• Korea Trade Review
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• v.43 no.3
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• pp.125-145
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• 2018

The Baltic Shipping Exchange is reporting the Baltic Dry Index (BDI) which represents the average charter rate for bulk carriers transporting major cargoes such as iron ore, coal, grain, and so on. And the current BDI index is reflected in the proportion of capesize 40%, panamax 30% and spramax 30%. Like mentioned above, the capesize plays a major role among the various sizes of bulk carriers and this study is to analyze the influence of the factors influencing on charter rate of capesize carriers which transport iron ore and coal as the major cargoes. For this purpose, this study verified causality between variables using Vector Error Correction Model (VECM) and tried to derive a long-run equilibrium model between the dependent variable and independent variables. Regression analysis showed that every six independent variable has a significant effect on the capesize charter rate, even at the 1% level of significance. Charter rate decreases by 0.08% when capesize total fleet increases by 1%, charter rate increases by 0.04% when bunker oil price increases by 1%, and charter rate decreases by 0.01% when Yen/Dollar rate increases by 1%. And charter rate increases by 0.02% when global GDP increases by one unit (1%). In addition, the increase in cargo volume of iron ore and coal which are major transportation items of capesize carriers has also been shown to increase charter rates. Charter rate increases by 0.11% in case of 1% increase in iron ore cargo volume, and 0.09% in case of 1% increase in coal cargo volume. Although there have been some studies to analyze the influence of factors affecting the charterage of bulk carriers in the past, there have been few studies on the analysis of specific size vessels. At present moment when ship size is getting bigger, this study carried out research on capesize vessels, which are biggest among bulk carriers, and whose utilization is continuously increasing. This study is also expected to contribute to the establishment of trade policies for specific cargoes such as iron ore and coal.

• Journal of Korea Port Economic Association
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• v.24 no.2
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• pp.19-41
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• 2008

The purpose of this study aims to explore scope of damages resulted from early redelivery under time charter with the Golden Victory case. In this case, disputes arose in relation to the quantum of damages recoverable by th owners. The owners contended that the second Gulf War was irrelevant to their claim, which was to be assessed at the difference between the charter rate and the lower market rate for the whole of the remaining four-year period of the charterparty. The charterers contended that since clause 33 would have entitled them to cancel the charter on the outbreak of the second Gulf War, two years after the repudiation, the owners' claim for damages only ran for those two years. There was no such rule as was contended for by the owners, and that the damages had to reflect the fact that, had there been no repudiatory breach, the charterparty would not have run its full term because the charterers would have cancelled the charter on the outbreak of the second Gulf War.

• Journal of Korea Port Economic Association
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• v.23 no.3
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• pp.29-51
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• 2007

The purpose of this study aims to explore shipowner's lost profit and its claim resulted from delay in redelivery under time charter with the Achilleas case. In this case, the charterers submitted that there was an established prima facie measure of damages in cases of late delivery, namely the difference between the market rate and the charter-party rate for the period from the time when the vessel should have been delivered until the time of her actual redelivery. An award for lost profit in respect of a subsequent charter could only be made under the second limb because the charterers had not been told, at or before the making of the addendum, that the owners were going to enter into a subsequent fixture and that it was critical that redelivery take place on time. However, the owners said their losses that was a not unlikely consequence of the charterers' breach. There was no special rule that the first limb could only lead to damages calculated by taking the difference between the market and the charter-party rate for the overrun. To award damages in the Achilleas case on the basis of the difference between the market and the charter rate for the overrun would compensate the owners for only a fraction of the true loss caused by the breach.

• Ocean and Polar Research
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• v.36 no.3
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• pp.289-302
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• 2014

This paper aims to evaluate the indirect economic damages to anglers of the marine recreational charter caused by marine pollution associated with the Herbei Spirit vessel, which spilled 12,547 kl of crude oil in Taean coastal areas in December 2007. In order to evaluate the indirect cost to anglers of the charter fishing, consumer surplus for charter fishing is estimated using a Poisson model (PM), a negative binomial model (NBM), a truncated Poisson model (TPM), and a truncated negative binomial model (TNBM), which account for the characteristics of count data (non-negative discrete data), for individual travel cost method (ITCM). Because of over-dispersion problem in PM and TPM, NBM and TNBM are considered to be more appropriate statistically. All parameters such as income, fishing careers, travel cost and catch that are estimated are statistically significant and theoretically valid. Based on TNBM results, consumer surplus per trip and per person was estimated to be 277 thousand won, total consumer surplus per person and per year about 2.3 million won, and the marginal effect of consumer surplus on % changes in catch rate is about 33 thousand won. The consumer surplus was converted into total indirect economic damages for aggregation which are evaluated to be 125 billion won, reflecting the number of anglers and damage rate.

• Journal of Digital Convergence
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• v.18 no.2
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• pp.197-204
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• 2020

The purpose of this paper is to find the direction by analyzing the synchronization phenomenon and the change rate of apartment charter rate in Korea, Seoul, Busan, Daegu, Gwangju and Daejeon. For this purpose, this study used a total of 239 monthly data from January 2000 to November 2019 in Kookmin Bank housing statistics. In the correlation analysis, Korea showed the highest relationship in order of Seoul, Busan, Incheon and Daegu. Seoul showed a low figure of 0.3 without any distinctive features from other cities. On the other hand, Busan, Daejeon and Daegu showed high correlations. As a result of the regression analysis, Korea and 5 major cities were all moving in the same direction with positive(+) values. And Busan and Seoul responded significantly to Korea. In the shock response, Korea is most shocked by the change in Seoul. Daegu is relatively shocked by Busan and Daejeon. Seoul's charter rate has declined most strongly in the last three years. Therefore, it is time to be careful not to incur losses due to gap investment. If we look at the relationship between the charter rate and the sale price in future studies, we can better understand the Korean apartment market.

