• Journal of Navigation and Port Research
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• v.33 no.7
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• pp.469-476
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• 2009

Recent collapse of shipping market right after unprecedent surge clearly demonstrates that shipping industry is extremely risky. Due to the volatile movements of the freight rates, investors tend to ask higher rate of return; higher required return reduces the total net present value of the investment project. For several decades, the Discounted Cash Flow(DCF hereafter) analysis has been the most frequently used valuation technique. However, the main problem of the DCF analysis is its assumption that the discount rate would stay the same during the project life. In other words, it usually does not address the decisions that managers have after a project has been accepted. The purpose of this study is investigate a new valuation method of investment: the Real Option Analysis(ROA hereafter) on ship investment. By replacing the existing valuation methods with the new one, the research will present a new perspective on investment with uncertainty. While uncertainty increases risk of investment and consequently discounts the value of it in the traditional feasibility analysis, in the ROA, a new valuation method which will be addressed in the research, uncertainty means some additional value of flexibility so that the tool can help investors produce more accurate decisions. Contrary to the DCF analysis, the ROA takes managerial flexibilities into account. In reality, capital budgeting and project management is typically dynamic, rather than static in nature. The ROA finds and assesses the values of managerial flexibilities or real options in the investments. The main structures of the research will be as follows: (1) overview of the ship investment project, (2) evaluation of the project by the Net Present Value analysis, (3) evaluation of the same project by the Real Option Analysis, (4) comparision of the two techniques.

• Journal of the Earthquake Engineering Society of Korea
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• v.19 no.1
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• pp.29-36
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• 2015

Base isolation is considered as a seismic protective system in the design of next generation Nuclear Power Plants (NPPs). If seismic isolation devices are installed in nuclear power plants then the safety under a seismic load of the power plant may be improved. However, with respect to some equipment, seismic risk may increase because displacement may become greater than before the installation of a seismic isolation device. Therefore, it is estimated to be necessary to select equipment in which the seismic risk increases due to an increase in the displacement by the installation of a seismic isolation device, and to perform research on the seismic performance of each piece of equipment. In this study, modified NRC-BNL benchmark models were used for seismic analysis. The numerical models include representations of isolation devices. In order to validate the numerical piping system model and to define the failure mode, a quasi-static loading test was conducted on the piping components before the analysis procedures. The fragility analysis was performed by using the results of the inelastic seismic response analysis. Inelastic seismic response analysis was carried out by using the shell finite element model of a piping system considering internal pressure. The implicit method was used for the direct integration time history analysis. In addition, the collapse load point was used for the failure mode for the fragility analysis.

• Earthquakes and Structures
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• v.22 no.2
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• pp.169-184
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• 2022

The importance of seismicity in developing countries and the strengthening of buildings is a topic of major importance. Therefore, the study of several solutions with the development of new technologies is of great importance to investigate the damage on retrofitted structures by using probabilistic methods. The Federal Emergency Management Agency considers three types of performance levels by considering different scenarios, intensity and duration. The selection and scaling of ground motions mainly depends on the aim of the study. Intensity-based assessments are the most common and compute the response of buildings for a specified seismic intensity. Assessments based on scenarios estimate the response of buildings to different earthquake scenarios. A risk-based assessment is considered as one of the most effective. This research represents a practical method for developing countries where exists many active faults, tall buildings and lack of good implementable approaches. Therefore, to achieve the main goal, two high-rise steel buildings have been modeled and assessed. The contribution of buckling-restrained braces in the elastic design of both buildings is firstly verified. In the nonlinear static range, both buildings presented repairable damage at the central top part and some life safety hinges at the bottom. The nonlinear incremental dynamic analysis was applied by 15 representative/scaled accelerograms to obtain levels of performance and fragility curves. The results shown that by using probabilistic methods, it is possible to estimate the probability of collapse of retrofitted buildings by buckling-restrained braces and tuned mass dampers, which are practical retrofitting options to protect existing structures against earthquakes.

• Journal of the Korea institute for structural maintenance and inspection
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• v.25 no.6
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• pp.177-184
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• 2021

In recent years, large-scale earthquake activity has occurred in Korea, and thus public interest in earthquakes is increasing. Accordingly, the importance of seismic performance management of structures is emerging. In particular, the collapse of a bridge, one of main road facilities, directly leads to many casualties. Therefore, engineers need to evaluate the seismic fragility of the bridge and prepare for the earthquake event. The service life of these bridges has been over 30 years, which requires a study on the aging effect on bridges. In this study, seismic analysis of the target RC slab bridge was performed considering the aging effects of each component of the bridge. Components of the bridge included pier and bearing, which dominate the seismic response of the bridge. The seismic performance of the bridge was evaluated using nonlinear static and dynamic analyses. In addition, the limit state and dynamic response of each component were used to evaluate the seismic fragility according to the aging of each component.

