• Journal of Korea Trade
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• v.23 no.6
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• pp.145-158
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• 2019

Purpose - Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value. Design/methodology - To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis. Findings - This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms' stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors' expectations were higher with new partners and new alliances than with old partners. Research Implications - A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times. Originality/value - This study analyzed partner volatility on relevant companies' stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.

• Journal of the Korean Society of Marine Environment & Safety
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• v.19 no.6
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• pp.629-636
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• 2013

There is no safety evaluation index with marine accidents and information of ship's safety management result for good grasp of safety management level of shipping company and effective monitoring. In this paper, we proposed a SMEI(Safety Management Evaluation Index) for evaluation of shipping companies. The SMEI is consist of MAR(marine accidents ratio), SSMR(ship safety management ratio) and SAP(safety advantage point) through brainstorming of the expert group and AHP(analysis hierarchy process)in previous study. And weights of SMEI are calculated using experts's opinions through the Delphi method. We also verified the validity of proposed SMEI to 119 Korean shipping companies with 916 ocean-going ships of Korean flag, which grouped three part (small, mid and big) by number of ship and gross tonnage. And we found out 19 shipping companies, 8 companies in group1 & group2 respectively and 3 companies in group 3, with score below 1.0 by SMEI. In these companies, there are no marine accidents in recent 3 years and appeared low frequency remarkably in the detention and mojor non-conformity by data analysis.

• Journal of the Korean Society of Marine Environment & Safety
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• v.21 no.6
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• pp.696-703
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• 2015

This paper is a follow-up research of 'A study on the development of Safety Management Evaluation Index for Shipping Company'. It aims to develop the evaluation items of Safety Management Index(hereafter called as 'SMI') applicable to 'Safety Advantage Point', which is suggested as the sub-index of 'Safety Management Evaluation Index' function in the preceding research and also verify their adequacy. For that purpose, firstly, the 11 evaluation items were developed after collecting the practical opinions from safety management personnels in Korean shipping companies. Secondly, the survey was carried out for the verification of the adequacy of the 11 evaluation items. And lastly, its results was analysed, whether it has statistical meanings of differences in adequacy awareness amongst safety managers grouped depending on business type(coastal, ocean-going) and business capacity(number of owned-operating ships). As a result, there was no relevance between their adequacy awareness and business type of their companies. However, a difference in their adequacy awareness existed depending on their companies' business capacity(small, medium and large sized). In conclusion, when the safety management level of shipping companies is evaluated by SMI, the same indices can be applicable to both coastal and ocean-going shipping companies by a grouping of companies' business capacity.

• Journal of Navigation and Port Research
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• v.27 no.1
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• pp.9-18
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• 2003

This is a study for international competitiveness analysis if korea ship management service using the collected data from the fields in industry. making a comparison if ship management company between domestic ones in Korea and mutinational ones in international market is more suitable for it's purpose. but competitiveness level of korean ship management companies are too low to compare. Therefore in this study, ship management devision in Korea overseas shipping companies are selected as a target of camparision and the representative of Korea ship management industry. The analysis of competitiveness is divided by price competition and non-price competition. The former is consist of element likes as crew management cost, dry-docking cost, repair cos, stores & spares cost, lubricants cost and management free cost, The later os consist of element like as quality of sea & shore personnel, efficiency of company's organization, ability of management system. qualifications & certifications, know -hoe for the ship management, structure of control & support ship and office automation & IT system. According to this analysis the ship management division in korean shipping companied are superior to the foreign specialized ship management companies generally. So, it is necessary that korea ship management industry attempt level-up continously and expand into international ship management market positively.

• International Commerce and Information Review
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• v.14 no.4
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• pp.317-337
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• 2012

This study has investigated shipping finance systems in Korea and China, and extracted negative factors based on it to propose a way to develop the shipping financial system in Korea for shipbuilding industry and marine transportation. From after the global financial crisis in 2008 to right before the Lehman Brothers Holdings bankruptcy, shipping finance has been dominated by the major industrialized countries in Europe. However, the weight point is moving to the countries in Asia region such as Korea, Japan, and China based on relatively strong banking system and low interests rate. This study focused on the alternatives the current situation that the starter of shipping finance among three countries in Northeast Asia, South Korea is facing China's challenges. In the paper, shipping finance in Korea presented its defectives such as the limits of ship financing, lack of professional workforces, ever-present foreign exchange risks, and lack of understandings of the parties. As the countermeasures of them, it proposed establishing professional institute for ship financing, training professionals in financial industry, raising foreign credentials of won, and continuing associations between the parties. Even though we are the first Asian country introduced ship funds, the ship funds growth in China shall be under our eyes while we keep systemic networks between shipping, ship building, and ship financing.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.269-283
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• 2023

