• Journal of Navigation and Port Research
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• v.30 no.3 s.109
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• pp.227-233
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• 2006

As North-east Chinese parts including Shanghai port grow rapidly, competition among the Far-East parts to be a hub port is getting higher, somebody has even raised a crisis of Busan port. However there are same constraints an the North-east parts such as weather aggravation and long distance from main truck routes. When we consider the competitiveness of port, weather aggravation should be considered as one of the significant factors. But previous studies have rarely examined these kinds of external factors of port operation Therefore, this study analyze constraints an the North-east Chinese parts through a survey of same national flag shipping companies and agencies of foreign shipping companies. The result shows that the mast significant constraint in the North-east ports is weather aggravation which causes problems for regular schedules of shipping, operation cast and customer service qualities etc.

• Journal of Fisheries and Marine Sciences Education
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• v.28 no.1
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• pp.34-46
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• 2016

This study analyzes inspection results of ships by Port State Control. Particularly, this research focuses on a detention trend of vessels that registered to Korean Register of Shipping. In order to conduct this research, we have searched 170 ships that got a detention with a Code-30 within recent 46 months period. The deficiencies of the detentions are inspected by ship types, ship years, flags, ports inspected, and criteria. Moreover, we categorized the deficiencies for the detentions into 17 types for internal and external inspections. As the results of the comparison study, bulk and general cargo carriers dominate the portion of detentions by almost 66 percent. Self-induced detention due to a lack of preparation by crews and company support are the main reasons of repeated detentions from the same type ships. Ships between six and ten years old show the lowest detention rate by 4 percent whereas ships less than five years old generate the highest detention rate by 22 percent. The main categories of the detentions from ships less than 5 years old are a lack of documentation and certification, and the clues support our opinion that owners and crews may neglect to prepare the inspections because their strong confidence for the ship condition due to young ship age. As a result of a great effort of Korean government and shipping companies to reduce a detention rate, the detention rate has been recently reduced to 0.3 percent. The results also require companies with the flag of convenience ships to spend more effort to reduce the detention rate, too. We expect that using social networking service by Korea Register will lower the detention rate by sharing relevant information real-time to ships and owners.

• Journal of the Society of Naval Architects of Korea
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• v.53 no.5
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• pp.400-409
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• 2016

In recent, shipping companies have made an enormous effort to improve the operation of vessel in various approaches, due to recession of shipping market and increasing competition among shipping companies. One of important parameters for improving the efficiency of vessel is the resistance performance that consist of friction and residual resistance. Especially, it is recognized that the friction resistance tends to be affected by conditions of vessel’s surface and occupies approximately 70~90% of the total resistance for slow speed ships. In general, the surface of vessel is covered with various type of paint to reduce fouling and corrosion. As time goes by, however, it is so hull roughness would be increased by fouling over the wetted surface that anti-fouling paints, such as CDP(Controlled Depletion Paint), Tin-Free SPC(Self Polishing Co-polymer) or Foul Release, are applied evenly on the hull surface. Nevertheless, these anti-fouling paints could not prevent fouling absolutely. A fundamental study on evaluating ship resistance performance variation due to hull roughness has been performed using a commercial software, Star-CCM+, which solves the continuity and Navier-Stokes equations for incompressible and viscous flow. The results of present simulation for plate are compared with some experimental data available and the effect of surface roughness to ship resistance performance is discussed.

• Journal of Navigation and Port Research
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• v.36 no.5
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• pp.409-418
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• 2012

Amid global economic crisis and skyrocketing oil prices, container shipping companies have raised a sustained series of efforts to reduce vessel operating costs. Under these circumstances, the Grand Alliance has decided to install the dedicated feeder instead of additional vessels in the CCX(Central China Express) and the NCE(North China Express) route. In other words, a vessel in a trunk route is transshiped by a dedicated feeder vessel in Busan port that is a transshipment port, rather than calling at Northen China port. In this study, the actual operating data of Grand Alliance container services were analyzed to determine the economic effect of transshipment through a dedicated feeder service. In this way, the Grand Alliance are saving vessel operating expenses in 'NCE' and 'CCX' routes, making the slow steaming of vessels possible in these trunk routes.

• Journal of Korea Port Economic Association
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• v.36 no.4
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• pp.75-92
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• 2020

Currently, shipping and port industries are mainly concerned with securing a competitive advantage through scale expansion. Reflecting this trend, domestic ports and container terminals also emphasize efficiency through dock integration. This study identified factors that facilitate cooperation between container terminal operators, as the smallest unit of port operation, and analyzed their effects. These factors included sharing of resources, clarity of purpose, mutual trust, and influence of government policies. In addition, factors related to effectiveness included operational effectiveness of the terminal, improved service to shippers and shipping companies, and bargaining power with the government. The empirical analysis revealed that, among the factors that facilitate cooperation, sharing and purpose affected operational effectiveness, while sharing of resources affected service improvement of shippers and shipping companies. Finally, policy factors affected port bargaining power.

