• Journal of Korea Port Economic Association
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• v.38 no.2
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• pp.95-107
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• 2022

Shipping companies earn profits through cargo transportation, and therefore, investment decisions to purchase ships are more important than anything else. Nevertheless, the cash flow discount method was mainly used in the economic analysis method, which assumes that all situations are static. This study shows that the real option model is useful in the economic analysis of ship investment. This economic analysis took into account the irreversibility of investment and uncertainty of benefits. In particular, this study used a binary option price determination model among real options. In addition, the simulation was conducted using actual investment data of A shipping company. As a result of the analysis, the investment value of used ships according to the net present value method was analyzed as negative (-), but the investment value in the real option model reflecting the flexibility of decision-making was evaluated as having positive (+) economic feasibility. It was analyzed that economic feasibility is affected by profit volatility and discount rate. Therefore, this study is expected to help shipping companies make more flexible decisions by using the real option model along with the existing net present value method when making ship investment decisions.

• Journal of Korea Port Economic Association
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• v.35 no.4
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• pp.121-146
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• 2019

This study investigates the innovation resistance when blockchain technology is introduced for the shipping and port industry. For the development of a research model with suitable measures, we review and focus on innovation resistance factors with the blockchain technology derived from previous studies. In this research, we consider four factors (innovation characteristics, consumer characteristics, environmental characteristics, and cost characteristics) with innovation resistance as dependent variables. The innovation characteristics include relative benefits, complexity, and perceived risk. The consumer characteristics consider attitude toward existing products, innovation, and self-efficacy. Social impact variables are environmental characteristics and rationality of cost. In the statistical analysis, we set up eight hypotheses to test the significances between variables and find the following four empirical results. First, the relative advantage and the perceived risk have a significant effect on innovation characteristic, but the complexity of this characteristic has no significant effect on innovation resistance. Second, the rationality of cost has no significant effect on innovation resistance. Third, the attitude toward existing products has a positive effect and the innovation of the consumer characteristic has a negative effect on innovation resistance, while the self-efficacy has no significant effect. Finally, the social impact has a significant effect on innovation resistance to blockchain in the shipping and port industry.

• Journal of Korea Port Economic Association
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• v.39 no.1
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• pp.115-129
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• 2023

This study analyzed the risk spillover of BDI on shipping company stock prices through the Copula-CoVaR method based on daily data from January 4, 2010, to October 31, 2022. The main empirical analysis results and policy implications are as follows. First, copula results showed that there was a weak dependence between BDI and shipping company stock prices, and PAN, KOR, and YEN were selected as the most fitting model for dynamic Student-t copula, HMM was selected as the rotated Gumbel copula, and KSS was selected as the best model. Second, in the results of CoVaR, it was confirmed that the upside (downside) CoVaR was significantly different from the upside (downside) VaR in all shipping companies. This means that BDI has a significant risk spillover on shipping companies. In addition, as for the risk spillover, the downside risk is generally lower than the upside risk, so the downside and upside risk spillover were found to be asymmetrical. Therefore, policymakers should strengthen external risk supervision and establish differentiated policies suitable for domestic conditions to prevent systematic risks from BDI shocks. And investors should reflect external risks from BDI fluctuations in their investment decisions and construct optimal investment portfolios to avoid risks. On the other hand, investors propose that the investment portfolio should be adjusted in consideration of the asymmetric characteristics of up and down risks when making investment decisions.

• Korea Petroleum Association Journal
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• no.8 s.162
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• pp.34-36
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• 1994

정부는 지난 6월29일 과천청사에서 한리헌 경제기획원차관 주재로 경제행정 규제완화 실무위원회를 열고 석유정제업 등록을 허가제에서 등록제로 전환하고 석유제품 수출입 승인을 폐지하는 것등을 골자로 하는 통관제도ㆍ해운항만ㆍ환경산업ㆍ제약산업ㆍ에너지 및 자원산업 등 5개분야 70건의 행정규제완화 과제를 의결했다. 다음은 에너지 및 자원산업분야의 규제 완화 내용이다.

• 해운
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• no.11 s.10
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• pp.21-26
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• 2004

11월2일 실시된 미국 대통령선거에서 조지 W 부시 대통령의 재선이 확정됨에 따라 세계 각국은 자국에 미치는 영향을 분석하기에 바쁘다. 부시를 공개적으로 지지한 일본과 호주 등은 표정관리에도 불구하고 들뜬 분위기를 애써 숨기려하지 않고 있다. 이러한 가운데 산업연구원 연구위원이 '부시 재선이 한국경제에 미칠 영향'에 대한 연구보고서를 내놓았다. 다음은 보고서의 전문을 풀어쓴 것이다.(편집자 주)

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2014.10a
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• pp.62-63
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• 2014

일본의 큐슈지역과 부산지역간의 국제적 분업의 틀 속에서 수평적 혹은 수직적 분업을 통해 국경을 초월한 초광역경제권 형성 움직임과 지역 간 무역과 투자의 증대 및 경제 협력의 필요성을 제시.

