• Journal of Korea Port Economic Association
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• v.39 no.2
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• pp.41-57
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• 2023

The drybulk shipping market has high freight rate volatility in the chartering market and various and complex factors affecting the market. In the unstable economic situation caused by the COVID-19 pandemic in 2020, the BDI plunged due to a decrease in trade volume, but turned from the end of 2020 and maintained a booming period until the end of 2022. The main reason for the market change is the decrease in the available fleet that can actually be operated for cargo transport due to port congestion by the COVID-19 pandemic, regardless of the fleet and trade volume volatility that have affected the drybulk shipping market in the past. A decrease in the actual usable fleet due to vessel waiting at port by congestion led to freight increase, and the freight increase in charting market led to an increase in second-hand ship and new-building ship price in long-term equilibrium relationship. In the past, the drybulk shipping market was determined by the volatility of fleet and trade volume. but, in the future, available fleet volume volatility by pandemics, environmental regulations and climate will be the important factors affecting BDI. To response to the IMO carbon emission reduction in 2023, it is expected that ship speed will be slowed down and more ships are expected to be needed to transport the same trade volume. This slowdown is expected to have an impact on drybulk shipping market, such as a increase in freight and second-hand ship and new-building ship price due to a decrease in available fleet volume.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.17 no.5
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• pp.100-116
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• 2018

Recently, with the US protection trade trend, South Korea 's exports to the US have shrunk and the need to pioneer emerging markets in Eurasia has increased. Due to the bankruptcy of Hanjin Shipping, a large Korean national shipping company, the necessity of securing transportation that can replace the Asian - European shipping route has emerged. Moreover, as the international trade and logistics environment is rapidly changing due to the spread of electronic commerce, it is time to prepare for the environment where IT technology is applied to international logistics activities. Therefore, this study was carried out to establish information strategy of Eurasia logistics information sharing platform from Korean perspective through comparison of logistics information level of Eurasian countries. This study aims at standardization direction for supporting logistics activities between Eurasian countries, providing customs clearance and logistics services without interruption, providing information for expanding business of trade companies, and building information linkage infrastructure for expanding cooperation between logistics companies across countries. Through this study, it is expected that logistics activities through information sharing among countries will be actively carried out.

• Journal of the Korean Institute of Landscape Architecture
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• v.42 no.2
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• pp.1-9
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• 2014

This study is the renovation plan for BIFF(Busan International Film Festival) street themed movies, which is an internationally known film festival. The aim of this is the regional economic vitalization. The first step of the plan sets up position through the case study of the Theme Street. The theme for each road space is related with movies and realizes the unificative images for each road. Images between the Busan Cinema Center and BUSAN MARINA are introduction of the road and the subject of this road is greeting with movies. The history of movies are printed on the pavement, some sections are made with red blocks for recollecting the red carpet. The next section from the BUSAN MARINA to MARINE CITY is set up being close with movies. In this section, sculptures of filmmaking and theme benches are installed for indirect experiences. The theme from MARINE CITY to DONGBAEK ISLANDS is playing and enjoying with movies. It is made more fun with the installation of super graphic and trick art. The theme from DONGBAEK ISLANDS to HAEUNDAE is farewell with movies. It is expressed by music on pavement and musical fountain. The last section in the theme road from HAEUNDAE to MOONTAN ROAD shows the concept memories after farewell. It is a half way to Moonten Road. The Milky Way pavement and Milky Way square are made by installing the optical fibers.

• Journal of the Korean Society of Marine Environment & Safety
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• v.25 no.1
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• pp.18-26
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• 2019

