• Journal of Navigation and Port Research
• /
• v.45 no.6
• /
• pp.276-283
• /
• 2021

The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

• Environmental and Resource Economics Review
• /
• v.23 no.1
• /
• pp.1-19
• /
• 2014

Weather seems to influence industries in a variety of ways. On a day-to-day basis, it is the most volatile external factor influencing consumer and market behavior. And, because weather is constantly changing, industries must deal with a continuously shifting array of opportunities and risks. This study aims to examine how climate and weather changes and information, as external environmental factors, have affected the Korean industries, particularly marine shipping and logistics. To find out the economic value of marine weather information, we use measurable results of VVOS(Vessel and Voyage Optimization Services) in the ocean shipping, which the marine weather software tool can save fuel costs up to 4%. When the fuel saving is same as VVOS's performance, the saving of Korean flag ship is estimated about 62 billion won and the saving of total flag ship is estimated about 519 billion won. However, coastal shipping companies have been struggling with the heavy weather factors, such as wave height, wave period and wind. Major findings are that wind and wave height have a significant negative effect on cargo transport, while wave period has a significant positive effect on cargo transport. And to conclude, when we use efficiently the marine weather information, we can increase cargo transport and save fuel costs etc.

• Journal of Korea Port Economic Association
• /
• v.39 no.4
• /
• pp.107-125
• /
• 2023

The pace of sustainability transition within the maritime industry has been accelerating. This shift primarily necessitates changes in the industry's heavy reliance on fossil fuel-driven ecosystems. Additionally, numerous sustainability laws and regulations, such as the EU's CBAM and IMO's EEXI, have been implemented. This transition is poised to amplify the competitive edge of firms equipped with greater resources, as it introduces substantial operational burdens due to expensive eco-friendly fuel adoption and regulatory compliance. To diverge from the traditional competitive landscape, this paper aims to explore innovative maritime finance models enabling domestic firms to gain competitive advantages on a global scale. Employing analogical reasoning and modeling as a research method, this paper demonstrates that maritime firms can leverage the sustainability transition by aligning sustainable maritime operations with ETS (Emission Trading Schemes). Expanding on this novel approach, the paper delves into potential connections between CCM (Compliance Carbon Market), VCM (Voluntary Carbon Market), and digital asset exchanges. This newly proposed digital/net-zero maritime ecosystem holds the potential to significantly impact the shipping, shipbuilding, and ship finance industries, positioning Busan as a sustainable maritime finance hub. This study holds significance as pioneering research that may stimulate subsequent case-based studies and offer strategic guidance to market participants and policymakers as the maritime industry moves towards a net-zero transition

• Journal of Navigation and Port Research
• /
• v.43 no.2
• /
• pp.86-92
• /
• 2019

IMO has enacted a convention that air pollution due to emissions of ships and sulfur oxides emissions should be significantly reduced by 2020. Based on the current support policies, this work intended to draw up the government support plans required by the shipping companies. Analytic Hierarchy Process analysis was done with factors derived from brainstorming and literature studies. The analysis results showed that the cost factor was generally the most important criterion and the Financial Aid was relatively more important within this cost factor. The policy implications for the regulation of sulfur oxides emissions was provided.

• Journal of the Korean Data Analysis Society
• /
• v.20 no.6
• /
• pp.3087-3099
• /
• 2018

Due to the constant changes of companies' global networks, the expansion of global e-commerce as well as the market-oriented global supply chain management, global enterprises are strategically selecting and entering into viable countries able to become global footholds. Therefore, this study aims to scrutinize the trend of changes in the global networks of Korean companies by analyzing the current overseas countries over the past decade. From the analysis, it has been found that there is a significant difference in the priorities of targeting countries among shipping, manufacturing and logistics companies. Logistics companies preferred to enter Germany first while they attached to a lower priority to Singapore. Manufacturing companies had a lower priority to advance to India, while they preferred to advance to Mexico; however, shipping companies were analyzed to prefer to enter the US. In addition, all of these companies identified the importance of securing volume and network by entering overseas markets to achieve economies of scale and scope and to maintain global competitiveness. Joint overseas expansion of manufacturers with shipping and logistics companies can be recommended to facilitate the entry and thus, enhance global competitiveness and service capabilities and also secure new growth engines.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.22 no.4
• /
• pp.319-327
• /
• 2016

Whereas shipping and Ship-building industries of Korea have been under the direct influence of International Maritime Organization (IMO) conventions and resolutions that aim at maritime safety and the protection of marine environment, it is needed that a specialized institute for dealing with IMO Agenda be established by industry-academy-government collaboration. Accordingly, this study proposes the establishment of a specialized institute to manage the IMO Agenda. To this end, integrating the existing bodies and their functions into a specialized institute, namely, the International Maritime Cooperation Center, is suggested. This center, composed of 40 researchers and operated by the Korea Maritime Institute, could assume this role. This study proceeds by building an estimate of the operational cost of the institute and exploring practical ways to finance it through the private and public sectors, also considering revisions to the Maritime Safety Act to ensure continuous operation of the new institute.

