• Journal of Korea Port Economic Association
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• v.30 no.4
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• pp.131-149
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• 2014

The objective of this study is to describe and determine how and to what extent size of firm, operating vessels and interest cost, leverage, debit maturity, growth opportunity and cash flow affect the cash holdings of Korean shipping companies. A sample of 38 Korean shipping firms for a period of 9 years(from 2005 to 2013) was selected. In panel data regression, this study finds that cash holdings are negatively affected by firm size, operating vessel size and debit maturity, and positively affected by volume of interest costs. In firm's group of relatively large volume of operating vessel, it's cash holdings are affected by debit maturity, cash flows and growth opportunity but in firm's group of small volume of it, interest cost, debit maturity and operating vessel's size are related with cash holdings. It proved that determinants of cash holdings in a high interest costing group are size of operating vessel, interest cost and debt maturity. On the other hand, debit maturity, growth opportunity, firm size and extent volume of vessels are associated with cash holdings in relatively row interest costing group.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.546-554
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• 2018

The Bulk market, unlike the line market, is characterized by stiff competition where certain ship or freight owners have no influence on freight rates. However, freights are subject to macroeconomic variables and economic external shock which should be considered in determining management or chartering decisions. According to the results analyzed by use of ARIMA Inventiom model, the impact of the financial crisis was found to have a very strong bearing on the BDI index. First, according to the results of the VEC model, the libor rate affects the BDI index negatively (-) while exchange rate affects the BDI index by positively (+). Secondly, according to the results of the VEC model's J ohanson test, the order ship volume affects the BDI index by negatively (-) while China's economic growth rate affects the BDI index by positively (+). This shows that the shipping company has moved away from the simple carrier and responded appropriately to changes in macroeconomic variables (economic fluctuations, interest rates and exchange rates). It is believed that the shipping companies should be more aggressive in its "trading" management strategy in order to prevent any unfortunate situation such as the Hanjin Shipping incident.

• Journal of Navigation and Port Research
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• v.44 no.6
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• pp.541-549
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• 2020

This study conducts differential analysis on the financial positions of Korean shipping companies before and after the bankruptcy of the H carrier, looking specifically at their financial ratios, profit and loss patterns, and other factors related to their financial operation. Firstly, it was discovered that major measures of financial health, such as average assets per carrier, were not affected by the bankruptcy of the H carrier. However, despite this, most carriers experienced large changes in profits and losses, with total sales and shipping revenues averaging 424.5 billion won and 381.7 billion won respectively before the bankruptcy, but falling by half to 252.1 billion won and 234.6 billion won after the bankruptcy. Additionally, charter revenues and expenses also dropped by more than half. EBIT/sales and pre-tax revenue margins were also heavily affected after the bankruptcy, with both figures averaging 8% and 3% respectively before the bankruptcy, but falling into the negative range at -2% and -8% post-bankruptcy, resulting in significant deterioration in operational profitability. The study concludes that there is an urgent need to establish a global sales network, improve cost structures, and consistently secure stable cargo in order to increase Korean carriers' profitability. Of all financial measures, liquidity and total asset efficiency were identified as the most severely-impacted by the H carrier bankruptcy, thereby requiring the most pressing policy addressing.

• The Journal of shipping and logistics
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• v.27 no.4
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• pp.719-746
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• 2011

This study attempted to analyse the results of investments from each individual ship investment company(SIC) in Korea which is operating under its ship investment company system. We analyzed investment result of ship investment company by means of Market Adjusted Return Method for measurement of abnormal return(AR) and cumulative abnormal return(CAR). Some implications from the results of this study are suggested. First, we find that the initial abnormal return of IPO, 30-day CAR and long-term CAR are not significantly different between A and B shipping fund management company. And then, the initial abnormal return of IPO and long-term CAR are not significantly different between newbuilding and secondhand ship SIC. But the 30-day CAR is significantly different between newbuilding and secondhand vessel SIC. Third, the 30-day CAR and long-term CAR are not significantly different between newbuilding and secondhand vessel SIC. But the 30-day AR is not significantly different between container and non-container ship SIC. Finally, newbuilding ship SCI is more stable than secondhand vessel SIC, and container ship SIC is more stable than non-container ship SIC in 3-month cumulative return over the past two and half years, from February 2008 to July 2011.

