• Journal of Korea Port Economic Association
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• v.28 no.4
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• pp.209-229
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• 2012

There have been lots of studies on locational factors of companies, but, very few studies for Korean shipping companies. This study analyzes locational factors for Korean shipping companies using AHP(Analytic Hierarchy Process) method. For the study model, the first level is consisted by software, hardware and city policy factors. As more specific factors, the second level is formed by three factors of the first level. The third level consists of Seoul and Busan to evaluate competitive advantage for location of shipping companies. We carried out an analytical survey focused on the executives of shipping companies and related experts, and derived the priority order for locational factors of Korean shipping companies as follow. Firstly, software factors turned out the most important factor for location of Korean shipping companies. Next, Busan has a competitive advantage only in city policy factors. However, there are much of competitive disadvantages in both software and hardware factors for location of shipping companies compared against Seoul.

• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.89-102
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• 2021

The purpose of this paper is to study the impact of shipping service firm's perceived relational benefits on switching barriers and loyalty focusing on tug boat service. To achieve the purpose of the research, literature survey on existing literature, thesis, research report is performed and also reliability analysis, validity test and multiple regression analysis using SPSSWIN 18.0 is used in this research. To verify a research model and hypothesis, a questionnaire survey among employees of shipping companies and shipping agencies was executed. 76 copies of total 200 copies of questionnaires were collected and the number of questionnaire used for empirical analysis was 76 copies. The main results of the study are summarized as below. First, Hypothesis 1 "shipping service firm's perceived relational benefits has a positive impact on the switching barrier" was supported by this study. Second, Hypothesis 2 "shipping service firm's perceived relational benefits has a positive impact on the loyalty" was supported in this research. Finally, Hypothesis 3 "switching barrier has a positive impact on the customer's loyalty" was also supported. Further research can be extended by adding more questionnaires including more shipping service firms all over the nation.

• Korea Trade Review
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• v.43 no.6
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• pp.51-70
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• 2018

This study is to define the relationship between capital structure and the market share in the global shipping market, estimating the debt-equity ratio. To analyze the impact of the debt-equity ratio on market share, this study collected data from the 100 largest shipping companies from 2010 to 2017. Results identified that global shipping lines moderate their debt-equity rates to 62%, and all of them strategically utilize debt in order to increase market share in global shipping market. In comparison between the group focused on cargo volume and another group focused on freight rates, it is found that the group focused on cargo volume increase their handling cargo volume through increasing the debt rates. Another group used debt rate for reducing the freight rate and enhancing market power. Furthermore, after classifying the samples into high-growth and low-growth companies, this study compared the group focused on cargo volume and another group focused on freight rates. As a result, the low-growth group showed more significant impacts of the debt rate on market share than the high-growth group. The results of this study provide useful insight for future strategic decision making of shipping lines in the global shipping market.

• 해운
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• no.2 s.48
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• pp.13-17
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• 2008

인구 470만명의 중소국가인 노르웨이는 오랜 세월동안 해운강국의 위치를 고수하고 있다. 아울러 노르웨이는 해운선진국으로서 여타 국가들이 벤치마킹의 대상이 되곤 한다. 노르웨이가 오래 전부터 해운강국으로 확고한 뿌리를 내릴 수 있었던 것은 아마도 바이킹의 후손으로서 해양지향적인 국민성에 있지 않을까 생각된다. 이 뿐만이 아닐 것이다. 사실상 노르웨이 외항해운산업의 대표적인 강점은 해운연관 산업에 국제경쟁력을 갖춘 유수의 기업들이 두텁게 포진하고 있다. 다음은 한국선주협회가 노르웨이 해운산업의 강점을 조사분석한 것이다.

• Journal of Navigation and Port Research
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• v.48 no.3
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• pp.200-205
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• 2024

This paper examines the impact of ESG activities of domestic shipping companies on the cost of debt. It is known that companies with large information asymmetry tend to have high costs of debt. Corporate ESG activities have been identified as an effective means of reducing information asymmetry. By actively engaging in ESG activities, companies can lower the cost of debt by reducing information asymmetry. Therefore, this study aims to investigate whether these mechanisms, which have been observed in previous studies, also apply to domestic shipping companies. Multiple regression analysis is conducted on KOSP I-listed shipping companies from2010 to 2022. The cost of debt is set as the dependent variable, while the ESG rating is used as the explanatory variable. The analysis reveals that companies with a high level of ESG activities generally have a lower cost of debt. However, it is important to note that ESG activities of shipping companies do not seem to have a significant impact on their cost of debt. In fact, the level of ESG activities among domestic shipping companies is not particularly high (Hong, 2024). Despite these findings, domestic shipping companies should still strive for sustainable management to adapt to the rapidly changing business environment and meet the demands of the modern era. ESG management is a representative method for achieving sustainability. Therefore, shipping companies should not only focus on reducing the cost of debt but also on opening up the closed industry culture and communicating with capital market participants for sustainable growth. It is crucial for these companies to listen to the voices of stakeholders and embrace a holistic approach to sustainability.

