bias of the data. The study found that ECA regulations did not always negatively affect the shipping companies' financial performance. Rather, a steady increase in efficiency was observed for Northern European ferry companies which were subject to the strongest regulations. For North American ferry companies, government subsidies were found to have a significant impact on efficiency, and relatively small impact on efficiency due to the ECA and oil prices. For the Mediterranean ferry companies, efficiency values have decreased since the implementation of ECA regulation despite the lowest level of regulation in the region.

• Journal of Navigation and Port Research
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• v.46 no.4
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• pp.351-358
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• 2022

This study analyzed changes in the market concentration of Korean ocean-going shipping companies using shipping revenue based CR (Concentration Ratio), and HHI (Herfindahl - Hirschman Index) to examine the effects of the government's selection and concentration based the shipping reconstruction scheme. The results of this study showed that the market structure of the Korean shipping industry has changed from a competitive market to a rather concentrated market, as CR as well as HHI values have increased from 2019 to 2021. In particular, the market share of the deep-sea shipping lines has risen significantly compared to the intra-Asian short-sea shipping lines and the tramp carriers, implying that the Korean liner shipping market has become a monopoly, or highly concentrated oligopoly market. Compared to other shipping markets, the high rise in ocean freight rates (i.e. Asia-Europe America) was the leading cause of the increase in the revenues of the ocean-going shipping lines, and the increased fleet through preemptive government support has enabled them to achieve more revenues. As a result, it can be interpreted that the government's fleet expansion strategy has been more effective than expected, but it is too early to conclude if the market structure of the Korean ocean-going shipping companies has been strengthened.

• Proceedings of KOSOMES biannual meeting
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• 2006.05a
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• pp.71-77
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• 2006

There is a growing concern about the damage to aquatic ecosystem caused by immigration of non-indigenous species. It is estimated that more than 10,000 million tons of ballast water is transported by shipping activities annually, and ballast water has been recognised as a major vector for the transplant of aquatic species across bio-geographical boundaries. The problem of harmful aquatic organism in ballast water for the control and management of ships' ballast water and sediments was adopted and diplomatic conference of IMO at February 2004. At once ballast water is transported by shipping activities for organic compounds, nitrogen, phosphorus and heavy metal etc. but, It's fixing a focus only for the transported of pathogenic bacteria and non-indigenous species. Hence, this studies on the distribution of organic compounds, nitrogen, phosphorus and heavy metal in ballast water during the shipping activity with the basic data which is necessary to the systemic manage of ballast water.

• Journal of Navigation and Port Research
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• v.39 no.6
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• pp.439-450
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• 2015

This study objects to find characteristics in chemical tanker markets and to determine optimal chemical tanker size using a total shipping cost in main trading route of asia chemical tankers .Precedent studies of determination of the optimal ship size and case studies about chemical tankers was carried out and tried to introduce a cost model which is applicable to chemical tanker. This study is dependant on numerical analysis and involves scenario analysis to minimize sensitivity of results. This analysis shows as follows. First, 12,000DWT tanker is an optimal size on the 'Far East-Middle East' services, 9,000DWT tanker is a most competitive on the 'Far East-South East Asia' services and 3,000DWT tanker is a most economic size on the 'Inner Far East' services at average market situation. Second, the bigger size of chemical tanker, the more competitive advantage the tanker will obtain when bunker fuel prices rise. Small size ship gets more competitive during bunker prices down. Third, market fluctuation of time charter rate for chemical tanker is less than 20% against its average time charter hire which means less volatile. And tanker's competitiveness per each size is remained mostly same when time charterer rates rise at same proportion. Fourth, bigger size chemical tankers have cost advantages when tanker's quantity of each part cargo increase. And small-sized tanks are more competitive when part cargo scales decrease. For the last, ship's port stay strongly influences on the determination of the optical tanker size. When vessel has shorter port stay, bigger-sized tanker will be more competitive and even can be competitive if applies in short voyage as well.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.8
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• pp.5707-5715
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• 2015

Recently, construction industry has won an increasing number of orders for overseas construction projects, thereby achieving an external growth, but its competiveness is concentrated on the construction execution field. In particular, the plant field occupies most of the entire orders, which are concentrated regionally in the Middle East and Asia. In addition, low-cost orders are frequently caused by excessive competition. But its high value-added construction engineering(Below, CE) field's overseas market share and technological capacity are very low. Also, technological competiveness, in terms of order amount and other factors, is deepening in polarization between large CE companies and small and medium-sized CE firms. It is noted that the existing CE information systems mostly simply accumulate data such as design and specification standards and provide the information thereon to users, and thus have yet to provide the information essential for the CE and support such efforts. This study sought to prepare a system designed for sharing outstanding design documents information necessary for the CE industry, by category of construction so as to support the technological enhancement of the CE field. Toward that end, this study presented measures for constructing the system and services designed to exchange and share the outstanding design documents information and know-how by construction category necessary between ordering agencies and CE companies.

• Journal of Korea Port Economic Association
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• v.35 no.4
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• pp.1-16
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• 2019

The purpose of this study is to Analyze the problems that container shipping companies exist through the commercialization of container shipping for Non-Arctic countries and the opportunity factors for the transport of the Arctic shipping to improve cooperation cross-border relation Arctic policy and the use of transport. In order to design a hierarchy analysis method study model, four high and 17 low factors were extracted by designing a hierarchy analysis method study model based on results by prior study and in-depth interview. The first of the higher factors is the internal strength of assessing the value of the Arctic, the will and capabilities of the shipping companies in creating new markets with the vision and goals of the shipping companies. Second, the internal constraints associated with the shipping companies advance to the NSR mean the negative factors for the entry into the NSR and the internal weaknesses that cause the shipping companies capacity limitations. Third, the economic benefits from the use of NSR are external factor for shipping companies in cooperation with the future economic value of the Arctic and with respect to Arctic sea and Arctic advance and development from Arctic coastal countries. Finally, external pre-emptive tasks means to respond to use NSR by external restrictions on transport to prepare the possibility of severe weather conditions, the customs policy change of coastal countries.