• Korea Trade Review
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• v.43 no.5
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• pp.159-177
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• 2018

The container shipping sector is an important international logistics operation that connects open economies. Freight rates rapidly change as the market fluctuates, and staff related to the shipping market are interested in factors that determine freight rates in the container market. This study uses the Vector Error Correction Model(VECM) to estimate the impact of factors affecting container freight rates. This study uses data published by Clarksons. The analysis results show a 4.2% increase in freight rates when world container traffic increases at 1.0%, a 4.0% decrease in freight rates when volume of container carriers increases by 1.0%, a 0.07% increase in freight rates when bunker price increases by 1.0%, and a 0.04% increase in freight rates accompanying 1.0% increase in libor interests rates. In addition, if the current freight rate is 1.0% higher than the long-term equilibrium rate, the freight rate will be reduced by 3.2% in the subsequent term. In addition, if the current freight rate is 1.0% lower than the long-term equilibrium rate, the freight rate will decrease by 0.12% in the following term. However, the adjusting power in a period of recession is not statistically significant which means that the pressure of freight rate increase in this case is neglectable. This research is expected to contribute to the utilization of scientific methods in forecasting container freight rates.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.545-563
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• 2018

This study analyzes the major factors affecting the freight rates of Very Large Crude-Oil Carriers (VLCC) using co-integration and vector error correction models (VECM). Particularly, we estimate the long-term equilibrium function that determines the VLCC freight rate by conducting difference conversion. In the VECM regression analysis, the error term converges toward long-term balance irrespective of whether the previous period's freight rate is bigger or smaller than the long-term equilibrium rate. Thus, even if the current rate is different from the long-term rate, it eventually converges to the long-term balance irrespective of a boom or recession. This study follows Ko and Ahn (2018), which analyzed the factors affecting the chemical carrier freight rate and was published in the Journal of Shipping and Logistics (Vol. 34, No. 2). It is expected that an academic comparison of the results of each study will be possible if further research is conducted on other vessel types, such as container ships and dry cargo vessels.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 2004.11a
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• pp.57-60
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• 2004

A domestic's freight stock is about 14,000 cars. Most of them is consisted of casting bogie type. Casting bogie type has some problems such as maintenance, part abrasion, running safety etc. Now a day casting bogie type have replaced with welded type bogie for high speed. The maximum speed of the container freight car is 70km/h limit at empty weight condition in case of casting type bogie frame. So there are some difficulty in commercial service for high speed coaches. Then we should re-decide whether the casting bogie type has speed up 90km/h limit at empty weight through out the vibration characteristic.

• Proceedings of the KSR Conference
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• 2004.10a
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• pp.133-138
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• 2004

Domestic freight car holding amount is possessing much amount than other vehicle model about 14,000. Problem is happening in bogie device of cast steel structure because is structure that there are many wear departments. Therefore, the KNR is restricting running speed of empty car by 70km/h low. In this research, presented speed elevation way as dynamic characteristic analysis result that use ADAMS and confirm running safety by main line test.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2003.05a
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• pp.704-707
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• 2003

The Purpose of carrier tracking and tracing is to achieve more information over shipments via carrying in mobile business .At multimodes, especially consignor wants to be aware of the exact situation and position of goods. As an innovate business model, we present CGPS(Carrier Global Positioning System) scheme usiug LEO(Low Earth Orbital) satellite. The LEO collects the data periodically and sends to the web server, and eventually customer's PC or PDA. This provides shipping company or freight forwarder with more robust information such as door status, container inside condition, etc.

• Journal of Korea Port Economic Association
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• v.34 no.3
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• pp.133-158
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• 2018