Based on daily data from January 4, 2016 to September 27, 2022, the impact of extreme movements of BDI on shipping companies' network connectivity was analyzed using CoVaR network connectivity. The main results and policy implications are as follows. First, according to the copula model results, the Student-t copula was selected as the most suitable model for COSCO, HMM, HRAG, MAERSK, and WAN. EVER was selected as a time-varying Gumbel copula, and YANG was selected as a time-varying rotated-Gumbel copula. Second, as a result of analysis using the TVP-VAR model, the linkage between shipping companies tended to increase when the BDI turned into an extreme risk state. In the comparison of net connectivity, the roles of COSCO and EVER changed. In addition, in the analysis of net pairwise connectivity, it was found that the change in the extreme risk state of BDI also affected the connectivity of shipping companies. In particular, EVER, WAN, and COSCO showed large changes. Taken together, the extreme fluctuations in BDI changed the role of Asian shipping companies, intensifying competition among shipping companies and strengthening risk delivery. It was confirmed that BDI has a great influence on the network connectivity of shipping companies and has an important influence on the stability of the stock market network. Therefore, the results of this study should consider not only the connectivity of shipping companies according to market conditions, but also the connectivity in extreme situations.

• Journal of Navigation and Port Research
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• v.34 no.8
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• pp.659-667
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• 2010

In this study, we examine features of marine transport environment which shipping companies are facing, analyze the ability to cope with this environment, and present the relationship between the ability and business performances. Then, we demonstrate that diagnosis of shipping environment in the global marine transport environment and preparing to it is very important. Also, we present that the ability to prepare is the main factor to decide the competitive power of the company. This study has a meaning in that the importance of business activities related to environment such like diagnosis of environment, analyzing, management, adaptation, and prediction is presented. Besides, the value of this study is that we analyze the relationship between corresponding ability, strategic execution process and business performance in general.

• Journal of Navigation and Port Research
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• v.28 no.8
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• pp.687-697
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• 2004

This paper is aimed to guide ocean-going companies to reasonable decisions and to increase the competitiveness of Korean shipping industry by clarifying the determinants of political costs of ocean-going companies, which only depend for the enormous amount of money to introduce the operating fixed assets, or the vessels, upon the supporting policy from the government or the loan from the related financial institutions. As independent variables of the political costs, 5 elements were settled such as company size(sales, total assets and market share), debit ratio, capital concentration ratio, profitability(operating profit) and marine risk(sales fluctuation). To verify the relations and the effect level between dependent variables and political costs, the Multiple Regression Analysis Model was applied The result of the analysis shows significantly positive relations between size variables and political cost of shipping industry. Moreover, debt ratio and profitability were proved significant related with political costs of shipping industry.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.695-710
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• 2018

Following the collapse of Hanjin Shipping, building a strong maritime cluster is one of the policy measures for the re-construction of the Korean shipping and shipbuilding industries. Thus, the purpose of this study is to develop a policy alternative for building a maritime cluster. Using Porter's diamond models, we analyzed the Imabari maritime cluster of Japan, which is characterized by cooperation between key industries, such as shipping, shipbuilding, shipbuilding equipment, and finance. The Imabari Maritime Cluster is equipped with complete domestic demand conditions and related supporting industry conditions. Although the strengths of the production conditions include excellent family-based management and strong support from regional administration and banks which develops independency among cluster members, the weak points include the absense of robust port services and difficulty in recruiting young talent in small and medium-sized cities. We can confirm that the company's strategy is focused on stable management, rather than a short-term view.

• Journal of the Korean Institute of Navigation
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• v.23 no.4
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• pp.63-76
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• 1999

This paper aims at developing an integrated fleet management support system for industrial carriers who usually control the vessels of their own or on a time charter to minimize the cost of shipping their cargoes. The work is mainly concerned with the operational management problem of the fleet owned by a major oil company, a typical industrial carrier. The optimal fleet management problem for the major oil company can be divided into two phase problem. The front end corresponds to the production operation problem of the transportation of crude oil, the refinery operation, and the distribution of product oil to comply with the demand of the market. The back end is to tackle the fleet scheduling problem to meet the seaborne transportation demand derived from the front end. Relevant optimization models for each phase are proposed and described briefly. Then a user-friendly integrated fleet management support system is built based on the proposed optimization models for both ends under Windows environment. A case study reflecting the practices of fleet management problem for the major oil company is carried out by using the system.