• Journal of the Korean Society of Marine Environment & Safety
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• v.27 no.2
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• pp.275-285
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• 2021

COVID-19 is threatening the safety of ships and seafarers by delaying seafarer rotation. Shipping companies and governments have a blindspot in case of the onboard environment of seafarers. An effective, alternative plan should be devised to eliminate the possibility of human accidents in an emergency that threatens the safety of seafarers. According to the survey of former and current seafarers, the most important factor in boarding life was safety, and the most necessary thing during emergencies was to secure smooth seafarer rotation rather than improve wages and welfare. By analyzing the major routes of national shipping companies by continent, ports with a large number of calls and a high Air Connectivity Index were selected as the base port. In addition, the route was designed for effective, domestic seafarer rotation during international shipping. Other countries must be consulted to establish a travel route linking ships, ports, and airports for the safe return of sailors to their home countries during an emergency. In addition, it is necessary to work together for the seafarers who are in trouble of seafarer rotation through cooperation with the International Maritime Organization(IMO). Starting with this, the government should have a monitoring system for the return and non-return routes as well as the number of seafarers on board. If such a system is established, it will be able to determine the response direction of our country's policy in case of an emergency. Along with the shipping company's ef orts to improve the treatment of seafarers, national and social attention will be needed to review domestic laws and improve awareness about seafarers.

• Journal of Navigation and Port Research
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• v.41 no.3
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• pp.137-148
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• 2017

Port service level is a metric of competitiveness among ports for the operating/managing bodies such as the terminal operation company (TOC), Port Authority, or the government, and is used as an important indicator for shipping companies and freight haulers when selecting a port. Considering the importance of metrics, we developed software to objectively define and manage six important service indicators exclusive to container and bulk terminals including: berth occupancy rate, ship's waiting ratio, berth throughput, number of berths, average number of vessels waiting, and average waiting time. We computed the six service indicators utilizing berth 1 through berth 5 in the container terminals and berth 1 through berth 4 in the bulk terminals. The software model allows easy computation of expected ship's waiting ratio over berth occupancy rate, berth throughput, counts of berth, average number of vessels waiting and average waiting time. Further, the software allows prediction of yearly throughput by utilizing a ship's waiting ratio and other productivity indicators and making calculations based on arrival patterns of ship traffic. As a result, a TOC is able to make strategic decisions on the trade-offs in the optimal operating level of the facility with better predictors of the service factors (ship's waiting ratio) and productivity factors (yearly throughput). Successful implementation of the software would attract more shipping companies and shippers and maximize TOC profits.

• Journal of Navigation and Port Research
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• v.33 no.8
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• pp.563-572
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• 2009

The steel industry, as the national representative strategic industry of our country, has played the motive power for the economic growth of Korea in 1970s as the positive support of the government and the management endeavor of the private were harmonized. However, in case of our country, we have mostly relied on import of the raw materials for the steel industry, and as the weight of the imported raw materials is heavy, the steel industry is the industry whose transport burden is big as it is called 'transport industry'. So, the transport rationalization will be the important task of the steel industry. This study has analyzed the economic efficiency per the transport route (container ship vs bulk ship) of the sea transport related to import/export of the steel scrap on the level acquiring the stable supply of the steel scrap. For this, this study firstly researched the status of domestic/foreign steel industry. And analyzed the world crude steel production volume, steel scrap consumption volume and world steel scrap trading structure. Also, in order to compare the transport logistics expenses between two transport devices, namely, container ship and bulk ship, this study calculated the logistics expenses per ton by using the traffic hours and traffic expenses items as the imported/exported scrap freights of 'D' company.

