• Journal of Korea Port Economic Association
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• v.33 no.1
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• pp.75-87
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• 2017

The purpose of this study is to utilize the system dynamics to carry out a medium and long-term forecasting analysis of the bunker price. In order to secure accurate bunker price forecast, a quantitative analysis was established based on the casual loop diagram between various variables that affects bunker price. Based on various configuration variables such as crude oil price which affects crude oil consumption & production, GDP and exchange rate which influences economic changes and freight rate which is decided by supply and demand in shipping and logistic market were used in accordance with System Dynamics to forecast bunker price and then objectivity was verified through MAPEs. Based on the result of this study, bunker price is expected to rise until 2029 compared to 2016 but it will not be near the surge sighted in 2012. This study holds value in two ways. First, it supports shipping companies to efficiently manage its fleet, offering comprehensive bunker price risk management by presenting structural relationship between various variables affecting bunker price. Second, rational result derived from bunker price forecast by utilizing dynamic casual loop between various variables.

• Environmental and Resource Economics Review
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• v.16 no.2
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• pp.239-273
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• 2007

Bunker-C is sold at the different price in the market for international bunkering and for export, though the quality of bunker-c is not much different in two markets. The price difference in two markets tends to increase since 2002 in Korea. This study shows that there is a possibility for a structural change in the price difference in two markets in Korea around June, 2002. In the search for possible explanations for this structural change, empirical analyses found that the price difference in Singapore, which had not have any explanatory power before June, 2002, has explained the price difference in Korea after July, 2002. Other explanatory variable for the price difference was the growth rate of crude oil price in the previous period. The empirical results suggest that the price difference in bunkering market and export market might be explained by the price discrimination which is adopted as a competitive strategy by oil companies in competing with Singapore.

• The Journal of Industrial Distribution & Business
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• v.4 no.2
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• pp.13-19
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• 2013

Purpose - The paper tested the relationship between the stock markets of the Middle East and the USA with the oil price and US dollar index as threshold variables. Research design, data, and methodology - The stock price indices of the USA, the Middle East (Abu Dhabi, Jordan), WTI spot crude oil price, and US dollar index were daily returns in the research period from May 21, 2001 to August 9, 2012. Following Hansen (1999), the panel threshold regression model was used. Results - With the US dollar index as the threshold variable, a negative relationship existed between the stock price indices of Jordan and the USA but no significant result was found between the stock price indices of Abu Dhabi and the USA. Conclusions - The USA is an economic power today:even if it has a closer relationship with the US stock market, the dynamic US economy can learn about subsequent developments and plan in advance. Conversely, if it has an estranged relationship with the US stock market, thinking in a different direction and different investment strategies will achieve good results.

• Journal of Navigation and Port Research
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• v.26 no.4
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• pp.373-381
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• 2002

There has been an interesting trend showing that the number of tankers owned by major oil company has been decreasing since the 1980s, while the number of tankers chartered by them is increasing. So do Korea oil refineries in the period 1990s. Therefore, the following question is raised： Why have oil refinery companies, national and international, been much more dependent upon chartered ships than their owned ships since 1980s\ulcorner This paper tried to answer the above question. In so, doing ten decision-making factors for fleet composition of oil tankers are drawn through literature survey on the research topic with questionnaires and interviews to the four big Korean oil refineries.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.8
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• pp.297-309
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• 2021

In this study, to capture the skewness and kurtosis detected in both conditional and unconditional return distributions of the stock markets of Kazakhstan and Russia, two versions of normal mixture GARCH models are employed. The data set consists of daily observations of the Kazakhstan and Russia stock prices, and world crude oil price, covering the period from 1 June 2006 through 1 March 2021. From the empirical results, incorporating the long memory effect on the returns not only provides better descriptions of dynamic behaviors of the stock market prices but also plays a significant role in improving a better understanding of the return dynamics. In addition, normal mixture models for time-varying volatility provide a better fit to the conditional densities than the usual GARCH specifications and has an important advantage that the conditional higher moments are time-varying. This implies that the volatility skews implied by normal mixture models are more likely to exhibit the features of risk and the direction of the information flow is regime-dependent. The findings of this study contain useful information for diverse purposes of cross-border stock market players such as asset allocation, portfolio management, risk management, and market regulations.

• Analyses & Alternatives
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• v.5 no.2
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• pp.77-105
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• 2021

Natural gas consumption in Asia is growing at fast tempo because of various factors such as economic growth in the region, urbanization, coal-to-gas switch at power and industry sector. Due to geographical characteristics and lack of international pipeline connections between countries in the continent, majority of natural gas exported to Asian consumers is transported by tankers on the sea in the form of liquefied natural gas. As Asian market is the most lucrative market with the fastest demand growth, the competitions between LNG sellers for market share in Asian market are strengthening. The competitions accelerated, especially after the introduction of large volume of incremental supply into the market by new exporters from the U.S., Australia, and Russia. Cheniere Energy, the first exporter of liquefied natural gas (LNG) in the lower 48 states of U.S. has not adopted the traditional price formation mechanism and business model. Traditionally, prices of long-term LNG contracts have been indexed to the price of competing fuels, such as crude oil. The company adopted a pricing mechanism and business model based on a cost-plus system. Cheniere Energy opted for the safer and the risk-free pricing system, that annually guarantees a fixed amount of revenue to the seller. The company earns the same amount of money, regardless of natural gas price dynamics in the domestic and international market, but possibly with less revenue. However, by introducing and successfully implementing the safer and risk- free business model, Cheniere Energy, a company of a relatively smaller size in comparison with major oil and gas companies, became an example to other smaller-sized companies in the U.S. The company's business model demonstrated how to enter and operate LNG business amid increasing competitions among sellers in the U.S. and international market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.251-257
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• 2020

