• Structural Engineering and Mechanics
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• v.31 no.1
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• pp.11-24
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• 2009

In China, the oil and natural gas resources of Bohai Bay are mainly marginal oil fields. It is necessary to build both ice-resistant and economical offshore platforms. However, risk is involved in the design, construction, utilization, maintenance of offshore platforms as uncertain events may occur within the life-cycle of a platform under the extreme ice load. In this study, the optimum design model of the expected life-cycle cost for ice-resistant platforms based on cost-effectiveness criterion is proposed. Multiple performance demands of the structure, facilities and crew members, associated with the failure assessment criteria and evaluation functions of costs of construction, consequences of structural failure modes including damage, revenue loss, death and injury as well as discounting cost over time are considered. An efficient approximate method of the global reliability analysis for the offshore platforms is provided, which converts the implicit nonlinear performance function in the conventional reliability analysis to linear explicit one. The proposed life-cycle optimum design formula are applied to a typical ice-resistant platform in Bohai Bay, and the results demonstrate that the life-cycle cost-effective optimum design model is more rational compared to the conventional design.

• International Area Studies Review
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• v.13 no.2
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• pp.325-344
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• 2009

Korean overseas construction contracts reached 40 billion dollars in 2008. In this paper, the economic factors of "the record high growth since 1980's 'overseas construction boom' is investigated. Firstly, most of the contracts were made in the Middle East OPEC countries which made large scale construction investments with the increasing oil revenues... Secondly. large portion of the contracts is heavy industrial plants, in which Korean construction firms have enjoyed comparative advantages. Thirdly, Korean construction firms have been forced to pay attention to the overseas markets, due to the domestic slump of the construction industry.

• 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.

• Journal of the military operations research society of Korea
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• v.35 no.2
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• pp.99-117
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• 2009

Energy is essential factor of production for a firm to produce goods and services. If so, what is the condition of maintaining profit of a firm when energy price is going up? In conclusion, the condition is that the rate of productivity improvement should be greater than the rate of energy price increase. To put this concretely, when the elasticity of energy price as to the productivity improvement is greater than the weight of the energy cost on to the total revenue of the firm, the firm can escape the negative effect of energy price increase. This is that, saying that once more, the firm have to reduce the energy cost or promote energy efficiency to maintain appropriate or sufficient profit when energy price is going up fast. Therefore, in this study we will analyze the effect of the oil price increase on the energy saving investment and that of energy saving investment on the energy efficiency in the field of Korean manufacturing industry. In doing so, this study could show that the effect of energy price increase on the energy efficiency of the firm and the factor of that mechanism.

• Environmental and Resource Economics Review
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• v.16 no.4
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• pp.763-779
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• 2007

The combined heat-and-power (CHP) plant is recently suggested as an effective resolution in response to recent rising oil prices and the Kyoto Protocol. This research provides a model for economic appraisal to evaluate CHP investment. Real option model is developed to incorporate a case where the investment is irreversible and underlying revenue is stochastic. The analysis shows that power plant capacity more than 40 Gcal makes CHP investment profitable while the results may vary 10 modest level with respect to investment cost, heat sales price and discount rate.

• Journal of Fisheries and Marine Sciences Education
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• v.16 no.2
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• pp.238-256
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• 2004

As the UN Fish Stocks Agreement has come into effect since 2001, the actual enforceable management on fish stocks in high seas has started. The Regioanl Fisheries Organizations (RFOs) have emerged as management bodies with a real responsible right to manage fish stocks. RFOs establish a strong and strict management rules providing a fishing right only to member countries and preventing all fishing activities from fishing vessels of non-member countries. In addition, RFOs have an own allocation way of fishing opportunity in their waters so that they can prevent the depletion of fish stocks. It is investigated that deep-sea fisheries have a negative impact from strengthening of RFOs' management right. As the amount of catch is reduced by the control of fishing vessel's activities, the level of fishing revenue becomes low. Moreover, as fishing costs such as oil, fishing fees, labor cost increase significantly, the condition of fishing business is getting worse as a result. In order to gain a fishing right for deep-sea fishing vessels in RFOs waters, there is no other alternative way but become a member of RFOs which are relevant to our fisheries but not joined.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.7 no.2
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• pp.1-12
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• 2008