• Journal of the Korean Society of Marine Environment & Safety
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• v.3 no.1
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• pp.51-71
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• 1997

As passenger ship accidents so frequently have occurred, crisis consciousness is highly aroused in Korean society. Although bombastic policy guidlines were suggested in accordance with every passenger ship accident, there remains a still high possibility of such an accident reoccurring because passenger ship accidents occur from the perspective of non-compliance. The research objective of this study is to government's safety regulatory policies. Data for the analysis was collected from literature review. A Case study related to passenger ship accident is adopted for the analysis. The research methods utilized in this study consist of extensive quantitative analysis of 138 passenger ship accidents which had happened over last 10 years from 1984 to 1993 in Korea and a qualitative analysis of the passenger ship accident of the Seohae Ferry in October 1993. The results of the quantitive analysis on the 138 passenger ship accidents are as follows; Seeing the accidents yearly, the accidents which occurred by policy non-compliance are still exist, only somewhat reduced as years gone by. Seeing the accidents from the perspective of types of accident, fire accidents and death and injury accidents had more non-compliance factors than contact accidents and one-side collision accidents, etc. had. Seeing the accidents from the perspectives of types of passenger ship, large ships like car ferries and general passenger ship accidents had more non-compliance factors than any other kinds of ships had. Seeing the accidents from the perspectives of tons of passenger ships, large ships weighing more than 1, 000 tons and small ships weighing less than 50tons contained a lots of non-compliance factors. The results of the qualitative analysis of the passenger ship accident of the Seohae Ferry in Octovber 1993 are as follows; From the viewpoint of the human factor, there were non-compliance to the recruiting of required number of qualified crew members and non-compliance to the rule which prohibited them from leaving port in bad weather and high wave conditions. From the viewpoint of the ship factor, there were defects in the ship. So we might say that there was non-compliance which was aroused from the lacks of technical skills. From the viewpoint of the administrative factor, there were many non-compliance factors such as sailor education, shipping management, rescue, safety equipment. From the viewpoint of the passenger factor, there were passengers' threats which compelled the crews to leave the port under bad weather conditions. In conclusion, the principal non-compliances factors are passenger ship company did not follow safety rules such as shipping the permitted number of passengers, loading permitted tons of freight and fastening freights properly and recruiting required number of qualified crew. In order to reduce accidents, firstly we should find out the causes which play key roles in passenger ship companies' non-compliance to the government's safety regulations. Secondly we should tackle the causes.

• The Korean Journal of Financial Management
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• v.27 no.1
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• pp.63-87
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• 2010

This paper empirically examines whether ownership disperses when a venture firm its IPO (initial public offerings). The data for this study were collected from 91 firms that were initially listed on KOSDAQ between January 1, 2004 and December 31, 2007. We explored the influence of the underpricing of IPO on the change of large shareholders. The first finding of this investigation is that the number of shareholders of the venture firms who underpriced IPOs still increased after the closing of lockup. This is consistent with the findings of Booth and Chua(1996) and Brennan and Franks(1997). Second, the share of the large stockholders of the venture firms that a venture capital company invested decreased significantly after the end of lockup. Third, the venture businesses with higher ratio of flotation showed a significant decreasing of shareholders after the closing of lockup.

• Journal of the Korean Society of Marine Environment & Safety
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• v.23 no.6
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• pp.628-638
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• 2017

In response to difficult employment conditions in the maritime industry and a desire to expand their career options, domestic mates are persuing DP operator training at institutions both domestically and abroad based on their shipboard experience. However, since the offshore plant service industry has not yet been established in Korea, those seeking to enter this field have difficulty acquiring qualifications and most seek work overseas for offshore shipping companies. Individuals wishing to work as DP operators are likely to face more conservative recruitment processes with overseas offshore shipping companies, focusing on career language restrictions as they will be non-native speakers relative to the foreign company, difficulty living in a multi-cultural environment, and lack of systematic information on essential job requirements. For these reasons, domestic mates have difficulty seeking jobs. Therefore, this study analyzes the capabilities and qualification required to be a DP operator to provide basic data for developing NCS standards representing a minimum level of competency. These standards can be applied by the government to develop plans for professional training for DP operators. In study, job classifications, competency standards and career development paths for DP operators have been proposed along with joint use of DP training vessels, to train specialized DP instructors. An NCS export model led by the government to activate professional training for DP operators is also presented.

