• Journal of Navigation and Port Research
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• v.37 no.6
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• pp.689-697
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• 2013

The demurrage is regarded as a kind of the ocean freight and a remuneration of the time lost for the vessel while in port. In ordinary occasions of the voyage charter, the liability of a demurrage is usually laid on the charterers unless any exceptions are incorporated. The owners are, however, often meeting somehow difficulty to secure demurrage in the field as the liability is limited or transferred to a third party from the charterers. This paper is focused on clearing the liabilities to be held by the parties involved through the English Law cases, and what's more is rendering a proper suggestions to the owners and charterers on dealing with the ship's operation business.

• Journal of Korea Port Economic Association
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• v.28 no.1
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• pp.83-104
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• 2012

The main purpose of tramp ships in shipping markets is to produce operation profits by minimizing the running days in a contract of the voyage charterparty. It is an especially difficult task for the owners to earn operation profits in the present recessional shipping market. Tramp ships are moving towards globalization in order to look for a variety of cargoes, which are distinguished from the liners operating regularly as per the fixed time schedule. Tramp shipping, therefore, requires special attention every voyage to secure operation efficiency which comes from minimized sea and laytime in port. The laytime is allowed by owners but if the charterers use more laytime than that which is incorporated in the charterparty, then a compensation known as 'demurrage' must be paid to owners. Conversely if the time is shorter this is called 'despatch' and in this case the owners are paid. As the laytime issue in the voyage charter is somewhat delicate, it often causes much disputes between charterers and owners during the cargo handling in ports. This study focuses on the charterers' right and duty on the laytime which is usually applied for the benefit of the charterers. Reference is also made to English law cases to reinforce this study and the conclusion will make relevant suggestions for further research.

• Journal of Korea Port Economic Association
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• v.26 no.3
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• pp.92-113
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• 2010

The purpose of this study aims to analyse the implied terms of safe berth under Voyage charterparty with the Rebon case. Where the safety of the berth is warranted, but not the safety of the port, then the charterer's obligation is to nominate a berth which can be approached safely from within the port and which was itself, save insofar as affected by hazards or risks which affect the port as a whole or all of the berths within it. This case is an appeal from an order made by the judge dismissing an appeal from a final declaratory award on preliminary issues made by arbitrators. The judge expressed the question for decision somewhat differently as follows: if a specific load port is named in a voyage charterparty and there are several possible berths within that port to which a vessel could be directed to load by the charterers and there is no express warranty in the charterparty of the safety of either the port or the berth to which the vessel is to be directed by the charterers, is the charterparty subject to an implied term that the charterers must nominate a safe berth at that load port?

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.297-311
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• 2011

This paper deals with a strategic investment decision model for improving investment profit in shipping industry. Despite the quantitative expansion of Korean shipping business, many shipping firms have suffered financial difficulties due to financial and operating risks that result from the characteristics of capital-intensive business as well as of volatility of shipping markets. As a result, managers in charge of making an investment decision, particularly in tramper business sector, are required to take both financial and operating risk factors into consideration. Put it differently, managers are strongly recommended to avoid these risks by ship asset play; buy-low and sell-high, which results in considerable capital gain and cost reduction. In addition, managers in shipping industry are also recommended to consider the ship chartering investment alternative when the freight markets show extreme volatility as the case of 2008 triggered by sub-prime mortgage financial crisis in USA. For example, the BDI suffered plunging down from 1000 in 2008 to 100 in 2010. Consequently, the 4th largest shipping company in Korea, DAEHAN Shipping Co., has collapsed primarily due to excessive tonnage expansion during the peak time of bulk market. In sum, the strategic investment decision model, suggested in this paper, is designed to include such factors as capital gain by asset play, timely chartering for alternative shipping service, and optimization of operating profit by tonnage adjustment in accordance with change in the shipping markets concerned.

