• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.297-311
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• 2011

This paper deals with a strategic investment decision model for improving investment profit in shipping industry. Despite the quantitative expansion of Korean shipping business, many shipping firms have suffered financial difficulties due to financial and operating risks that result from the characteristics of capital-intensive business as well as of volatility of shipping markets. As a result, managers in charge of making an investment decision, particularly in tramper business sector, are required to take both financial and operating risk factors into consideration. Put it differently, managers are strongly recommended to avoid these risks by ship asset play; buy-low and sell-high, which results in considerable capital gain and cost reduction. In addition, managers in shipping industry are also recommended to consider the ship chartering investment alternative when the freight markets show extreme volatility as the case of 2008 triggered by sub-prime mortgage financial crisis in USA. For example, the BDI suffered plunging down from 1000 in 2008 to 100 in 2010. Consequently, the 4th largest shipping company in Korea, DAEHAN Shipping Co., has collapsed primarily due to excessive tonnage expansion during the peak time of bulk market. In sum, the strategic investment decision model, suggested in this paper, is designed to include such factors as capital gain by asset play, timely chartering for alternative shipping service, and optimization of operating profit by tonnage adjustment in accordance with change in the shipping markets concerned.

• Journal of the Korean Society of Marine Environment & Safety
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• v.27 no.2
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• pp.211-218
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• 2021

This paper addressed the problems of controlling the coupled pitch-roll motions in a marine vessel exposed to the regular waves in the longitudinal and transversal directions. Stabilization of the pitch and roll motions can be regarded as the essential task to ensure the safety of a ship's navigation. One of the important features in the pitch-roll motions is the resonance phenomena, which result in unexpected large responses in terms of pitch and roll modes in some specific conditions. Besides, owing to its inherent characteristics of coupled combination and nonlinearity of restoring terms, the vessel shows various dynamical behaviors according to the system parameters, especially in the pitch responses. Above all, it can be seen that suppression of pitch rate remains the most significant challenge to overcome for ship maneuvering safety studies. To secure the stable upright condition, a quasi-sliding mode control scheme is employed to reduce the undesirable pitch and roll responses as well as chattering elimination. The Lyapunov theory is adopted to guarantee the closed stability of the pitch-roll system. Numerical simulations demonstrate the effectiveness of the control scheme. Finally, the control goals of state convergences and chattering reduction are effectively realized through the proposed control synthesis.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.20 no.1
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• pp.1-6
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• 2006

The advantages of LED(Light Emitting Diode) are low electric power consumption long life time and excellent visibility. In order to design and develope the marine lantern using LED, technical trends and standards about the marine lantern were analyzed and sample products were manufactured and evaluated in comparing with existing marine lantern The performance of developed LED lantern is better than that of the existing marine lantern using an incandescent lamp. The electric power consumption of our products is 30[%] and the luminous intensity is two or fen times brighter than existing marine lantern.

• Journal of the Korean Society of Marine Environment & Safety
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• v.10 no.1 s.20
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• pp.9-14
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• 2004

Many lighthouses have been built for safety navigation of vessel, but the management of lighthouses had to paid for maintenance costs. For that reason, the remote control system for the lighthouse is to be used, but the communication expense is very expensive because of the use of satellite communication network or the RF communication network Also, the state of lighthouse is difficult to analyze as transmit only measured data. Therefore, this paper embodied the remote control system for the lighthouse using CDMA method, that was extended to island area and we verified the effectiveness of the proposed system.

• Management & Information Systems Review
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• v.33 no.5
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• pp.85-95
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• 2014

This paper suggested an efficient mathematical model for strategic alliance of liner shipping companies. Even though a few previous research papers proposed the mathematical models for container slot chartering and allocation under liner shipping, those models were nonlinear and very difficult to solve. So their models had limits to apply them to real world problems. On the other hand, the model suggested in this paper is easy to solve and apply to real world problems because it is a integer linear programming model. This paper tried to apply the model to the same example problem as used in existing research paper. Excel add-in program, Premium Solver Platform was used to solve the problem and the optimal allocation and slot chartering for containers were able to be found easily. The result also showed that the total container shipping cost for applying the strategic alliance model was reduced compared to non-strategic alliance model.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.21 no.4
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• pp.804-810
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• 2017

Distress accidents occur annually by and failure of sea rescue and time delay lead to fatal accident. In the event of maritime distress, most of the equipments used for search and rescue are in responsible for the position of ships. An MOB equipment is a representative equipment for lifesaving and uses AIS communication method. However, the MOB equipment has problems of interference with existing vessel traffic process and it is difficult to apply because there is no proper certification standard. Therefore, this paper proposes a maritime search and rescue supporting system using smartphone. Utilizing the widely constructed IT infrastructure, it collects position information of the fishing boat and leisure ship using GPS embedded in the smartphone. Also the developed system supports to participate in the rescue by sending the information about the occurrence of the survivor in a certain area to the ship operator.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.18 no.6
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• pp.1310-1316
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• 2014