The study investigates the role of commodity prices and tax purpose recognition on bitcoin prices. Since the introduction of bitcoin in 2008, emphasis has focused on economists, policy-makers and analysts drastically increasing bitcoin's accessibility and commodity values (Dumitrescu & Firică, 2014). This study employs GARCH and EGARCH from ARCH/GARCH family on daily nature data. We measure the volatile behavior of bitcoin by employing auto-regressive conditional heteroscedasticity model with the aim to explore the relationship between major commodities and bitcoin volatility. We focus on major commodities like gold, silver, platinum, and crude oil to be regressed with bitcoin. The daily prices of commodities were retrieved from www.investing.com and bitcoin prices from www.coindesk.com for the period from 29April 2013 to 16 October 2018. Results confirmed the currency's long-term volatile behavior, which is due to its composition and market dynamics, whereas the existence of asymmetric information effect is not confirmed. Tax recognition by other countries may in future help in controlling the volatility as bitcoin is not a country-specific security. But, only silver impacts on volatility in comparison to oil prices and platinum, which is due to its similar features with gold. Eventually, bitcoin can be used for risk diversification and money making.

• Journal of Hydrogen and New Energy
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• v.17 no.4
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• pp.454-460
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• 2006

In the production of hydrogen from various sources like cracking of LPG, LNG, Crude oil, or alkaline water electrolysis, the things that we keep in mind is the entrapment of unexpected impurities in the stream of produced $H_2$. If it is true that we are not able to produce 100% pure $H_2$, then subsequent procedure is the elimination of the impurities and the determination of the concentrations of each constituents in $H_2$ stream. By the way, each country has different constituents in its fuels and unavoidablely it was cost/economy debates between coutries. Thus, in this paper, our goal is to provide current international issues for hydrogen production.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.137-138
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• 2012

Domestic construction materials market was about 65 trillion won and it occupied 45% level of total construction cost by 2007. In addition, due to the recent rapid rise of crude oil and iron ore price, fluctuation of raw material cost has a great influence to the cost of construction industry. This means that smooth performance is closely related to construction materials. And among them, because of high putting rate of metal materials, it can be seen that the fluctuation of metal material prices is an important variables. So in this study, for the pre-study to analyze the impact of metallic material prices to construction cost, the researcher analyzed a causal relationship between metal material prices and construction cost.

• Korean Journal of Human Ecology
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• v.7 no.1
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• pp.33-41
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• 2004

The purpose of the study was to analyze in process of circulation market boiled whale meat's rancidity. oxidative rancidity is oil or fat food depend on oxygen in air oxidative change in quality. boiled whale meat faty come to oxidative rancidity food stability and hygiene reasons for people health poisonous point out, however it is not indication study of support. Accordingly confirm lead into circulation process boiled whale meat's rancidity examination and microorganism examination boiled whale meat's stability whether or not. The result obtained were summarized as follows: 1. Proximate percentage of boiled whale meat(pectoral, pelvic, fin, flank) of moisture and crude lipid and crude protein from samples shown to be : moisture was pectoral 16.4%, pelvic 36.2%, fin 46.2%, flank 19.2%, crude lipid was pectoral 54.1%, pelvic 42.8%, fin 15.8%, flank 40.6%,crude protein was pectoral 29.4%, pelvic 20.5%, fin 29.5%, flank 28.6%. 2. The fatty acid composition of total lipid were composed of pectoral 27.2%, pelvic 28.9%, fin 33.3%, flank 23.4% of oleic acid and pectoral 12.7%, pelvic 11.1%, fin 11.3%, flank 14.0% of palmitic acid pectoral 10.8%, pelvic 7.9%, fin 7.6%, flank 2.1% of docosahexaenoic acid, pectoral 14.2%, pelvic 7.5%, fin 1.9%, flank 7.2% of eicosenoic acid, pectoral 5.1%, pelvic 5.7%, fin 4.4%, flank 5.7% of myristic acid, 16: 0 11∼14 % of high saturated fatty acid. generally most of 18: 1ω9 of boiled whale meat's each portion, 22:6 7∼12%, 20:5 1∼14% of polyenoic fatty acid. 18:3 showen to be 1% make an expection of pectoral and fin portion the total lipid were most of netural lipid's about 90%, monoenic fatty acid were most of 19∼22% of saturated fatty acid, 77∼80% of monoenic fatty acid level of 47∼56% of 18:1 16:1 was markelly high to those of total lipid. 3. The storage number days variation of oxidation were shown to be by stages process favorably the past days of boiled whale meat's acid value for 5days. pectoral the day 0.1, five days 1.3, pelvic the day 0.1, five days 1.6, fin the day 0.3, five days 0.7, flank the day 0.2, five days 0.4. 4. The sealer and wrapper the storage number days variation of boiled whale meat oxidation for 7days were shown to be a stage of sealing, the temperature of a room, pectoral the day 0.1 seven days 0.6, pelvic the day 0.1, seven days 1.3, fin.