• Journal of Korea Port Economic Association
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• v.40 no.1
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• pp.133-149
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• 2024

According to previous studies, the key factor in determining the loan interest rate for shipping companies is the default risk premium. Therefore, this study analyzes the determinants of the risk premium of shipping loans using a multiple linear regression model. With the risk premium as the dependent variable, a total of 10 independent variables are selected, including three factors: loan characteristics, borrower's creditworthiness, and economic situation. Samples are 82 shipping loans supported by Bank A from 2014 to 2022. As a result, borrower's creditworthiness(current ratio, debt ratio, firm age) and economic situation(freight index) affect the risk premium in analysis for all samples. It is found that borrower's creditworthiness has some influence on the risk premium for container ships(current ratio, cash holding ratio, debt ratio, operating income to sales) and bulk carriers(debt ratio, firm age). Market situation affects the risk premium in gas carriers. However, in the model targeting tanker ships, unlike previous studies, all factors have no effect on the risk premium.

• The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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• v.24 no.1
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• pp.30-48
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• 2019

The year 2018 is the $50^{th}$ anniversary of scientific ocean drilling. Nevertheless, we know more about the surface of the moon than the Earth's ocean floor. In other words, there are still no much informations about the Earth interior. Much of what we do know has come from the scientific ocean drilling, providing the systematic collection of core samples from the deep seabed. This revolutionary process began 50 years ago, when the drilling vessel Glomar Challenger sailed into the Gulf of Mexico on August 11, 1968 on the first expedition of the federally funded Deep Sea Drilling Project (DSDP). DSDP followed successively by Ocean Drilling Program (ODP), Integrated Ocean Drilling Program (old IODP), and International Ocean Discovery Program (new IODP). Concerning on the results of scientific ocean drilling, there are two technological innovations and various scientific research results. The one is a dynamic positioning system, enables the drilling vessel to stay fixed in place while drilling and recovering cores in the deep water. Another is the finding of re-entry cone to replace drill bit during the drilling. In addition to technological innovation, there are important scientific results such as confirmation of plate tectonics, reconstruction of earth's history, and finding of life within sediments. New IODP has begun in October, 2013 and will continue till 2023. IODP member countries are preparing for the IODP science plan beyond 2023 and future 50 years of scientific ocean drilling. We as IODP member also need to participate in keeping with the international trend.

• Maritime Security
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• v.4 no.1
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• pp.83-113
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• 2022

Although China's maritime militia has not been well known despite its long history, it is recently emerging as a serious threat to maritime security, causing neighboring countries' security concerns due to the growing number of maritime disputes with China. In this regard, it is now time to clearly define the true nature of the Chinese maritime militia. A close look at the organization and roles of the Chinese maritime militia reveals that it is an organization that is systematically managed and operated by the Chinese government and the People's Liberation Army of China. Its role is to serve the purpose of "contributing to the protection and expansion of China's marine interests." In addition, the threat factors of the Chinese maritime militia were analyzed by examining the cases of maritime disputes between the Chinese maritime militia and neighboring countries. First, the Chinese maritime militia has implemented the "Gray Zone Strategy." Second, it is a systematic organization supported by the Chinese government and the People's Liberation Army. Third, it is a maritime power that cannot be ignored as the world's largest militia organization. Fourth, it has a strategic flexibility that enables the execution of the dual mission of working for a living such as commercial fishing and serving in the maritime militia. The threats of the Chinese maritime militia are not limited to Southeast Asian countries located in the South China Sea. This is also the case in Korea as the country cannot avoid maritime disputes with China such as the Ieodo issue and the boundary delimitation of the West Sea. Accordingly, this study was focused on presenting a predictable scenario and countermeasures based on the analysis through a scenario technique with respect to the two cases that are most likely to occur in Korea-China relations. Finally, beyond identifying the nature of the Chinese maritime militia, this study takes a further step to share considerations as to how the organization may operate and develop in the future and how we can cope with its moves.