• Journal of Navigation and Port Research
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• v.44 no.2
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• pp.119-127
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• 2020

In this study, the current state of management efficiency of ocean carriers in Korea and the factors affecting them were analyzed. The purpose of this research is to enhance global competitiveness of ocean carriers by presenting suggestions that can improve management efficiency based on the analysis results. The measurement of management efficiency was made using the DEA model. The results of testing the adequacy of the input and output variables used are as follows. Appropriate inputs are total assets, cost of goods sold, charter expenses, sales and general management expenses, and interest expenses. Appropriate variables are sales, operating income, and operating cash flow. According to the analysis results of the DEA model by these variables, inefficient carriers (78%) are nearly four times more than efficient carriers(22%). However, container carriers have the most improved management efficiency compared to 2016 and 2017. According to the panel regression analysis, the charter rate has the greatest negative impact on efficiency (CRS), and the debt rate has a significant negative impact. Thus, it appears that reducing the charter size and the debt-to-sale rate facilitate improvement of the management efficiency of ocean carriers. Additionally, the pre-sales tax return rate, value added rate, total asset turnover rate, and the scale variable and interest coverage rate have a positive (+) effect. Thus ocean carriers should restore their global competitiveness by improving management efficiency by securing stable cargoes increasing sales profitability from the cost management perspective, increasing productivity, and enhancing the efficiency of their total assets through efficient fleet management.

• 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 Digital Convergence
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• v.19 no.12
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• pp.133-143
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• 2021

Complicated political situation still plagues charter schools despite their innovative education. Nevertheless, they experienced growth around 2011, yet only a few studies have explored why they had expanded from the political viewpoints. Therefore, using political institutions and political market framework, this study investigated the relationship between political institutions and charter school growth in the US(United States). To do so, this study conducted multiple regression analyses of school growth measured by the number of schools allowed, implementation points, and guaranteed funding. The findings revealed that only governors' partisanship has a significant influence on the number of schools. Moreover, supportive privatization organizations, governors' partisanship, and per capita income affects implementation points. Meanwhile, regarding guaranteed fiscal funding for the charter schools, the teachers' union enrollment rate, governors' partisanship, and per capita income are crucially influential. Finally, the results confirmed that political institutions are also important for education.

• Journal of Korea Port Economic Association
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• v.36 no.4
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• pp.17-30
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• 2020

In the shipping industry, it is essential to engage in the preemptive prediction of freight rate volatility through market monitoring. Considering that freight rates have already started to fall, the loss of shipping companies will soon be uncontrollable. Therefore, in this study, factors affecting the freight rates of bulk carriers, which have relatively large freight rate volatility as compared to container freight rates, were quantified and analyzed. In doing so, we intended to contribute to future shipping market monitoring. We performed an analysis using a vector error correction model and estimated the influence of six independent variables on the charter rates of bulk carriers by Handy Size, Supramax, Panamax, and Cape Size. The six independent variables included the bulk carrier fleet volume, iron ore traffic volume, ribo interest rate, bunker oil price, and Euro-Dollar exchange rate. The dependent variables were handy size (32,000 DWT) spot charter rates, Supramax 6 T/C average charter rates, Pana Max (75,000 DWT) spot charter, and Cape Size (170,000 DWT) spot charter. The study examined charter rates by size of bulk carriers, which was different from studies on existing specific types of ships or fares in oil tankers and chemical carriers other than bulk carriers. Findings revealed that influencing factors differed for each ship size. The Libo interest rate had a significant effect on all four ship types, and the iron ore traffic volume had a significant effect on three ship types. The Ribo rate showed a negative (-) relationship with Handy Size, Supramax, Panamax, and Cape Size. Iron ore traffic influenced three types of linearity, except for Panamax. The size of shipping companies differed depending on their characteristics. These findings are expected to contribute to the establishment of a management strategy for shipping companies by analyzing the factors influencing changes in the freight rates of charterers, which have a profound effect on the management performance of shipping companies.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.70
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• pp.39-65
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• 2016

On 2013 the English court delivered a decision that the payment obligation under time charter party is a condition. According to this judgement, The Astra, a breach of the obligation to pay hire on time entitles the owner both to withdraw the ship and sue the charterers for damages for the difference between the contract and market rate for the remainder of the contracted period. On 2015, however, the English court stood at the other side. In Spar Shipping, the court confirmed that the obligation to pay hire is not a condition of the contract but an "innominate term" - from the charterers' breach ship owners can exercise their contractual right to withdraw, but owners' right to sue for damages depends on whether the charterers have deprived the owners of the substantial benefit of the contract, or shown an intention to do so. This article aims to compare both decisions over the points that (1) the importance of on-time payment under a time charter party, (2) as a critical and main question in this article, whether the mattered payment clause is a condition or innominate term, (3) whether the on-time payment clause is merely a penalty or a reasonable liquidated damage. Based on various reasons, I am on a position that the payment of hire is not a condition but an innominate term. Default in punctual payment by a charterer, in the absent of clear contractual agreement, needs to be decided further whether that breach removes the substantial benefit of the contract from the owners.