• 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.

• 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 Korean Port Research
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• v.7 no.1
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• pp.43-58
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• 1993

There has been fast progress in economy in Korea derived by a consecutive five-year plan program for economic development started in the early 1960's. In the field of transportation, rapid changes in the technological environment of transportation and communication have brought a revolution of the transport system, of which inter-modal transportation through containerisation is typical. Because of the rapidly growing traffic volumes of cargo, especially container traffic, and lack of investment into transport infrastructure in the past, both road and railway are beyond their capacity. As a result, the public-road network has suffered a serious congestion problem. For instance, in relation to the corridor between Seoul and Pusan, today, it takes about 14 hours for the journey of container trailer through Kyongbu Expressway, for which it used to take only 7 hours in 1986. For the railway, though the congestion problem is not very serious compared with the road sector, a shortage of capacity on certain main lines has emerged as a problem as railway traffic has increased. Furthermore, the further expansion of the system in near future is difficult due to burden of higher construction the cost. Unlike these two modes, coastal shipping, which has been paid relatively less attention for commodity transport in Korea, shows no constraint in this respect. In addition, it is the most cost efficient mode of transport. This work therefore aims to make a proposal for the alternative inland transportation mode, which is to promote the coastal transport of container. Three obstructing factors for the promotion of the coastal transport are investigated and some solutions for those are suggested as follows : First, it appears to be essential to provide exclusive ports for the coastal shipping, that comply with simplification, specialization and rationalization. The optimum size of berths on the exclusive ports in Pusan port is estimated as 16-20. We found that it needs periodical study and publicity on the advantages from the adoption of the coastal mode. Inducing competition in the coastal shipping market is also necessary. For the supply of the fleet in the coastal shipping, chartering of the surplus ships in the oversea shipping is found to be more desirable than new shipbuilding. Second, to solve the fragmentation of the companies which wish to participate in the coastal transport, government has to implement the subsidy policy. The encouragement of participation of the shipping lines engaging in Korea-Japan run and Korea-East South Asia run, into coastal shipping also needs to be considered cautiously. Third, simplification of the document for entry in ports is needed for rational coastal shipping management. We can use B/L (Bill of Lading) for coastal shipping as a prerequisite to get the indemnity by P & I Club. The reduction of the government controls on entering and leaving the ports also needs.

• Journal of the Korean Society of Marine Environment & Safety
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• v.22 no.1
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• pp.108-117
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• 2016

In this paper, a portal system compatible with MRV regulation was designed to monitoring, reporting and verifying $CO_2$ emission and fuel consumption data from an international ship. A portal system supports monitoring and reporting task of international shipping companies and calculates national greenhouse gas inventory. EU MRV law, MRV discussions of IMO, responses of international shipping companies to ship energy efficiency and greenhouse gas regulation, and greenhouse gas statistics on international shipping were analyzed to drive portal system requirements. For ship energy efficiency and $CO_2$ emitted monitoring, a data collection module was designed based on on-board equipment, energy efficiency measuring device and navigation report. Data transfer module with easy management and minimized usage to transfer ship data to shore was designed. A portal system was designed to convert the collected data into the standard reporting format, perform monitoring, statical analysis, verification and auto report generation, and support national greenhouse gas inventory.

• Journal of Korea Port Economic Association
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• v.28 no.1
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• pp.179-201
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• 2012

Since 1993, M&A activities have been frequent in Liner shipping market. This study examines the effect of M&A on stock price reaction for acquiring firms listed on the market. The study covers the period from 1993 to 2009 and uses 61 daily closing prices of the acquiring firms before and after the M&A announcement day and is analyzed through the market-adjusted model in an event study. After calculating short-term performance using abnormal returns(AR) and cumulative average abnormal returns(CAR) before and after 30 days from the day of event, the results on the test show that the firm's values slightly increased through the M&A, but it does not attest to the statistical significance. In addition, this study investigates the AR difference between estimating windows and post-event windows for the 3 cases of each period before and after 30 days, 15 days, and 7 days from the event day to analyse the impact of M&A on the addition of acquiring firm's value. Our findings suggest that the M&A between Liner shipping companies is targeted for the long-term business strategy instead of the instant rise in the value of the firm involved.