• Journal of Korea Port Economic Association
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• v.40 no.2
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• pp.157-173
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• 2024

This study analyzed the connectivity of the dry bulk carrier market before and after COVID-19 to examine the impact of COVID-19 on the global shipping market. Using the Quantile Time Frequency Connectedness methodology, we analyzed the dynamic connectedness of major dry bulk indices: the Capesize Index (BCI), Supramax Index (BSI), Panamax Index (BPI), and Handysize Index (BHSI). The results are as follows. First, the total spillover connectedness of the dry bulk carrier market increased during the entire period and in the short term after the outbreak of COVID-19, while it slightly decreased in the long term. Second, the roles among the indices changed according to market conditions, with COVID-19 causing the BPI to change from a net receiver to a net transmitter in the short term and the BSI in the long term, affecting net spillover connectedness. Third, it was observed that long-term connectivity tended to increase more than short-term connectedness under extreme conditions. Fourth, the phenomenon of strengthened connectedness under extreme market conditions was confirmed. These results provide important insights into understanding short-term market shocks and long-term stability trends, demonstrating that the connectedness among dry bulk carrier markets strengthens in global crisis situations such as COVID-19. This provides a basis for assessing the resilience and vulnerability of the shipping market and offers useful information for investors and policymakers in crisis management and investment strategy formulation.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.125-140
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• 2018

This study uses daily price data on three major types of crude oil (Brent, Dubai, and WTI) and BDI from January 2, 2009 to June 29, 2018, to compare the relationship between crude oil prices and BDI for rate of change and volatility. Unlike previous studies, the correlation between BDI and crude oil prices was analyzed both the rate of change and variability, VARs, Granger Causality Test, and the GARCH and DCC models were employed. The correlation analysis, indicated that the crude oil price change rate and volatility affect the BDI change rate and that BDI volatility affects the crude oil price change rate and volatility. The relationship between oil prices and BDI is identified, but their correlation is low, which is likely a result of lower dependence on crude oil as demand for natural gas increases worldwide and demand for renewable energy decreases. These trends could result in lower correlations over time. Therefore, focusing on the changing demand for raw materials in future investments in international shipping(real economy) and oil markets and macroeconomic analysis is necessary.

• Journal of Korea Port Economic Association
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• v.22 no.3
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• pp.79-96
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• 2006

In this paper, using the gravity model, I examined that the port traffic in the port of Pusan have been influenced by GDP of South Korea, GDP of trading countries, an agreement on maritime transport, maritime transport charge and the local economic integration, etc. In view of the policy implication based on the result of analysis by the gravity model, the port traffic and the transshipment in the port of Pusan is positively influenced by GDP of South Korea, GDP of trading countries and countries on the way of main sea route(LINE). But it is negatively influenced by maritime transport charge. Especially, when a maritime transport charge goes up 1 percentage point, it is estimated that a transshipment decreases about 0.586-0.895 percentage point. So, a maritime transport charge was found to have more effect on a transshipment than a port traffic(except transshipment).

• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.63-79
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• 2013

The fundamental endeavor of this study is to investigate the asymmetric relationship between bunker price and Baltic Dry-bulk Index (hereafter BDI). Previous investigations employ linear form based analysis between oil price and BDI but we develop nonlinear and asymmetric cointegration method, which is properly able to capture the decreasing and increasing periods differently. The empirical results show there is no relationships in linear model (e.g. Engle and Granger's methods). On the contrary, our estimate reveals there is significant long-run relationship with asymmetric framework, which implies the necessity of nonlinear and asymmetric consideration to the bunker price analysis.

• Journal of Korea Port Economic Association
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• v.17 no.2
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• pp.167-182
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• 2001

The government of Busan Metropolitan City conducted the "Survey on Shipping and Port Logistics Companies in Busan" between May and December, 2000. This was the first comprehensive survey of Busan Port conducted from the perspective of regional & industrial economics. The objective of the survey was to find out the level of influence of the shipping and port logistics industry on the regional economy of Busan, and to obtain base data for use in establishing an actual promotion program. The survey acquired information about human and physical resources, management conditions and consciousness of the industry, In addition, the study analyzed the survey data. The results of the analysis showed a method of creating added value in support of the marketing activities of the companies, and indicated methods of achieving systematic and sustainable promotion. The government of Busan City shall develop an e-Logistics infrastructure which can deliver a synopsis and intelligent information to people and companies in the industry by the end of this year. The information system would be of great help for people who may not be familiar with Busan's port and shipping industry, particularly international shipping companies. This will result in an Increase of trade and exchange in the shipping and port logistics industry, resulting in the generation of increased added value within the near future.

