Journal of Navigation and Port Research (한국항해항만학회지)

Korean Institute of Navigation and Port Research (한국항해항만학회)
권호 표지
DOI QR코드

DOI QR Code

The Economic Cycle and Contributing Factors to the Operating Profit Ratio of Korean Liner Shipping

경기순환과 우리나라 정기선 해운의 영업이익률 변동 요인

  • Mok, Ick-soo (Division of Shipping Management, Korea Maritime & Ocean University) ;
  • Ryoo, Dong-keun (Division of Maritime Management and Economics, Korea Maritime & Ocean University)
  • 목익수 (한국해양대학교 해운경영학부) ;
  • 류동근 (한국해양대학교 해운경영학부)
  • Received : 2022.08.09
  • Accepted : 2022.08.24
  • Published : 2022.08.31
Download PDF
⟨ Previous Next ⟩

Abstract

The shipping industry is cyclically impacted by complex variables such as various economic indicators, social events, and supply and demand. The purpose of this study was to analyze the operating profit of 13 Korean liner companies over 30 years, including the financial crisis of the late 1990s, the global financial crisis of the late 2000s, and the COVID-19 global pandemic. This study was conducted to also identify factors that impacted the profit ratio of Korea's liner shipping companies according to economic conditions. It was divided into ocean-going and short-sea shipping, reflecting the characteristics of liner shipping companies, and was analyzed by hierarchical multiple regression analysis. The time series data are based on the Korean International Financial Reporting Standards (K-IFRS) and comprise seaborne trade volume, fleet evolution, and macroeconomic indicators. The outliers representing the economic downturn due to social events were separately analyzed. As a result of the analysis, the China Container Freight Index (CCFI) positively impacted ocean-going as well as short-sea liner shipping companies. However, the Korean container shipping volume only impacted ocean-going liners positively. Additionally, world and Korea's GDP, world seaborne trade volume, and fuel price are factored in the operating profit of short sea liner shipping. Also, the GDP growth rate of China, exchange rate, and interest rate did not significantly impact both groups. Notably, the operating profitability of Korea's liner shipping shows an exceptionally high rate during the recessions of 1998 and 2020. It is paradoxical, and not correlated with the classical economic indicators. Unlike other studies, this paper focused on the operating profit before financial expenses, considering the complexity as well as difficulty in forecasting the shipping cycle, and rendered conclusions using relatively long-term empirical analysis, including three economic shocks.

해운산업은 수요와 공급뿐만 아니라 여러 경제지표와 사회적 사건 등 복잡한 변수에 의하여 영향을 받으며 순환한다. 본 연구는 우리나라 13개 정기선사에 대하여 30여 년의 영업실적을 분석하여 1990년대 말의 외환위기, 2000년대 말의 글로벌 금융위기, 그리고 최근의 코로나 팬데믹 위기 상황에서 정기선 해운기업의 영업이익률에 어떤 요인들이 영향을 미치는지 분석하였다. 정기선사의 특성을 고려하여 원양과 근해로 구분하고, 한국채택국제회계기준(K-IFRS)에 근거한 영업이익률과 시계열에 의한 해상물동량, 선박량 및 거시경제지표를 이용하여 다중회귀분석으로 그 요인을 분석하였다. 한편 사회적 사건으로 인하여 경제지표가 이상하게 탐지된 경기 침체기에 대하여는 별도로 분석하였다. 그 결과 중국컨테이너운임지수 (CCFI)는 원양 및 근해 정기선사 모두에게 정(+)의 영향을 주었다. 한국 컨테이너 선박량은 원양 정기선사에만 정의 영향을 주었고, 세계물동량과 유가는 근해정기선사 영업이익률에 부(-)의 영향을 미쳤다. 더불어 세계와 우리나라 GDP도 미미하게나마 근해선사 영업이익률에 영향을 주었다. 그 외 중국의 GDP, 환율, 이자율 등은 양 그룹의 영업이익률에 유의미한 영향을 주지 못하였다. 또한 경기침체기 중 2009년 글로벌 금융위기를 제외하고 1998년 외환위기 및 2020년 코로나 팬데믹 기간은 오히려 경제지표와 부의 상관관계를 보여주었다. 본 연구는 해운경기 예측의 복잡성과 어려움을 감안하여 금융비용을 고려하지 않은 영업이익률에 초점을 맞추었고, 3번의 경제·사회적 사건을 포함한 장기간의 실증 분석을 통하여 결론을 도출하였다.

