• Journal of Navigation and Port Research
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• v.45 no.6
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• pp.276-283
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• 2021

The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

• Journal of Korea Port Economic Association
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• v.33 no.3
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• pp.139-154
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• 2017

As competition in domestic and overseas ports intensify, new and small domestic ports are realizing certain limitations to independently secure competitiveness. This study collected data over 60 months with five modifications for container and general cargo volume around Gyeongin Port. Short-period (12 months) cargo volume was forecasted, which revealed the need for a middle-to-long-term development plan. First, the hinterland logistics complex of Gyeongin Port is expected to contribute to the coastal maritime facility through the quasi-public system for fishery product transportation and passenger services. It proposes to achieve this by opening channels to and from China for precision machinery, home network systems, LEDs, and machine industry items. second, specializing the ultra-light cargo transport route, and connecting the coastal island areas of the 5 West Sea Islands to Ara Waterway (Integrated Fishery Product Center of the 5 West Sea Islands). Third, on the basis of organic cooperation of government? local government ? port, the incentive and pre-circular support system would be required, and lastly, it shall carry out the adjustment of functions in nearby ports and specialization strategy simultaneously through the integrated operation of the ports in the capital areas.

• Journal of Korea Port Economic Association
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• v.29 no.4
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• pp.73-95
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• 2013

This paper analyzes a competitive shipping market in East Asia in order to explore how container carriers make decisions on ship size, number of ships, service frequency, and service route. A sequential-move game based on non-cooperative game theory is applied to establish the models for the decision-makings involving the transportation volumes, freight rates, costs, and market shares of the service routes from Shanghai or Hong Kong to the ports in Busan, Gwangyang, and Incheon. According to the sub-game perfect Nash equilibrium solutions proposed by these models, carriers' decisions in such a competitive environment vary depending on sailing distance, transport demand, and freight rates. Therefore, carriers are recommended to reflect the optimal equilibrium solutions and a variety of decision factors when formulating strategies for transportation networks and operating fleets. Furthermore, ports should establish management strategies for these factors to provide optimal equilibrium solutions for carriers' transportation networks.

• Journal of Korea Port Economic Association
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• v.28 no.4
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• pp.79-98
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• 2012

There is scant of research regarding the efficiency measurement of the ship management business. This paper aims to analyze the relative efficiency within the Korean Major Ship management corporations, to select the relatively low effective companies, and to suggest the improvement strategies for those. As a research methodology, Data Envelopment Analysis (DEA) applied to the top 20 corporations among Korean and Foreign Shipping Liners in Korea. To draw out the efficiency of targeted terminals, the number of ship managed is used as an input variables while, the number of crews and the total sales are utilized as an output variables. As a result. Haeyoung Maritime services is the most efficient corporations in Foreign Shipping Liners. Among Korean Shipping Liners, Panstar Shipping, Korea Lines, STX marine and Woolim Shipping are relatively efficient corporations which are scored BCC 1.

• Korean Business Review
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• v.11
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• pp.365-384
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• 1998

Under the rapid change of the world shipping industry, the liner shipping company in Korea should initiate the adaptation power, counterplot for survival, and continuous development. The world shipping industry is in the middle of the wave for the liberalization and openness of it. According to this change in world shipping industry, it is the fact that government policy for shipping industry should start turning its direction from the protectionism to the liberalism. Under this kinds of situations, this study firstly treated the liner shipping company and its governmental policy of Korea and Japan. Based on those studies, analysis of the liner shipping company operation and management reality was executed. Through the execution of studies, the problems which should be solved for development occurred. Furthermore, this thesis takes two way of researches of literature and actual proof for reinforcement plan of international competitiveness. This standard time period of study is set in 1993 except the irregular liner shipping company.

• Journal of Korea Port Economic Association
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• v.25 no.4
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• pp.299-320
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• 2009

This paper firstly aims to classifying the applicability of the Balanced Scorecard approach to Korean ocean-going shipping firms' management system. The applicability of this approach is from Korean shipping firms using Balanced Scorecard will create more effective and efficient organizational performance with reflecting non-financial indexes and making a balance among missions in organization. Secondly, the paper suggests positive information and theoretical evidences to improve Korean shipping firms' management system examines an availability of the Balanced Scorecard as one method of management tools. So these factors are analysed by structural equation model. This study provides CEO in Korean ocean-going shipping firm the guideline and availability of the Balanced Scorecard as to what kinds of factors should be considered and what is the most critical factor to adopt the BSC into their business.

• Journal of Korea Port Economic Association
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• v.32 no.2
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• pp.157-178
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• 2016

The purpose of this study is to forecast the ship-management market size and to propose a management improvement scheme to support Korean ship management companies in the stagnating world shipping market. Recently, global shipping companies have begun outsourcing all ship management activities. However, the Korean ship-management market represents just 3.75% of ocean shipping companies' sales, making it necessary to enlarge this market. This study performs a business analysis of ship management companies in Korea. The findings show that these companies' profitability and financial structures are not very good, mainly because of insufficient management ability and small firm sizes. Therefore, we propose that the Korean government supports crew training programs and shipping financial systems.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• v.1
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• pp.293-300
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• 2006

Present International trend of political and economical globalization plays a decisive role in or effect on the domestic problem between South and North Koreas. According to the timely historical tendency, economical cooperation or transportation between the two Korean regimes grows fast and the need of developing optimized logistics system grows significantly as well. In the present research, various transportation methods such as trucking, train, and short sea shipping(SSS) are surveyed and investigated. Based on the survey, a pusher-barge system, among various SSS systems, is introduced as the best or optimized transportation method between Incheon and Gaesugn.

• Journal of Korea Port Economic Association
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• v.25 no.2
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• pp.95-114
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• 2009

The aim of this paper is to evaluate weight and priority values for 'inner consisted factors' and 'outer requested factors' of logistics system using the AHP(Analytic Hierarchicy Process) method. As for analysis regarding inner consisted factors, the results were shown as follows: a road transportation (0.312) as first rank; a marine transportation (0.269) as second rank; a railway transportation (0.239) as third rank; an air transportation (0.118) as fourth rank, and a pipeline transportation (0.063) as fifth rank. In terms of analysis regarding outer requested factors, the results were came out as follows: an infrastructure (0.322) as first rank; a performance (0.206) as second rank; an information system (0.151) as third rank; a human resources (0.121) as fourth rank, a business environment (0.075) as fifth rank; a connectivity (0.073) as sixth rank, and a political environment (0.052) as seventh rank.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2019.11a
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• pp.216-217
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• 2019

As the shipping market deteriorates, shipping companies seek to realize economies of scale by promoting the enlargement of container ships. Container terminal operators are increasingly adopting automated equipment and systems in order to quickly provide services and attract traffic. As such, the competition for each terminal to become a hub port is intensifying. Increased automation of advanced container terminals improves productivity and efficiency In the meantime, Korea remains semi-automated. Therefore, the relevant subject survey through SPSS 23.0 program for analysis of recognition difference, We will check the awareness among stakeholders for the smooth introduction.