• Journal of Korea Port Economic Association
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• v.29 no.4
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• pp.27-53
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• 2013

It is a generalized way for the chartering business to fix the laytime bars except rarely adapting the customary despatch of the cargo work in port. The way of customary despatch is usually accepted by the owners in case the port facilities and other relevant infrastructures are in the satisfactory level for the cargo work whereas the laytime bars to be widely incorporated in the chaterparty for almost all occasions for owners and charterers to bind each other in loading and discharging cargo in port. The main purpose of establishing laytime bars on the charterparty is to secure the right and duty for both parties of the owners and the charterers, and furthermore to make the vessel despatched quickly from the port, whereby the costs incidental to the loading and discharging in port to be saved as much as possible. and the minimized costs in port will contribute to the profits in all parties involved in loading and discharging cargo. The conditions and terms on the laytime bars are expressed variously in their kinds according to the types of the charterparty to be used. The owners and charterers or the ship operators, however, seems not to be so accustomed in lawful understanding on these terms and conditions, and therefrom lots of disputes are noticed practically in the business field. As a result, this study is focused to render the owners and charterers rather clear understanding on their meanings and effects in legal aspects, and the various English Law Cases are referred in order to achieve the purpose of this study.

• Journal of Navigation and Port Research
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• v.26 no.4
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• pp.373-381
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• 2002

There has been an interesting trend showing that the number of tankers owned by major oil company has been decreasing since the 1980s, while the number of tankers chartered by them is increasing. So do Korea oil refineries in the period 1990s. Therefore, the following question is raised： Why have oil refinery companies, national and international, been much more dependent upon chartered ships than their owned ships since 1980s\ulcorner This paper tried to answer the above question. In so, doing ten decision-making factors for fleet composition of oil tankers are drawn through literature survey on the research topic with questionnaires and interviews to the four big Korean oil refineries.

• Bulletin of the Society of Naval Architects of Korea
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• v.31 no.4
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• pp.7-9
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• 1994

해상의 신속성능해석은 경제적인 측면에서나 기술적인 측면에서 반드시 필요하다는 것은 주지의 사실이라 하겠다. 이를테면 (1)시운전결과해석법의 개선, (2)Service Power Marhin 산정법의 개선, (3)연료경제성이 고려된 최적속력산정, (4)실선-모형선 상관수정값 개선, (5)고성능선박을 위한 통합설계법의 개선, (6)미래선박의 설계자료 수집, (7)용선계약과 관련된 문제점 해소등 수 많은 예를 찾을 수 있다.'1' 상기에 예시된 목적들의 달성을 위하여서는 이론적인연구 이외에 선 속의 체계적인 mNOITORING이 추천되고 있다. 효율적인 Monitoring system을 문헌'2,3,4'에서 예를 찾을 수 있다.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2019.11a
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• pp.187-188
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• 2019

중개 시장의 이해와 해외 해운 중개업체의 국내 시장 직접 진출에 따른 영향을 분석하고, 국내 해운중개 시장에서 경쟁력 있는 전문 중개인을 육성하고 국내 중개업의 경쟁력을 향상 시켜 국내 중개산업의 발전을 도모하는 데 그 목적을 둠.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.583-613
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• 2018

This study analyse the safe port warranty undertaking for shipowner of time charterer with the Ocean Victory Case. Litigation ensued between those in the charterparty chain. When the hull insurer, Gard, took an assignment of the rights of the vessel's owners and demise charterers in a claim against the time charterers that the vessel had been ordered by them to an unsafe port in breach of the charter. Although the claim succeeded, the Court of Appeal overturned the decision. The Supreme Court delivered its judgment on May 10, 2017, dealing with three important issues, safe port, joint insurance, and limitation of liability. Especially on the safe port issue, the court held that the port was not unsafe within the meaning of the safe port undertaking so the charterers were not in breach of it. The conditions in the port amounted to an abnormal occurrence as that expression is understood.

• Journal of Navigation and Port Research
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• v.30 no.8 s.114
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• pp.663-668
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• 2006

This thesis tries to evaluate the economic benefit of space chartering in comparison with time chartering with respect to mega container ships. For this it reviews the method of obtaining ship's carrying capacity such as time chartering and space chartering. Based on this, it tries to make comparison between the time chartering and space chartering on economic base. Finally, it suggest the economic benefit of space chartering with direction for further study.