• Information Systems Review
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• v.7 no.1
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• pp.257-274
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• 2005

The implementation of Internet based on EDI has become a major issue because of the huge development of the internet. Internet EDI is a technology which combines the strength of EDI and Internet technologies and it can be classified in FTP-EDI, SMTP/MINE EDI, and Web EDI. Recently, the number of companies which are adopted Web EDI increase to overcome shortcomings of high communication costs and high foundation and maintenance expenses of VAN EDI. This research is intended to examine the effect that characteristics of innovation and partnership as relationship with trading partner will affect the Web-EDI implementation. To achieve these purposes, we surveyed people who are in charge of Web EDI in their companies. A survey questionnaire was sent 376 people in charge of Web EDI in their companies, and 66 usable responses were obtained. The results of this research can be summarized as follows. First, it's affirmed, among partnership factors, that participation and interdependence significantly affect Web EDI implementation. It's also suggested, among innovation factors, compatibility, relative advantage, and cost reduction significantly affect Web EDI implementation.

• Journal of Korean Port Research
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• v.14 no.1
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• pp.13-26
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• 2000

In this paper, we compare and analyze the current state of the productivity of the stevedoring work among several container terminals in 1999. Based on these results of analysis, we firstly classify several factors which impede the efficient operations of container terminal as follows ; late arrival of container beyond cargo closing time(CCT), change of port of destination, change of vessel, and return cargo. Such factors are major cause for the cargo rehandling on terminals, thus deteriorate the overall performance of transfer crane during the stevedoring work. In order to improve the productivity of container terminal, we suggest that it is necessary for establishing and operating the efficient logistics management system. Especially, we emphasize the importance of information exchange on the scheduled cargoes among the relevant parties such as shippers, shipping companies, and terminal operators, which is the most effective way to alleviate the cargo rehandling.

• Journal of Distribution Science
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• v.13 no.2
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• pp.25-33
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• 2015

Purpose - This study aims to disclose the problems of both the government and the logistics industry regarding fourth-party logistics, and to provide various solutions at the level of enterprises as well as the government for the introduction of fourth-party logistics in China. Research design, data, and methodology - This study aims to reveal how a shipping company recognizes the creation of partnerships with fourth-party logistics providers, and it reveals several related implications. Results - Fourth-party logistics organizations can be used to achieve maximum business performance as professional logistics companies by incorporating the benefits of outsourcing and insourcing. Outsourcing logistics services through focusing on core competencies and improving customer service can have financial effects and advantages such as the simplification of labor issues. Conclusions - This study did not investigate Korean enterprises through an empirical analysis and provided fourth-party logistics concepts and promotional plans according to domestic and foreign literature. Further studies shall investigate not only the Korean fourth-party logistics model but also the training of logistics professionals to generate profits for both shippers as well as logistics enterprises.

• Journal of Distribution Science
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• v.11 no.5
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• pp.33-41
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• 2013

Purpose - Yard inventories increase when export containers are carried into the terminal and decrease when import containers are delivered to the consigners. The purpose of this study is to analyze container inventories according to the weekly ship arrival pattern at container terminals. Research design, data, and methodology - As container ships operate according to weekly schedules based on shipping companies and their routes, specific terminals provide a fixed-day service in a week. Thus, yard inventories can change with weekly fluctuations. The data used in this study were the actualdata at specific container terminals. Result - The dwell times of each container at a terminal represent an important variable that affectsyard inventories. Even cargo flows are steady in a given period, if dwell times are prolonged, yard inventories increase. Conclusion - Dwell time is another factor causing yard inventory change. Therefore, the calculation for yard inventories should consider the weekly ship arrival patterns and dwell times of each container. Further, at the planning stage, dwell time should be more carefully considered to calculate yard capacity.

• Journal of Navigation and Port Research
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• v.32 no.9
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• pp.729-736
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• 2008

Very often has it happened that Korean flag ships were detained due to the defect of the ship itself at the port they are entering into by the system of Port State Control(PSC). It does matter because the high detention ratio of Korean ships causes to increase the survey ratio of Korean ships by PSC countries, which increases overall operating costs of Korean shipping companies. Therefore Korean government should take tougher action on the detention of Korean ships. The study uses 946 inspections to formulate the model of identifying PSC-weak ships by logistic regression analysis.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2002.03a
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• pp.121-130
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• 2002

Though, the disasters of shipboard crew have many types and aspects, most of them are caused by human elements, and the management and the regulations for the crew safety are other elements for the crew disaster. Accordingly, the analysis of the consciousness and understandings on crew's safety management system is one of the important parts to reduce the accident. Therefore, this study made up the questionnaire and assorted the respond of shipping companies, ship's officers and engineers including captains to our questionaries, and analyzed the results to pick out and find their consciousness on the crew disaster. And also, this study is to make proposals to prevent and reduce the accident.