• Journal of Navigation and Port Research
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• v.45 no.3
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• pp.138-147
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• 2021

The need for analysis of the operational efficiency and productivity of the Busan Port Container Terminal is increasing because of the Hanjin Shipping's bankruptcy and the re-establishment of the Maritime Alliance. This paper analyzes the efficiency and productivity of five Busan New Port Container Terminal companies by using the DEA analysis and Malmquist productivity index model based on the port construction disclosure data and the collected terminal internal data. According to the analysis, the average efficiency of the five container terminals increased in 2018 but declined slightly in 2019, and the Malmquist index showed that all terminals except A have advanced productivity. Additionally, relative to facility productivity, operators at the North Container Terminal had higher facility productivity than operators at the Busan New Port Nam Container Terminal, and regarding capital productivity, the D terminal ported by HMM, a national shipping company, was the highest in facility productivity. Regarding labor productivity, the C terminal showed the highest productivity, and regarding ship work productivity, the A terminal showed the highest productivity.

• Journal of Navigation and Port Research
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• v.43 no.4
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• pp.264-272
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• 2019

In this study, the rate of return on investment used as a proxy variable for the entity's value and financial structure (liability ratio) is related to positive balance. This is consistent with the Static Tradeoff Theory (STT) that the entity's value and financial structure are related to a positive balance because the capital expense of a debt (tax-saving effects) that is less than its equity cost before it is in financial difficulty. Also, operating profitability (EBITDA/Sales), investment safety, total asset growth, net working capital and depreciation expenses are related to negative (-) with financial structure (liability ratio). This is the result of an analysis consistent with the Pecking Order Theory (POT). Fuel costs, borrowing, total asset turnover, financial costs, and tangible asset ratios have a significant positive relationship with the debt ratio. This is consistent with the agency theory and confirms that excessive chartering expenses, such as the bankrupt H company, are the main factors that pressure the financial structure of Korean ocean carriers.

• Korea Trade Review
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• v.48 no.3
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• pp.23-41
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• 2023

The seller and the buyer write down the agreed details in the trade contract as trade contract clauses. In the case where a letter of credit is agreed to be the payment condition, the buyer shall open a letter of credit to the seller with the shipping date specified in the trade contract through its bank. In this case, the legal relationship between the performance date of the trade contract and the shipment date of the letter of credit, the change of the performance date of the trade contract due to the change of the trade contract and the change of the shipment date specified in the letter of credit, the seller's letter of credit A problem arises in the legal interpretation of the approval period and the change request period. Therefore, this paper analyzed the precedents of the Seongnam Branch of the Suwon District Court and the Seoul High Court related to these legal issues. The performance date of a trade contract is the seller's delivery date and the buyer's payment date. In the letter of credit transaction, the date of performance of the trade contract is regarded as the date of shipment and the date of negotiation of documents specified in the letter of credit. The seller must decide whether to accept the letter of credit within 5 banking days after receiving the letter of credit from the buyer. After this period has elapsed, the seller cannot refuse the letter of credit. However, if the buyer is unable to decide whether to accept the letter of credit within 5 banking days due to reasons attributable to the buyer, the delivery date specified in the letter of credit will be extended. If the seller requests an amendment to the letter of credit, the buyer must accept it and open the letter of credit the seller desires to the seller. If the buyer refuses the seller's request to change the letter of credit, company A has the obligation to change and reopen the letter of credit as requested by company B. Expect by agreeing on the quotation As it is a fundamental breach of contract stipulated in Article 25 of the United Nations Convention on Contracts for the International Sale of Goods, company B can cancel the trade contract and claim damages from company A. Compensation for damages caused by Company A's breach of the trade contract shall be an amount equal to the loss suffered by Company B as a result of the breach, including loss of profits.

• The KIPS Transactions:PartD
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• v.19D no.3
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• pp.257-262
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• 2012

The aim of this study is to present the importance of Risk Management and Risk Classification System in Supply Chain to cope with the rapidly changing distribution environment flexibly through the cooperation between a shipper and a distribution company. First of all, we considered existing studies related to the risks of Supply Chain Risk and analyzed 47 different risk factors by 18 kinds of risk causing factors. Second, we collected opinions of corporation specialist group based on the analyzed risk factors and then classified the risk factors into three categories and ten sub-categories. Third, we conducted a survey targeting shipping companies and distribution companies about classified risk and then verified the validity of Supply Chain Risk Classification using verification techniques such as Confirmatory Factor Analysis, Concentration Validity and Distinction Validity. Finally, we suggest some implications based on the verification results.