• Journal of Korea Port Economic Association
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• v.38 no.4
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• pp.199-214
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• 2022

A relative important analysis was conducted to determine what factors are required for port selection in Mokpo New Port and what needs to be addressed first in order to expand automobile and steel cargo handling. The port selection factors of Mokpo New Port were classified into 4 major and 13 intermediate categories, and AHP analysis was used. As a result, items such as 'port facilities', 'accessibility to international ports', 'port facility usage fees', and 'connectivity with neighboring cities/ports' were evaluated as important. The respondent groups were divided into shipowner and shipper, port operator and stevedore, and public official, and an analysis of variance (ANOVA) was conducted to verify if there was a difference in perception between the groups. As a result, shipowner and shipper, port operator and stevedore were similar, but there was a difference from public official group. Shipowner and shipper, port operator and stevedore with similar response characteristics were classified into the 'port practitioner' group, and public official were classified into the 'port policy maker' group, and the difference in perception between the group was tested. Therefore, there were differences in some major category items, and even in the intermediate category items such as 'possession of adjacent hinterland industrial complex', 'cargo equipment', '24-hour port operation', 'inland transportation cost', 'accessibility to international ports', 'marketing and incentives' with statistical. In other words, the 'port practitioner' group evaluated items that can increase cargo creation and handling productivity as important whereas the 'port policy maker' group considers port development and policies such as port infrastructure, connectivity with other ports, and incentive support items are more important.

• Journal of the Korean Society for Marine Environment & Energy
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• v.19 no.2
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• pp.165-171
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• 2016

In this study, the characterization of projects and analysis of R&D products and commercialization performances were done to serve some implications on the policy decisions related to the commercialization of R&D in marine and fisheries sector. A total of 212 R&D projects with 144 ones for marine and 68 for fisheries performed for 5 years, from 2010 to 2014, were sorted and analyzed on the respect of government budget, main performing body, and research period. The R&D result and commercialization performance were substituted to quantitative indicators, such as the number of published papers, the number of patents, the amount of the technology royalty, the number of technology transfers, and the improvement of public service, which were subjects to be analysed. Based on the results, this study suggests the policy implications for the success of national R&D program; 1) diversifying the main performing body, 2) operating the system for sharing research infrastructures among researchers, 3) introducing the adaptable R&D program management, 4) expending the portion of grants without detailed requests for proposal, and 5) leaning the investigation of R&D budgets on projects focusing on the practicalization and commercialization.

• Journal of the Korean Society of Marine Environment & Safety
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• v.26 no.7
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• pp.904-914
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• 2020

Through the Ministry of Trade, Industry, and Energy, South Korea is trying to support the "Building Project for Liquified Natural Gas (LNG) Bunkering Ship," centered on the Korea Gas Corporation, while the Ministry of Maritime Af airs and Fisheries is pushing to construct an LNG bunkering terminal at Busan New Port. LNG bunkering ships are essential for supplying LNG fuel from the terminal to the ships, resulting in the need for safety operation procedures. Therefore, in this study, the stability of a coastal LNG bunkering ship operating from Busan New Port to the anchorage in Busan Port was assessed to investigate the need for operational procedures for coastal LNG bunkering ships. Seakeeping analysis of the LNG bunkering ship was performed for each significant wave height by combining the response amplitude operator from the ship motion analysis under the potential flow theory with the actual observed sea data for five years and Texel, Marsen, and Arsloe (TMA) spectrum suitable for the Busan coast. The results showed that the roll and horizontal acceleration were the main risks that affected the navigation seakeeping performance above a significance wave height of 2 m. The operational periods of the LNG bunkering ship ranged from 83.3% to 99.9% of the total observation period.