• Journal of Navigation and Port Research
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• v.48 no.1
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• pp.55-61
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• 2024

Environmental, Social, and Governance (ESG) management may be one of the recent hot topics in corporate management. The purpose of this paper was to study the level of ESG activities of shipping companies. The shipping industry is known to have low transparency and low favorability (Yun, 2022). This study determined whether ESG activities of shipping companies known to the public or studied qualitatively were consistent with objective facts through quantitative analysis. Analysis was conducted on 8,009 firm-year KOSP I listed companies from 2010 to 2022 using ESG ratings evaluated and published by KCGS. As a result of the analysis, it was found that shipping companies had a lower level of ESG activities than non-shipping companies. Although many research studies have been done on companies' ESG activities, research on corporate social responsibility activities and ESG activities of domestic shipping companies is limited. This paper is significant in that it is the first study to quantitatively analyze ESG management status of domestic shipping companies. Shipping companies should make efforts to improve their images, improve their business performances, and increase corporate sustainability by taking the lead in proactive ESG activities rather than performing passive ESG activities due to external regulations such as IMO 2020 and IMO 2050.

• Journal of Korea Port Economic Association
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• v.31 no.1
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• pp.37-49
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• 2015

According to outstanding maritime economists from domestic and overseas, shipping lines or ships' enlargement reduce fixed costs, and assist realization of scale of economy of shipping. On the contrary, recent Korean liquidity crisis on the shipping lines (SL) has been focused on the leading companies such as Hanjin Shipping (HJS), Korealines, and STX Pan Ocean. In this respect, this study aims to review Korean SLs' strategies and suggest the optimal solution between the specialization and enlargement. For these purposes, this research adopts slack based measure data envelopment analysis (SBM-DEA) model as a research methodology. As for decision making units (DMUs), SLs which have increased the vessel numbers and belonged to top tier group in year 2013, are selected. The results are comprised with two aspects. Firstly, HJS, KMTC, Korea LNG Trading (KLT), EUKOR, and Sinokor Tanker show the most efficient in regard to constant return to scale (CRS) model. Secondly, HJS, KMTC, KLT, Daerim, Chungang, Sinnokor Tanker, and EUKOR are the most efficient companies in terms of variable return to scale (VRS) model. Lastly, these results could be affected to the management philosophy and can answer the following question. Which is the most optimized SL?s management decision making, enlargement or specialization?

• Journal of Korea Port Economic Association
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• v.39 no.2
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• pp.97-110
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• 2023

This study examines the effect of macroeconomic shocks on the financial stability of the Korean shipping industry. Using Firth logistic regression model, this study estimates the default probability of a shipping company. The results from a default prediction model suggest that total assets are negatively correlated with default probability, while total debt is positively correlated with default probability. Based on the results from a default prediction model, this study investigates the effect of macroeconomic shocks, namely total assets, sales, and total debt shocks, on a shipping company's default probability. The stress test results indicate that a decrease in sales and total assets significantly deteriorates the financial stability of a shipping company.

• Journal of Global Scholars of Marketing Science
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• v.9
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• pp.129-151
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• 2002

Today, shipping companies have shown the positive volition to the finding of chanced market through the development of new route with the new recognition and enhancement of competitiveness on the quality management in order to cope with the sharply-changing environment of shipping industry. Accordingly, this study is an empirical study which attempts the general and situational approach in order to clarify what TQM source, Activities and performance affect the enterprises and how it is different upon the step of quality management activities in the object of the incidental business related to the oceangoing and costal transportation, and marine and the groups related to the marines, subdividing the area of offering the shipping service.

• Journal of Navigation and Port Research
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• v.48 no.3
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• pp.206-213
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• 2024

This paper aims to investigate the causal relationship between geopolitical risk and stock price volatility in the shipping industry. Given its international nature and dependence on global trade, this industry is exposed to various uncertainties and risk factors. This study specifically focuses on the impact of geopolitical risk, which has gained significant attention in recent years due to events such as the Russia-Ukraine War and the Israel-Hamas War. To analyze this relationship, the study utilizes vector autoregressive model-based causality tests. The research estimates the causal relationship between geopolitical risk indicators and the stock price volatility of five shipping companies listed on the Korea Exchange. The study covers the period from 2000 to 2023. The results indicate the following: Firstly, an increase in geopolitical risk leads to a rise in stock price volatility for shipping companies. Moreover, the impact of actual geopolitical events, rather than just diplomatic disputes, is statistically significant. Lastly, the impact of geopolitical risk is particularly significant in the bulk shipping sector.