Recently, the roll of bus transit is critical more than before because of the dramatical increase in congestions and oil prices, but bus companies seriously encounter into vicious circle situation such as decrease in passenger demand, income reduction, and revenue deterioration. To tackle this, major metropolitan cities, Seoul, Busan, DaeGu, etc. have introduced a semi-public system to reinforce public function of bus. However, it was resulted in side effects that the main board of bus company did not control theirselves voluntarily, and the management and control of public sectors on bus become very important elements. In this research, the types, limitations, and development of operation-management items, and a methodology for analysis, and changes in those trends are addressed under semi-public system using APTS data. Conclusively, this study could be one of the useful application results and alternatives for the operation-management policy of bus transit-related agencies.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2006.11a
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• pp.213-220
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• 2006

Plant construction industry is a high value-adding industry because it is complex industry comprising engineering, procurements of equipments and construction. So, Revenue increase in overseas plant projects would boost up not only domestic construction industry but also growth of national economy. Recently, overseas plant-construction market is expanding dramatically. For instant, Middle-east countries are constantly increasing their orders for the construction of petro-chemical plants stimulated by sky-rocketing oil prices. The purpose of this research is to develop management techniques for plant projects such as work break-down structure, knowledge management system, logistics & procurement system, and risk assessment tools. We believe our research would contribute to the competion of Korean engineeing companies and contractors in overseas plant-construction market.

• Journal of Korea Port Economic Association
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• v.32 no.2
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• pp.137-156
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• 2016

This study analyzes the optimal service levels of exclusive container terminals in terms of the optimal berth occupancy rate and the ships' waiting ratios, based on the number of berths. We develop a simulation model using berth throughput data from pier P, Busan New Port, a representative port in Korea, and apply the simulation results to different numbers of berths. In addition to the above results, we analyze the financial data and costs of delayed ships and delayed cargoes for the past three years from the viewpoints of the terminal operation company (TOC), shipping companies, and shippers to identify the optimal service level for berth occupancy rates that generate the highest net profit. The results show that the optimal levels in the container terminal are a 63.4% berth occupancy rate and 10.6% ship waiting ratio in berth 4,66.0% and 9.6% in berth 5, and 69.0% and 8.5% in berth 6. However, the results of the 2013 study by the Ministry of Maritime Affairs and Fisheries showed significantly different optimal service levels: a 57.1% berth occupancy rate and 7.4% ship waiting ratio in berth 4; 63.4% and 6.6% in berth 5; and 66.6% and 5.6% in berth 6. This suggests that optimal service level could change depending on when the analysis is performed. In other words, factors affecting the optimal service levels include exchange rates, revenue, cost per TEU, inventory cost per TEU, and the oil price. Thus, optimal service levels can never be fixed. Therefore, the optimal service levels for container terminals need to be able to change relatively quickly, depending on factors such as fluctuations in the economy, the oil price, and exchange rates.

• International Commerce and Information Review
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• v.15 no.3
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• pp.313-332
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• 2013

Large tundra of the Russian Empire, has rich resources and science and technology, and a huge domestic market potential is rapidly changing. Based on the abundant energy resources such as oil, gas, and minerals, as foreign trade is active, the huge capital is moving. And commitment the active SOC by improving laws and regulations and changes in the structure of the Russian economy. One of them pushed the WTO since 1993, 19 years to see fruition join the WTO (World Trade Organization). As the official entry into force August 22, Russia, July 10, 2012, Congress passed the treaty after joining the WTO and of the 156th WTO member countries, was officially join. As the WTO, Russia has the world's 11th-largest economy in the steel tariffs from 30% to 15% are exported to Russia, South Korea Car TV parts from 10% to 0%, reduced from 20% to 5% Korean export companies to export to Russia, etc., is expected to become the new land of opportunity. Russia hopes the changes improve the investment environment, the service industry, manufacturing revitalization the macroeconomic sectors of the economy through the WTO, and forecast, but the consumption increased revenue due to tariff cuts, falling import prices and the real economy, and weak manufacturing base. On the one hand, the perspective of concern. In conclusion, Russia joining the WTO, and the feed to improve the fairness and transparency of the market opening, the Russian advance in Korean companies be facilitated and strong complementary cooperation, especially in manufacturing is expected. In this paper, after Russia joining the WTO, trade liberalization, and ready for a new era of economic cooperation between Korea and Russia, at the point of expanding openness to propose strategies to analyze the problems of Korean companies during the Russian advance.