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http://dx.doi.org/10.15266/KEREA.2014.23.1.001

A study of the economic effects of weather and climate information on marine logistics  

Lho, Sangwhan (Department of Economics and Finance, Kyungnam University)
Lim, Dongsoon (Department of Economics, Dong Eui University)
Publication Information
Environmental and Resource Economics Review / v.23, no.1, 2014 , pp. 1-19 More about this Journal
Abstract
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.
Keywords
weather and climate information; marine logistics; VVOS(Vessel and Voyage Optimization Services); ocean shipping; coastal shipping;
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