• Steel and Composite Structures
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• v.43 no.2
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• pp.139-152
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• 2022

Steel-reinforced concrete (SRC) L-shaped column is the vertical load-bearing member with high spatial adaptability. The seismic behavior of SRC L-shaped column is complex because of their irregular cross sections. In this study, the hysteretic performance of six steel truss reinforced concrete L-shaped columns specimens under the combined loading of compression, bending, shear, and torsion was tested. There were two parameters, i.e., the moment ratio of torsion to bending (γ) and the aspect ratio (column length-to-depth ratio (φ)). The failure process, torsion-displacement hysteresis curves, and bending-displacement hysteresis curves of specimens were obtained, and the failure patterns, hysteresis curves, rigidity degradation, ductility, and energy dissipation were analyzed. The experimental research indicates that the failure mode of the specimen changes from bending failure to bending-shear failure and finally bending-torsion failure with the increase of γ. The torsion-displacement hysteresis curves were pinched in the middle, formed a slip platform, and the phenomenon of "load drop" occurred after the peak load. The bending-displacement hysteresis curves were plump, which shows that the bending capacity of the specimen is better than torsion capacity. The results show that the steel truss reinforced concrete L-shaped columns have good collapse resistance, and the ultimate interstory drift ratio more than that of the Chinese Code of Seismic Design of Building (GB50011-2014), which is sufficient. The average value of displacement ductility coefficient is larger than rotation angle ductility coefficient, indicating that the specimen has a better bending deformation resistance. The specimen that has a more regular section with a small φ has better potential to bear bending moment and torsion evenly and consume more energy under a combined action.

• Journal of Advanced Engineering and Technology
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• v.5 no.1
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• pp.11-18
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• 2012

Large scale earthquake was occurred in different parts of the world like Japan (in 1995), Republic of Pakistan (2005), in China (2008) etc and enormous structures were damaged. As a result of collapse of school buildings structures numerous students are died and it had a big impact on the international community. Therefore, the interest of preparing the seismic resistant school building structures in our country is increases as school building are used as emergency shelter for local residents. But the current standard of seismic design ratio of 3.7% is applied for school building in Korea which is only significant earthquake damage is expected. In order to overcome the current situation, seismic performance evaluation is carried out for the existing school building and an accurate and appropriate seismic retrofit is required based on performance evaluation to upgrade the existing school buildings. In this paper, nonlinear analysis on existing school buildings for ATC-40(Applied Technology Council, ATC) and FEMA-356(Federal Emergency Management Agency, FEMA) are carried out using the capacity spectrum method to evaluate seismic performance and to determine the need for retrofitting. In addition, after reinforcement to enhance the seismic performance is applied the seismic performance evaluation is carried out to verify the effectiveness of seismic retrofit.

• Earthquakes and Structures
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• v.24 no.6
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• pp.439-453
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• 2023

Older brick masonry structures generally suffer from low strength defects. Using a cement mortar layer (CML) or steel-meshed cement mortar layer (S-CML) to reinforce existing low-strength brick masonry structures (LBMs) is still an effective means of increasing seismic performance. However, performance indices such as lateral displacement ratios and skeleton curves for LBMs reinforced with CML or S-CML need to be clarified in performance-based seismic design and evaluation. Therefore, research into the failure mechanisms and seismic performance of LBMs reinforced with CML or S-CML is imperative. In this study, thirty low-strength brick walls (LBWs) with different cross-sectional areas, bonding mortar types, vertical loads, and CML/S-CML thicknesses were constructed. The failure modes, load-carrying capacities, energy dissipation capacity and lateral drift ratio limits in different limits states were acquired via quasi-static tests. The results show that 1) the primary failure modes of UBWs and RBWs are "diagonal shear failure" and "sliding failure through joints." 2) The acceptable drift ratios of Immediate Occupancy (IO), Life Safety (LS), and Collapse Prevention (CP) for UBWs can be 0.04%, 0.08%, and 0.3%, respectively. For 20-RBWs, the acceptable drift ratios of IO, LS, and CP for 20-RBWs can be 0.037%, 0.09%, and 0.41%, respectively. Moreover, the acceptable drift ratios of IO, LS, and CP for 40-RBWs can be 0.048%, 0.09%, and 0.53%, respectively. 3) Reinforcing low-strength brick walls with CML/S-CML can improve brick walls' bearing capacity, deformation, and energy dissipation capacity. Using CML/S-CML reinforcement to improve the seismic performance of old masonry houses is a feasible and practical choice.

