• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.43-65
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• 2023

Recently, with the increasing international interest on environmental issues, efforts have been made to reduce greenhouse gas emissions due to ship fuel, however, the dependence on fossil fuel is expected to continue for a while. Since fuel costs account for a high portion of the total operating cost of a ship, it is necessary to analyze the influence of oil prices on the shipping markets. The purpose of this study is to evaluate the relationship between the international oil prices and the four major shipping markets for bulk carriers. This study employed WTI as the oil price variable while monthly data from 2017 to 2020 from the four major shipping markets by classifying freight rates, charter rates, newbuilding prices, and secondhand prices were also considered in multiple ship sizes of capesize, panamax, supramax, and handysize. Firstly, the results of the correlation analysis using the VAR model indicate that changes in international oil prices have a statistically positive (+) significant effect on BCIS only in the second time lag, on BSIS at all lags, and on BHIS only in the first staggered period. Secondly, as a result of correlation analysis using the VECM model, in the case of BPIC, BHIC, BCIN, and BHIR, the cointegration coefficient value has a negative (-) significant effect at the 5% significance level in the cointegration relationship with international oil prices. Further, in the case of the dynamic correlation, the increase in oil price in the first period of the lag leads to a decrease in the BCIN newbuilding prices while the increase in the oil price in the first and second period in the lag leads to a decrease in the BHIR used ship prices.

• Journal of the Korean Society of Marine Environment & Safety
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• v.25 no.6
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• pp.780-787
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• 2019

As a carbon-free, green growth alternative, internal and external interest in hydrogen energy and technology is growing. Hydrogen was added to co-axial methane, methane-propane, and methane-propane-ethane diffusion flames, which are the main ingredients of LNG, to evaluate its effect on flame formation and combustion products. The variation in combustion products produced by adding hydrogen gradually to diffusion pyrolysis at room temperature and normal pressure conditions was observed experimentally by using a gas analyzer, and the shape of diffusion pyrolysis was observed step by step using a digital camera. The experimental results showed that the production volume of nitrogen oxides tended to increase and became close to linear as hydrogen was added to the diffusion pyrotechnic. This is because the relatively high temperature of heat insulation and fast combustion speed of hydrogen facilitated the production of thermal NOx. On the other hand, CO2 production tended to decrease as hydrogen was added to reduce the overall carbon ratio contained in the mixed diffusion flame of methane, methane-propane, and methane-ethane-propane. This means that the mixed fuel use of LNG-hydrogen in ships may potentially reduce emissions of CO2, a greenhouse gas.