• Journal of Navigation and Port Research
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• v.46 no.4
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• pp.338-343
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• 2022

As the revitalization of the global maritime industry continues, the number of foreign ships navigating the maritime territories of maritime neighboring countries has rapidly increased. However, large-scale marine accidents have occurred, caused by the insufficient establishment of a system for management and operation relative to vessels' safety-condition. To address that, the IMO has granted the right to exercise port state control, especially for foreign vessels, to countries with jurisdiction over maritime territories with strengthening regulations and guidelines. In particular, the Republic of Korea, as a member of the TOKYO MOU, is conducting PSC, but as of 2020, the proportion of foreign ships was three times higher than that of national ships that called in domestic ports. However, the inspection rate was low at 9% which has not met the recommended level by the TOKYO MOU. Thus, this study conducted an IPA analysis as well as content analysis, by collecting the practical opinions and views of PSCO through objective questionnaires and written expert interviews, for improving the efficiency and effectiveness of domestic PSC. As a result, it was derived that the importance and performance related to human factors such as life on board, working environment, and response to safety accidents should be improved in to raise the quality of PSC inspection. Additionally, the work environment and performance of PSC in domestic ports for foreign vessels could be improved, if multifaceted support bases are established, for administrative unification of related tests for PSC, recruitment of PSCO, activation of the defection-reporting system, reorganization of the PSC execution group, etc.

• Journal of the Korean Society of Marine Environment & Safety
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• v.29 no.1
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• pp.60-66
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• 2023

Currently, the maritime industry is focusing on developing technologies that promote autonomy and intelligence, such as smart ships, autonomous ships, and eco-friendly technologies, to enhance ship operational efficiency. Many countries are conducting research on different methods to ensure ship safety while increasing operational efficiency. This study aims to develop a real-time ship operational efficiency analysis model using data analysis methods to address the current limitations of the present technologies in the real-time evaluation of operational efficiency. The model selected ship operational efficiency factors and ship operational condition factors to compare the operational efficiency of the ship with present and classified factors to determine whether the present ship operational efficiency is appropriate. The study involved selecting a target ship, collecting data, preprocessing data, and developing classification models. The results of the research were obtained by determining the improved ship operational efficiency based on the ship operational condition factors to support ship operators.

• Journal of the Korean Society of Marine Environment & Safety
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• v.25 no.4
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• pp.448-456
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• 2019

The purpose of this study is to develop basic data for the prevention of shipboard disasters and measures to improve the safety and health of seafarers by using a survey on the safety and health activities of seafarers. The questionnaire was administered to 437 people who have worked on a ship in the last six months. According to the results from the analyses (t-test, crosstab, and ANOVA), the level of safety and health activities of seafarers averaged at 68.82 points. The workplace clearance was the highest at 76.08 points, and the safety and health management system were the lowest at 62.78 points. As a result of the differences in the level of safety and health activities, the number of marine workers was higher than workers on land, and higher education was higher than lower education (p<0.01). It was higher for workers in coastal zones than for those in pelagic areas, and special cargo ships were higher than other ship types (p<0.01). Larger ships had a higher number of activities than small ships, and ships that were less than five years old had more activities (p<0.01). Therefore, in order to raise the level of safety and health activities of seafarers, it is necessary to develop safety and health education programs that take individual, job, and ship characteristics into consideration, and promote active safety and health activities on ships.

• Journal of the Korean Society of Marine Environment & Safety
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• v.29 no.4
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• pp.380-388
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• 2023

This study estimates the metacentric height (GM) of a model ship by varying the transverse weight distribution, considering the effects of the roll period and moment of inertia, and compares it with the GM values measured by the inclining test. In the process, the relationship between the values is analyzed. Three types of ships-a 7-ton fishing vessel, 20-ton fishing vessel, and KRISO Very Large Crude-oil Carrier (KVLCC)-were used for the experiment and comparison. The roll period and moment of inertia were measured using the free roll decay and swing frame tests, and the GM was measured using inclining test. The estimated GM from the roll period and moment of inertia showed the same trend as the GM measured using the inclining test in the change of the weight distribution. However, the GM values measured using the inclining test were lower. Therefore, additional correction factors or parameters other than the roll period and moment of inertia are necessary for estimating GM. In the future, the relationship between the weight center and the estimated GM will be analyzed to derive the correction factors.