• Journal of Korea Port Economic Association
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• v.22 no.2
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• pp.35-60
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• 2006

This paper uses input-output techniques to analyze the impacts of the coastal and inland water transportation (CIWT) upon the Korean economy between 1990 and 2000. The impacts were identified by means of backward and forward linkages effects, production inducing and import-inducing effects, and commodity prices repercussion effects of the coastal and inland water transportation. The data of this study come from The Bank of Korea databases for Input-Output Structure of the Korean economy. The major findings in this study can, among others, be summarized: that the power of dispersion(=backward linkage effect) and the degree of sensitivity (=forward linkage effect) of CIWT are higher than those of the deep sea transportation sector and that it has higher production-inducing effect than the average of total industries, while it has lower import-inducing effect than the average of total industries.

• Proceedings of the Korea Port Economic Association Conference
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• 2006.08a
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• pp.103-124
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• 2006

This paper is concerned with a comparative study on the economic effects upon the Korean economy by transport mode, ie road, rail, air, and coastal and inland water transportation between 1990 and 2000, using input-output analysis. The economic effects consist of backward and forward linkage effects, production inducing and import-inducing effects. The data employed for this study come from the Bank of Korea database for Input-Output structure of the Korean economy. The major findings in this study are, among others:(1) the power of dispersion(=backward linkage effect) of coastal and inland water transportation sector is the highest among the four transport sectors, while road cargo transport mode showed the highest the degree of sensitivity (=forward linkage effect); (2) rail cargo transport recorded the highest production inducing effects; and (3) air transport mode achieved the highest ranking in the import-inducing effects.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2010.10a
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• pp.23-24
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• 2010

오늘날 세계 각국은 글로벌 경제 체제에서 교역의 증대에 따라 해상 물동량이 증대되고 있으며 선박의 대형화, 고속화, 자동화, 또 해상대교나 신항만 건설 등 해상교통질서와 관련하여 항로표지 등 해양교통시설의 여건이 급격히 변화되었다. 이와 관련하여 항로표지는 항로의 혼잡을 방지하여 해운 물류를 원활히 하기 위한 수단이 된다. 항로표지는 광파, 형상, 음파, 전파 표지 등인데 이의 제도적 정비 및 규격의 표준화의 필요성과 방안을 분석하였다. 또한 국제표준과 한국표준의 제정 절차를 분석하고 국내용 항로표지용품 국토해양부 규격의 표준화 방안을 검토하였다. 향후, 항로표지의 기술적 분석, 항로 운영과 항로표지의 효율성, ICT 기술이 적용된 효과적 항로표지시스템분야에 있어서의 연구가 더욱 진행되어야 할 것이다.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2010.10a
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• pp.141-143
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• 2010

2001년 9 11 세계무역센터 테러 사건 이후, 많은 국가들과 국제기구들은 국제해상운송의 보안을 극대화하기 위해 여러 가지 보안 관련정책들을 제정하였다. 그러나. 이러한 보안정책들은 해상운송망의 원활한 무역흐름에 악영향을 미쳐 경제적 손실들을 초래할 뿐만 아니라 각 국가들과 국제기구들이 추구하고 있는 각종 간소화 정책에 반하고 있다. 이에, 보안정책과 간소화 정책들 간의 균형적 발전을 위하여 이 논문에서는 통합품질관리(TQM)에 보안을 적용하여 새로운 통합보안(TSM)시스템을 구축하고자 한다. 이러한 통합보안관리시스템은 해운회사, 정부당국 및 국제협약이 구성주체가 되어 그 시스템을 통해 저비용으로 보안기준을 상승시킬 수 있을 뿐만 아니라, 구성주체들 간 TSM의 상호협정을 체결하는 등 상생전략을 통한 무역간소화를 이룩할 수 있을 것이다.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2010.04a
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• pp.74-75
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• 2010

국제교류의 증가와 물동량 증가에 따른 선박의 초대형화로 인해 각 나라의 항만들도 대형화되고 있다. 국내 항만들도 국제적인 추세에 따라 대형항만의 건설에 박차를 가하고 있다. 하지만 무분별한 항만 개발과 글로벌 경제위기로 인한 물동량 감소는 우리나라 중소형항만의 물동량이 감소하는 원인이 되었고, 이는 결국 항만시설 공급과잉 현상의 원인이 되었다. 이에 본 연구에서는 국내 중소형항만들의 공급과잉 현상을 극복하기 위한 방안들과, 중소형항만들의 발전전략을 제시하고자 한다.