The role and ratio of national vessels in the global container shipping market have reduced significantly due to the bankruptcy of Hanjin Shipping in early 2017. All import-export companies, as well as container ports in Korea, are facing a crisis. The Trump's tariff and trade battles have had a negative impact on the increase in the North American cargo. However, Chinese and Japanese container shipping companies, which merged with domestic container shipping companies, and mega carriers such as Maersk and CMA CGM have benefited from the decline in shipping supplies due to the collapse of Hanjin Shipping, the world's 10th largest container carrier in Korea. The import/export freight trade in Korea is witnessing the increasing stronghold of foreign carriers. This scenario is expected to weaken Korea's negotiation powers with overseas shipping companies in domestic ports, such as Busan and Kwangyang, thereby making it more challenging to attract shipping carriers. This study compares the global container-shipping network in 2007 and 2017 by combining the network topology of the social network analysis and the economics of the liner shipping connectivity index (LSCI) and the container port connectivity index (CPCI) analysis. The findings of this study are that the role of the ports across the world can be identified, and CPCI has a high correlation with the centrality index and freight volume data. These findings can contribute toward the utilization of the meaning of the necessary centrality index without an additional centrality analysis. This study can be applied not only to the call strategy of container carriers but also to the alliance and development strategy of Korean ports.

• Journal of Korea Port Economic Association
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• v.37 no.2
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• pp.107-118
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• 2021

This study investigates the strategies that are important for selecting shuttle carriers and logistics warehouses. In container transportation, competitive pricing has become an order qualifier due to the establishment of the standard freight rate system. As a result of this study, it can be seen that both logistics warehouses and shuttle carriers place greater importance on the partnerships with companies and employee education. Besides those two factors, the punctuality of delivery is found to be important for the quality of transportation. Therefore, companies must continue to increase their competitiveness. As customer service of the shuttle carrier, resolving the loss or damage and claim handling part is evaluated more importantly in the logistics warehouse than the ablity to resolve unexpected event. The future strategy should focus on resolving the loss/damage and claim handling factors so that companies can be competitve in the future. Based on research results, logistics warehouses and shuttle carriers can establish different marketing strategies to maintain a firm position on the market by securing competitive advantage within port hinterland.

• Journal of Korea Trade
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• v.24 no.6
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• pp.115-134
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• 2020

Purpose - International trade leads to the international division of labor, improving the efficiency of the global economic system. Transport costs are a more serious barrier to international trade than customs tariffs. An increase in competition in the transport sector may thus lead to a reduction in transport costs. However, if a carrier's nationality significantly influences transport costs, simply adding more competing carriers of different nationalities would be ineffective. Therefore, it is necessary to establish national or regional carriers to influence competition and reduce transport costs. This study investigates this "nationality effect" by treating Hanjin Shipping's collapse as a natural experiment. Design/methodology - The theoretical basis of this study is the 3rd-degree price discrimination in container shipping market. By using the monthly data of container freight rates of Korea, China and Japan, this study shows the so-called Korea Premiums, which are the empirical counterparts of nationality effect in Korea container shipping market. For this empirical investigation, the structural model with state-space form is used and the dummy models are also estimated. In addition, because China has been also affected by the Hanjin's collapse, the China premiums are considered too. Findings - Compared with Japan's case, it is shown that there had been the so-called Korea premiums since the collapse of Hanjin Shipping. These results are robust from both the state-space model and dummy models. The time pattern of Korea premiums was consistent with the market evolution, especially the pattern of substitutability in container shipping markets. In addition, this paper shows the magnitude of Korea premiums. Originality/value - The argument of this study that the nationality effect can be interpreted as an extended concept of the home market effect is original, which is expected to evoke future research efforts. Further, the discussion on the shipping industrial policy from both horizontal and vertical aspects will provide the relevant policy makers with solid information, especially for the policy coordination in a global scale.

• The Journal of shipping and logistics
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• v.27 no.1
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• pp.79-98
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• 2011

The volume of the world's container transportation has been increasing. To serve this transportation need, the size of the container carrier is getting larger. The global ports are required to deepen the waterways as well as to prepare infrastructure to serve these super-size container carriers. However, few ports around the world could meet the requirements. To solve these difficulties, the concept of the Mobile Harbor has been developed. An onboard Automatic Storage and Retrieval System(AS/RS) has been proposed for the B1 type Mobile Harbor to maximize the container throughput within the limited space of the Mobile Harbor. A scenario of operations and freight movements of the B1 type Mobile Harbor is prepared and the storage size of the B1 type Mobile Harbor through the computer simulation is estimated. The size of the Mobile Harbor and the size of the AS/RS has also been estimated. The optimized size of the Mobile Harbor could be proposed.

• 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.