• Journal of Navigation and Port Research
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• v.33 no.1
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• pp.27-33
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• 2009

Estimation of the buckling and ultimate strength of a continuous stiffened plate subjected to combined transverse compression and lateral pressure is of high importance to ensure the safety of ship structures, particularly for the bottom plating under a deep draft condition For example, bottom plating of bulk carriers is subjected to transverse thrust caused by the bending of double bottom structure and the direct action of pressure on the side shells. Most of experimental tests, theoretical approach and numerical researches have been performed on the buckling and ultimate strength behaviour of plates or stiffened plates under combined compression and lateral pressure. With regard to stiffened panels, however, most of studies have been concerned with the load conditions of combined longitudinal thrust and lateral pressure, while fewer studies have been performed for the combined transverse thrust and lateral pressure. In addition, the previous researches are mainly concerned with an isolated rectangular plate simply supported along the all edges, whereas actual ship plating is continuous across the transverse frames and heavy girders. In the present paper, a series of elastoplastic large deflection FEA on a continuous stiffened plate is performed and then clarify the characteristic of collapse mode and explain the effect of transverse compression.

• Journal of Korea Port Economic Association
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• v.25 no.2
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• pp.231-246
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• 2009

The time charterer depends on speed and bunker consumption rate of time chartered vessel because it is related charterers' benefit. It is important role of stipulated speed and daily bunker consumption rate at the Time Charter Party, it is generated any dispute against speed and daily bunker consumption rate deficiency. The case of dispute is a restricted word of stipulated speed and daily bunker consumption rate at Charter Party as "about", "good weather or good weather day", "smooth water", "ocean current" and "without guarantee". It happens a dispute against speed and daily bunker consumption rate because it is not well-educated as a vessel operator regarding Time Charter Party interpretation.

• 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 Navigation and Port Research
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• v.42 no.6
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• pp.539-545
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• 2018

In recent years, research on shipping market forecasting with the employment of non-linear AI models has attracted significant interest. In previous studies, input variables were selected with reference to past papers or by relying on the intuitions of the researchers. This paper attempts to address this issue by applying the stepwise regression model and the random forest model to the Cape-size bulk carrier market. The Cape market was selected due to the simplicity of its supply and demand structure. The preliminary selection of the determinants resulted in 16 variables. In the next stage, 8 features from the stepwise regression model and 10 features from the random forest model were screened as important determinants. The chosen variables were used to test both models. Based on the analysis of the models, it was observed that the random forest model outperforms the stepwise regression model. This research is significant because it provides a scientific basis which can be used to find the determinants in shipping market forecasting, and utilize a machine-learning model in the process. The results of this research can be used to enhance the decisions of chartering desks by offering a guideline for market analysis.

• Journal of Korea Port Economic Association
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• v.38 no.3
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• pp.87-104
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• 2022

Considering the complex structure and high volatility in the shipping market, it is important to investigate the connectedness amongst influencing factors. This study explores the dynamic relationship between supply-demand factors and shipping freight indices. We choose Capesize and Panamax in the bulk carrier market and use quarterly data of GDP, world fleet, BCI, and BPI from 1999 to 2021. Applying the wavelet analysis and wavelet Granger causality test, the simultaneous examination of co-movement and causality between two factors and the shipping market in both the time and frequency domains is achieved. We find that co-movement and causality vary across time and frequencies, thereby existing dynamic relationships between variables. Second, compared to multiple coherencies using demand and supply factors together, partial coherencies indicate noticeable causalities. It implies that analyzing demand and supply factors separately is essential. Finally, shipping freight indices show a high correlation with the demand factor in a good market and with the supply factor in a bad market. Generally, GDP positively leads shipping freights in the recovery phase while the world fleet negatively leads shipping freights in the downturn. The research is meaningful in that the rarely-applied wavelet analysis is adopted in the shipping market and that it gives a reasonable ground to explain the role of supply and/or demand factors in different phases of the market cycle.

• 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 Navigation and Port Research
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• v.46 no.4
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• pp.359-366
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• 2022

While the Forward Freight Agreement (FFA) has emerged as an effective hedging tool since early 1990, the basis risk and cash flow distortions have been addressed as obstacles to the active use of FFAs. This research analyses the basis risk of FFAs and provides a feasible suggestion to reduce it. Basis risk is divided into timing basis, route basis, size basis, and low liquidity basis. The timing basis is defined as the difference between the physical hire, fixed on the specific contract date and the FFA settlement price, calculated by averaging spot rates for a certain period. Timing basis is considered the worst in eroding the effectiveness of FFAs. This paper suggests a change of hire payment criterion from contract date to 15-day moving average, as a means of mitigating the basis risk, and analyzed the effectiveness through historical simulation. The result revealed that the change is effective in mitigating the timing basis. This study delivers a meaningful implication to shipping practice in that the change of hire payment criterion mitigates the basis risk and eventually activates the use of FFAs in the future.

• 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.

• Journal of the Korean Institute of Navigation
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• v.11 no.2
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• pp.1-31
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• 1987

Nowadays, the transportation of almost all cargoes depends on sea routes in international trade. In the transaction of trade, cargo transportation must be completed on the base of two contrary objectives, one of which is to protect the vessel, cargoes and crew aborad her safely through every step of the transportation and the other is to pursue profits from the transaction of the trade. In spite of the great development of the modern techniques in shipbuilding today, many sea disaters of big merchant vessels have been occurring successively in winter seasons every year on the sea routes of the North Pacific Ocean. Whenever the accident of losing a vessel in rough sea occurred , many experts of the country to which the vessel belonged had tried to take out the reason of the missing without manifesting the exact cause of the unhappy occurrence. In this paper, we calculated ocean wave status along the route of the North Pacific Ocean theoretically concluded by us as optimum on the basis of weather and sea conditions. In the calculation, we used ITTC wave spectrum formula and meteorological data of "Winds '||'&'||' Waves of the north Pacific Ocean" edited by Ship Research Institute of Japan on the basic data assembled by World Meterological Organization through past 10 years. We selected three sample vessels of most common size in the North Pacific Ocean Routes, a container, a log carrier and a bulk carrier and applied tree sample vessels to the calculated sea conditions for getting the rolling angles of the vessels and stress exerting on the hulls. Examining the calculated results, we concluded as follows; 1. Under the condition of these status7 by beaufort scale, "heave to" maneuvering is the best and safest way to steer every vessel. 2. The most dangerous part of sea area along the west bound optimum route of the North Pacific Ocean in winter season, is the southern sea area of the Kamchatka peninsula.a peninsula.

• Journal of the Korean Institute of Telematics and Electronics
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• v.11 no.6
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• pp.1-15
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• 1974

In this paper, the SH mode of elastic surface waves which are used for delay lines of elastic surface wave is the cretically analysed. It is shown that the SH mode has very large electromechanical coupling factor and propagates on the surface with very small decaying coefficient into the medium. In the case of P2T-4, the depth cf piezoelectric medium that contains 80% of energy is 190 wavelengths. An elastic surface wave delay line is discussed from the view point of 2-port network. Center frequency is shifted by the ratio of transducer electrode width to gap between transducer ellcerodes when electromechanical coupling factor is large. Tempera _ore coefficients for bulk waves of LiNbO3 and LiTaO3 are also calculated and the minimum temperature coefficient value of delay time is 5.4X 10-6/$^{\circ}C$ ia the case of transverse wave propagating along Z axis on LiTaO3. Experimental data are in good agreement with theoretical values of the temperature coefficients of delay time for elastic surface waves propagating along X axis of 130$^{\circ}$ and 64$^{\circ}$ rotated Y cut planes of the LiNbO3.