• Advances in concrete construction
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• v.14 no.3
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• pp.195-204
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• 2022

As a brittle failure mode, punching-shear failure can be widely found in traditional RC slab-column connections, which may lead to the entire collapse of a flat plate structure. In this paper, a novel RC slab-column connection with inner steel truss was proposed to enhance the punching strength. In the proposed connection, steel trusses, each of which was composed of four steel angles and a series of steel strips, were pre-assembled at the periphery of the column capital and behaved as transverse reinforcements. With the aim of exploring the punching behavior of this novel RC slab-column connection, a static punching test was conducted on two full-scaled RC slab specimens, and the crack patterns, failure modes, load-deflection and load-strain responses were thoroughly analyzed to explore the contribution of the applied inner steel trusses to the overall punching behavior. The test results indicated that all the test specimens suffered the typical punching-shear failure, and the higher punching strength and initial stiffness could be found in the specimen with inner steel trusses. The numerical models of tested specimens were analyzed in ABAQUS. These models were verified by comparing the results of the tests with the results of the analyzes, and subsequently the sensitivity of the punching capacity to different parameters was studied. Based on the test results, a modified critical shear crack theory, which could take the contribution of the steel trusses into account, was put forward to predict the punching strength of this novel RC slab-column connection, and the calculated results agreed well with the test results.

• Computers and Concrete
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• v.32 no.5
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• pp.455-464
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• 2023

Seismologists now suggest that the earth has entered an active seismic period; many earthquake-related events are occurring globally. Consequently, numerous casualties, as well as economic losses due to earthquakes, have been reported in recent years. Primarily, significant and colossal damage occurs in reinforced concrete (RC) buildings with masonry infill wall systems, and the construction of these types of structures have increased worldwide. According to a report from the Ministry of Education in the Republic of Korea, many buildings were built with RC frames with masonry infill walls in the Republic of Korea during the 1980s. For years, most structures of this type have been school buildings, and since the Pohang earthquake in 2017, the government of the Republic of Korea has paid close attention to this social event and focused on damage from earthquakes. From a long-term research perspective, damage from structural collapse due to the short column effect has been a major concern, specifically because the RC frame with a masonry infill wall system is the typical form of structure for school buildings. Therefore, the short column effect has recently been a major topic for research. This study compares one RC frame with four different types of RC frames with masonry infill wall systems. Structural damage due to the short column effect is clearly analyzed, as the result of this research is giving in a higher infill wall system produces a greater shear force on the connecting point between the infill wall system and the column. The study is expected to be a useful reference for research on the short column effect in RC frames with masonry infill wall systems.

• Journal of Climate Change Research
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• v.34 no.12
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• pp.5081-5092
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• 2021

Paleoproxy records indicate that abrupt changes in thermohaline circulation (THC) were induced by rapid meltwater discharge from retreating ice sheets. Such abrupt changes in the THC have been understood as a hysteresis behavior of a nonlinear system. Previous studies, however, primarily focused on a near-static hysteresis under fixed or slowly varying freshwater forcing (FWF), reflecting the equilibrated response of the THC. This study aims to improve the current understanding of transient THC responses under rapidly varying forcing and their dependency on forcing time scales. The results simulated by an Earth system model suggest that the bifurcation is delayed as the forcing time scale is shorter, causing the Atlantic meridional overturning circulation collapse and recovery to occur at higher and lower FWF values, respectively. The delayed shutdown/recovery occurs because bifurcation is determined not by the FWF value at the time but by the total amount of freshwater remaining over the THC convection region. The remaining freshwater amount is primarily determined by the forcing accumulation (i.e., time-integrated FWF), which is modulated by the freshwater/salt advection by ocean circulations and freshwater flux by the atmospheric hydrological cycle. In general, the latter is overwhelmed by the former. When the forced freshwater amount is the same, the modulation effect is stronger under slowly varying forcing because more time is provided for the feedback processes.