The Maritime Labour Convention, 2006, (MLC) aimed to ensure decent working conditions for seafarers and entered into force on August 20, 2013. It was considered as the fourth pillar in the maritime sector. This paper evaluates how the MLC has been implemented in the field and what issues were addressed in the shipping industry. To achieve this, statistical analysis was conducted using inspection data of Port State Control (PSC) carried out by the Paris MOU and the Tokyo MOU during 2010-2012 and 2014-2016 for deficiencies under the MLC and International Labour Organization (ILO) No. 147 Convention. This study compared pre-2013 and post-2013 deficiency data according to ship's age, size (gross tonnage) and type. The results showed that, although the deficiencies reported by the Tokyo MOU during 2014-2016 were nearly double those from 2010-2012, the deficiency share against total deficiencies for the Tokyo MOU remained two thirds of those for the Paris MOU. This study suggests that the Tokyo MOU should strengthen its inspection efforts on MLC and ILO should provide clear references, such as guidelines and a unified interpretation for national discretions under the MLC for the purpose of harmonized PSC inspections. Additionally, it would be desirable to consolidate the deficiency coding system for the MLC by deleting the codes for the ILO No. 147 Convention, which was incorporated into the MLC. It would also be beneficial to add new deficiency codes for social security, including seafarers' leave and repatriation.

• Journal of the Korean Society of Marine Environment & Safety
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• v.28 no.4
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• pp.594-600
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• 2022

When a large liquefied natural gas (LNG) carrier is anchored at a coastal terminal, calculations on mooring forces of mooring cables induced by environmental loads such as strong winds and currents are needed to secure mooring safety. The advantages and disadvantages of several existing mooring force calculation methods are compared and analyzed with their application conditions. Resultingly, mooring equipment guidelines of the Oil Companies International Marine Forum (OCIMF) are chosen as the computational method for this study. In this paper, the mooring forces of a large LNG carrier with spectrum was calculated using the OCIMF mooring equipment guidelines. The calculation shows similar maximum forces resulted from the calculation using experiment data of a wind tunnel test. To verify the results, OPTIMOOR, a dedicated mooring force calculation software, is used to calculate the same mooring conditions. The results of both calculations show that the computational method recommended by OCIMF is safe and reliable. OPTIMOOR calculates more detailed tensile force of each mooring cable. Thus, the calculation on mooring forces of mooring cables of a large LNG carrier using OCIMF mooring equipment guidelines is verified as an applicable and safe method.

• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.13-31
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• 2021

Since the signing of the Korea-Europe Free Trade Agreement, the volume of trade transactions between South Korea and Europe has increased. The traditional single-mode transport system has been transformed into an intermodal transport system using two or more modes of transport. In addition, the conventional sea and air transport routes have been restricted, leading to a decline in Korean exports to Europe, and the rail transport mode is becoming mainstream in the market due to the influence of COVID-19. This paper focuses on the China-Railway Express to explore a new intermodal transport route from Korea to Europe. First, the fuzzy analytic hierarchy process (AHP) is used to evaluate the factor weights when selecting intermodal transport routes from Korea to Europe. Then, the TOPSIS (Technique for Order of Preference by Similarity to Ideal Solution) method is used to rank three alternatives. The results show that among the four factors (total cost, total time, transportation capability, and service reliability), the total cost is the most significant factor, followed by the total time, service reliability, and transportation capability. Furthermore, the alternative route 1 (Incheon-Dalian-Manchuria-Hamburg) is preferred.

• Journal of Korea Port Economic Association
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• v.38 no.1
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• pp.31-47
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• 2022

While the ship finance industry has long been struggling with diminishing involvements from the private sector, government-run banks have consistently increased their presence in maritime finance. To address such concerns, this research conceptually explores the creation of blockchain technology-driven security token offering (STO) platforms. To suggest a sound platform model, this piece first examines key design principles. Based on the integral perspective on the digital platform, this paper exhibits three core design principles to create a virtuous platform ecosystem, then sets out STO platform design guidelines. This paper further explores an STO platform model by considering conventional ship finance systems and practices in Korea. The STO platform has three main effects; 1) the wider availability of STOs can enlarge both the scope and size of ship finance users, 2) the activation of security token transactions leads to an increase in participation, and 3) possibilities to create complementary innovative financial services can further encourage the participation of private investors. The STO ecosystem may contribute to the shipping, shipbuilding, and ship finance industries by enhancing its attractiveness to the general public and by creating positive externalities for Busan as a maritime finance center.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.107-125
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• 2023