Keywords

References

  1. Ahn, B. C., Lee, K. H. and Kim, M. H.(2022), "The Inter-correlation Analysis between Oil Prices and Dry Bulk Freight Rates", Journal of Navigation and Port Research, Vol. 46, No. 3, pp. 289-296. https://doi.org/10.5394/KINPR.2022.46.3.289
  2. Ahn, Y. G. and Ko, B. W.(2018), "Analysis of Factors Affecting on the Freight Rate of Container Carriers", Korea Trade Review, Vol. 43, No. 5, pp. 159-177. https://doi.org/10.22659/KTRA.2018.43.2.159
  3. Alphaliner(2022), Global Maritime Hub, https://globalmaritimehub.com/operating-margins-exceed-50-for-several-carriers-in-q2.html.
  4. Claessens, S. and Kose, M. A.(2009), "Back to Basics: What Is a Recession?", Finance & Development(IMF eLibrary), Vol. 0046, No. 001, p. 59, https://doi.org/10.5089/9781451953688.022.
  5. DART(2022), Data Analysis, Retrival and Transfer System for Corporate Disclosure, https://dart.fss.or.kr/main.do.
  6. Hacker, R. C.(2010), 'The Effectiveness of Information Criteria in Determining Unit Root and Trend Stratus, Center of Excellence for Science and Innovation Studies, No. 213.
  7. Jung, B. M. et al.(2007), "A Study on Growth Strategies of Short Sea Shipping Companies", KMI Basic Study 2007-05.
  8. Jung, B. M.(2019), Maritime Economics, BN Blue&Note, 2nd ed., pp. 196-198.
  9. Kim, M .H. and Lee, K. H.(2019), "The Impact of Macroeconomic Variables on the Profitability of Korean Ocean-Going Shipping Companies", Journal of Navigation and Port Research, Vol. 43, No. 2, pp. 134-141. https://doi.org/10.5394/KINPR.2019.43.2.134
  10. Korea Accounting Institute(2019), "Corporate Accounting Standards by Korea Accounting Standard Board" No. 1001, pp. 37-45.
  11. Lee, H. K. and Ha, Y. S.(2017), "Comparative Analysis on Factors of Competitiveness among the Container Shipping Companies in Korea", Journal of Shipping and Logistics, Vol. 33, No. 1, pp. 143-161. https://doi.org/10.37059/TJOSAL.2017.33.1.143
  12. Leggate, H. K.(2000), "The Impact of Exchange Rate Fluctuations on the Shipping Industry", Centre for International Transport Management, London Guildhall University, Doctoral Thesis.
  13. Lim, W. C.(2018), "A Study on the Relationship between Bulk Freight Index and Economic Indicator following Global Economic Fluctuation", KMOU.
  14. Luo, M., Fan, L. and Liu, L.(2009), "An Econometric Analysis for Container Shipping", Maritime Policy & Management, Vol. 36, No. 6, pp. 507-523. https://doi.org/10.1080/03088830903346061
  15. National Bureau of Economic Research(2022), Business Cycle Dating Accessed on July 30, 2022 https://www.nber.org/research/business-cycle-dating.
  16. Statistics Korea(2022), e-Nara Index, Composite Economic Indices, Cyclical Component of Coincident Index, http://www.index.go.kr/potal/main/EachDtlPageDetail.do?idx_cd=1057.
  17. Stopford, M.(2009a), Maritime Economics, Korean Version, Pakyoungsa Co., 3rd ed., pp. 160-165.
  18. Stopford, M.(2009b), Maritime Economics, Korean Version, Pakyoungsa Co., 3rd ed., pp. 841-847.
  19. Stopford, M.(2009c), Maritime Economics, 3rd ed., pp. 168-195.
  20. The World Bank(2022), GDP Growth Rate, https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG
  21. Yoon(2011), "Shipping Review and Forecast followed by Consecutive Economic Crisis (Author's free translation)", Issue Report of Korea Ratings.