• Journal of Navigation and Port Research
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• v.44 no.3
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• pp.244-252
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• 2020

The 2008 global financial crisis was triggered by the Lehman Brothers crisis caused by the sub-prime mortgage crisis in the United States This crisis has had an impact on the globe's dry bulk shipping market by reducing dry bulk cargo volume. An oversupply of dry bulk carriers caused a serious recession in the globe's dry-bulk shipping industry and shipbuilding industry. In this situation, the Korean dry-bulk shipping companies were victims of the quagmire of a long recession since the global financial crisis and could not overcome this crisis. This condition forced them into severe financial risk Thus, it caused many shipping companies to file for bankruptcy. In this study, we classified Korean ocean-going dry-bulk shipping companies into two groups, that is, the solvent group and the insolvent group. We also separated the research period before and after the 2008 global financial crisis. Then we investigated the differences in the major financial ratios of the two groups by t-test and found that some financial ratios such as profitability ratios and growth ratios showed the difference between the two groups with statistical significance. The significance of this study is as follow. First, the shipping company management is also crucial for the systematic management of financial strength and business strategy, it is crucial to manage cargo which a high profitable freight. Second, the shipping company should be managed as a company with continued growth through efficient operation and management of ships.