• Journal of Korea Port Economic Association
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• v.36 no.2
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• pp.109-124
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• 2020

Using panel data on freight rates and ship prices in the dry freighter market from January 2015 to December 2019, this study investigates the characteristics of shipping industry fluctuations. The analysis aims at two aspects of academic contribution. First, this study analyzes the relationship between shipping indicators and ship price based on separate dry-bulk ships, while the previous research considered the overall shipping index and weighted average ship prices. Second, the VAR model for the causality test is extended to a heterogeneous mixed panel model capable of limiting coefficients. There is a peak estimated by removing the cross-correlation problem, which is mainly raised in panel data analysis, using bootstrap estimation and solving the problem of information loss due to differences in non-stationary data. An empirical investigation of the causal relationship between economic fluctuations and ship price shows that the effect on the ship price from the freight is significant at the 1% level. This implies that there is a one-way relationship with demand in the shipping industry rather than a bilateral relationship.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.17-38
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• 2018

The purpose of this study is to establish shipping companies' selection factors related to a classification society and to explore the relative importance of each factor using the analytical hierarchy process(AHP) technique. Insufficient research exists on the hierarchial structure of shipping companies' factors of selecting a classification society. The factors are identified and classified into two tiers of major and detailed factors, by referring to the related industrial linkages, prior research related to the determinants, and the process and service delivery of the classification society's activities. The empirical analysis of this study is based on the relative importance of determinants when selecting a classification society, and experts engaged with shipping companies were surveyed using questionnaires. The results of the AHP methodology on the main factors of shipping companies in selecting a classification society are as follows. The relative importance of the main factors was 0.373 for technical and survey services, 0.284 for recognized organizations(RO) functions, 0.177 for cost and 0.167 for market(related industry) expectations. The relative importance of the detailed factors is 0.144 for the ability to respond to a port state control(PSC) inspection, 0.143 for technical services, 0.090 for the requirements of financial institutions/ shippers/shipyards, 0.087 for class maintenance costs, 0.086 for the survey network, 0.085 for surveyor competency, 0.072 for cooperation with IMO and government authorities, 0.067 for recognition for RO, 0.058 for the business power of the classification society, 0.052 for the initial inspection costs, 0.040 for reputation and trustworthiness, 0.038 for the costs related to the class, and 0.037 for connections to related industries.

• Journal of Navigation and Port Research
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• v.45 no.3
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• pp.173-180
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• 2021

Although accounting is one of the core fields of corporate management, few studies have reported accounting phenomena involving shipping companies. In addition, although financial reporting is very important to shipping companies that use several financial tools such as ship finance and financial lease, it is difficult to identify studies investigating shipping companies' financial reporting, especially their earnings management. The purpose of this study is to analyze accrual earnings management behavior of shipping companies. Companies with high debt ratios and net losses are known to have incentives for earnings management. Due to the nature of the industry, shipping companies have a high debt ratio and often report net losses. Accordingly, shipping companies are expected to engage in substantial earnings management. Based on the analysis of KOSP I companies listed on the Korea Exchange from 2001 to 2020, it was found that shipping companies are engaged in higher levels of earnings management than non-shipping companies. Discretionary accrual was used as a proxy variable for earnings management. Discretionary accrual was measured using the modified Jones model of Dechow et al. (1995) and the performance matched model of Kothari et al.(2005). In this study, significant results were derived by comparatively analyzing the earnings management practices, which is one of the major accounting behaviors of shipping and non-shipping companies. Stakeholders such as external auditors, investors, financial institutions, analysts, and government authorities need to be aware of the earnings management behavior of listed shipping companies during their external audit, financial analysis, and supervision. Finally, listed shipping companies must conduct stricter accounting based on accounting principles.

• Journal of Navigation and Port Research
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• v.34 no.10
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• pp.823-831
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• 2010

The shipping business industries which are the transport and logistics intensive in Busan, have been small sized and scattered in many areas, that is why they could not create a synergy effect utterly. Because of the need to develop the shipping business cluster complex in Busan in order to concentrate those industries and attract high value added firms, this study tries to suggest an approach to build the cluster. Firstly, how various shipping business related firms in Busan and capital area demand the cluster complex are searched through questioning survey. Secondly, the gradual scheme to integrate lots of business companies, governmental authorities and educational institutes and global strategy to invite domestic and foreign organizations in Myeong Ji area near to Busan New Port. Thirdly, the expected economic benefits of the cluster construction are calculated quantitatively.