• Journal of Navigation and Port Research
• /
• v.42 no.1
• /
• pp.39-46
• /
• 2018

Strategic partnerships of alliances and large shipping companies have been steadily launched in shipping market. Converting these alliances into customers and maintaining them important hub port status. The cases of container terminals to establish a political strategy based on. On the other hand, bulk terminals are relatively unexplored container terminal and bulk terminal are included in the same category of port empirical research from the overall perspective. Therefore, analysis of structural equations was utilized in this study. Analysis of the entire measurement model showed that all items except "Results - Intention of renewal" on bulk terminals were significant. This study is expected to contribute to promotion of empirical studies in various levels by compare container terminals and bulk terminals.

• The Journal of shipping and logistics
• /
• v.34 no.4
• /
• pp.657-675
• /
• 2018

This study examines various policy programs for the creation of green harbors in major ports in the Northwest of the United States and suggests ways to apply them to major ports in Korea. Based on the fuzzy analysis process, the importance of major policy programs for the development of green ports in Korea was compared and analyzed. As a result of importance analysis, the Green Ship Incentive Program and the Carbon Footprint Program were identified as the most important policies. The first policy programs that should be introduced to Incheon Port are the AMP installation operation program and a vessel slowing program around the seaport. In case of Busan Port, the AMP installation operation program, the vessel slowing program around the seaport, carbon footprint, and installation of DPF were found to be excellent policies. These results may provide practical implications for policy makers of port authorities which has conducted environmental projects.

• Journal of Digital Convergence
• /
• v.13 no.1
• /
• pp.111-124
• /
• 2015

The economic growth in China takes the step of the Internet/Mobile revolution together. The high internet penetration provided the opportunity to increase the e-commerce market with fast speed. However, due to imbalance of the growth speed and preparation, the problems on various infrastructures and regulations were generated. Therefore, this study investigateed the current status of e-commerce market and sub-categories. This study also discussed about the problem of e-commerce logistics system, consumer protection, R&D investment, and human resources and provided the considerations for the future improvement. Finally, this study diagnosed the mobile payment and internet finance market and new e-commerce tax regulation, and then suggested institutional implications for the international standardization. This study is meaningful to provide the first implication to the Korean exporters after Chinese government had announced market open strategy for the 5 year e-commerce development plan.

• Korean Journal of Heritage: History & Science
• /
• v.41 no.1
• /
• pp.35-55
• /
• 2008

This paper is written to results of excavated ChungJu ChangDong site located in ChungJu and the article Keumcheonchang in Joseonwangjosilrok. The structure rerics of compositing cornerstone-distance 420cm has been showing to Keumcheonchang of legend in region people. The solution to problems is that the enforcement of the river-shipping service linking Han River and NakDong River. King Taejong commanded the new tax-warehouse of 200 Kan to built at Keumcheon in ChungJu and named Keumcheonchang for the receipt of innner region and KyengSang Province. King Sejo established the foundation of the government owned tax-grain transportation systerm for the strong centralization by the sovereign right. This logistic system is gone the middle and the latter of Joseon Dynasty. Joseon Dynasty is absolutely dependent the national finance for government operation on the tax-grain from HaSamDo(ChungCheong JeonLa KyengSang) region. JoUn(tax-grain transportation by shipping) is the best logistic system in Korea surrounding sea. Joseon Dynasty has refomed the logistics base on GoRyeo's system that the Tax-grain transportation system by shipping. There is the tax-warehouses reducing from 13 numbers to 9 numbers and making up for the weak points in the matter of the Japanese Pirate and the ship wreck in transporting in the sea. The ship wreck in the sea specially make the matters of the reducing tax and political issues. We know that Keumcheonchang is operated ChuaSuCham(the government agency for taxgrain transportation by shipping at a warehouse) from King Taejong 11(1,411)year to King Sejo 11 (1,465)year. There is the result of enforcement the river-shipping service system for social stabilization and forward their new ideal in the first half Joseon Dynasty.