The pace of sustainability transition within the maritime industry has been accelerating. This shift primarily necessitates changes in the industry's heavy reliance on fossil fuel-driven ecosystems. Additionally, numerous sustainability laws and regulations, such as the EU's CBAM and IMO's EEXI, have been implemented. This transition is poised to amplify the competitive edge of firms equipped with greater resources, as it introduces substantial operational burdens due to expensive eco-friendly fuel adoption and regulatory compliance. To diverge from the traditional competitive landscape, this paper aims to explore innovative maritime finance models enabling domestic firms to gain competitive advantages on a global scale. Employing analogical reasoning and modeling as a research method, this paper demonstrates that maritime firms can leverage the sustainability transition by aligning sustainable maritime operations with ETS (Emission Trading Schemes). Expanding on this novel approach, the paper delves into potential connections between CCM (Compliance Carbon Market), VCM (Voluntary Carbon Market), and digital asset exchanges. This newly proposed digital/net-zero maritime ecosystem holds the potential to significantly impact the shipping, shipbuilding, and ship finance industries, positioning Busan as a sustainable maritime finance hub. This study holds significance as pioneering research that may stimulate subsequent case-based studies and offer strategic guidance to market participants and policymakers as the maritime industry moves towards a net-zero transition

• Journal of Korea Port Economic Association
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• v.36 no.3
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• pp.115-136
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• 2020

This study aims to analyze the impact of China's iron ore imports and exports on the tramper freight rate of China. The import volume of iron ore in China, the export volume of steel products in China, and exogenous variables were used as independent variables. The dependent variables were BDI, BCI, C5, C10, C14, BSI, S2, and S3. Correlation analysis and regression analysis were conducted. The correlation analysis showed that China's iron ore imports were not related to the remaining BDI, BCI, BSI, C5, C10, S2, and S3, except for the C14 index. However, there was a positive correlation between the ship's space and international oil prices, and it was not related to China's Purchasing Managers Index (PMI). The export volume of steel products was negatively correlated with BDI, BCI, BSI, C5, C10, C14, S2, S3, and international oil prices, and was not related to iron ore imports, ship space, and China's PMI. In the verification of the hypothesis between China's iron ore imports and exogenous variables, China's PMI was rejected within the hypothesis. However, the hypothesis on international oil prices and ship space was adopted. In the verification of the hypothesis between China's steel export volume and exogenous variables, the hypothesis on BDI and the S3 index was adopted, and the hypothesis on BSI and S2 was rejected. In the analysis results of this study, the ship space and oil prices were adopted in all the hypothesis results. Domestic companies participating in the tramper shipping market will need to be prepared through continuous monitoring of related indicators.

• Journal of Korea Port Economic Association
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• v.40 no.1
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• pp.151-163
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• 2024

This study sought to confirm the impact of analytical methods and behavioral economic theory factors on decision-making when making chartering decisions in the dry bulk shipping market. This study on chartering decision-making model was began to verify why shipping companies do not make rational decision-making and behavior based on analytical methods such as freight prediction and process of alternative selection in the same market situation. To understand the chartering decision-making model, it is necessary to study the impact of behavioral economic theory such as heuristics, loss aversion, and herding behavior on chartering decision-making. Through AHP analysis, the importance of the method factors relied upon in chartering decision-making. The dependence of the top factors in chartering decision-making was in the following order: market factors, heuristics, internal factors, herding behavior, and loss aversion. Market factors, heuristics, and internal factors. As for detailed factors, spot freight index and empirical intuition were confirmed as the most important factors relied on when making decisions. It was confirmed that empirical intuition is more important than internal analysis, which is an analytical method. This study can be said to be meaningful in that it academically researched and proved the bounded rationality of humans, which cannot be fully rational, and sometimes relies on experience or psychological tendencies, by applying it to the chartering decision-making model in the dry bulk shipping market. It also suggests that in the dry bulk shipping market, which is uncertain and has a high risk of loss due to decision-making, the experience and insight of decision makers have a very important impact on the performance and business profits of the operation part of shipping companies. Even though chartering are a decision-making field that requires judgment and intuition based on heuristics, decision-makers need to be aware of this decision-making model in order to reduce repeated mistakes of deciding contrary to market situation. It also suggests that there is a need to internally research analytical methods and procedures that can complement heuristics such as empirical intuition.