The IMO has recommended on VHF digital communications operation for sailing ships from 2017. And ships more than 5 tons is obliged to digital communications by fishing Vessels Act and Vessel Safety Act in domestic. The owner of all vessel is equipped to the automatic position reporting device in accordance with the Notice of the Ministry of Oceans and Fisheries to regulations, It shall be ensure to navigations safety and in order to respond quickly in the event of maritime accidents on all vessels. The info-communications station of fishery is operating the automatic position reporting system using the VHF DSC in east sea from 2012, Continuously, which is underway the install plan in south sea and yellow sea. But this plan is very difficult, because of propagation environment is poor on account of complicated coastline and many islands. This paper has analyzed the propagation coverage for position setting of coast station in south sea and the traffic zone set up by compare with RSSI and methode of navigation tracking by VMS.

• Journal of the Korean Institute of Navigation
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• v.25 no.3
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• pp.257-268
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• 2001

Marine traffic engineering is the technical field that observe flows of vessel traffic in accurate and describe the features of ships' movement statistically or analytically, then contribute to the improvement of the traffic flow and safety of traffic. Recently, marine traffic engineering has been developed until that possible to estimate a changes in traffic flow caused from some transformations of the traffic condition, and to assess the feasibility and validity of the changes by computer simulation. This paper aims to assess the present traffic safety at the sea area adjacent to Pusan harbour, and the validity of the suggested roundabouts traffic separation scheme at the Pusan approaching water(by Park in 1998) using environmental stress aggregation model There are couple of steps to describe the marine traffic situation and to assess it's safety by computer simulation. The first step is observe the movement of vessel traffic concerned waters and to obtain the relevant data for computer simulation. Second step is to carry out computer simulation to assess the simulated traffic flows by using suitable indexes of assessment model - environmental stress aggregation model. Eventually, this paper conclude that the environmental stress aggregation model is a useful technique to assess the traffic safety and the suggested roundabouts traffic separation scheme could make the concerned area safer than present traffic situation.

• Journal of Korea Port Economic Association
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• v.35 no.3
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• pp.61-72
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• 2019

In order to enhance the competitiveness of the container shipping industry and promote its development, based on the empirical analyses using multivariate time series models, this study aims to suggest a few strategies related to the dynamics of the container shipping market. It uses the vector autoregressive (VAR) and vector error correction (VEC) models as analytical methodologies. Additionally, it uses the annual trade volumes, fleets, and freight rates as the dataset. According to the empirical results, we can infer that the most exogenous variable, the trade volume, exerted the highest influence on the total dynamics of the container shipping market. Based on these empirical results, this study suggests some implications for ship investment, freight rate forecasting, and the strategies of shipping firms. Concerning ship investment, since the exogenous trade volume variable contributes most to the uncertainty of freight rates, corporate finance can be considered more appropriate for container ship investment than project finance. Concerning the freight rate forecasting, the VAR and VEC models use the past information and the cointegrating regression model assumes future information, and hence the former models are found better than the latter model. Finally, concerning the strategies of shipping firms, this study recommends the use of cycle-linked repayment scheme and services contract.

• Journal of Korea Port Economic Association
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• v.29 no.4
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• pp.27-53
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• 2013

It is a generalized way for the chartering business to fix the laytime bars except rarely adapting the customary despatch of the cargo work in port. The way of customary despatch is usually accepted by the owners in case the port facilities and other relevant infrastructures are in the satisfactory level for the cargo work whereas the laytime bars to be widely incorporated in the chaterparty for almost all occasions for owners and charterers to bind each other in loading and discharging cargo in port. The main purpose of establishing laytime bars on the charterparty is to secure the right and duty for both parties of the owners and the charterers, and furthermore to make the vessel despatched quickly from the port, whereby the costs incidental to the loading and discharging in port to be saved as much as possible. and the minimized costs in port will contribute to the profits in all parties involved in loading and discharging cargo. The conditions and terms on the laytime bars are expressed variously in their kinds according to the types of the charterparty to be used. The owners and charterers or the ship operators, however, seems not to be so accustomed in lawful understanding on these terms and conditions, and therefrom lots of disputes are noticed practically in the business field. As a result, this study is focused to render the owners and charterers rather clear understanding on their meanings and effects in legal aspects, and the various English Law Cases are referred in order to achieve the purpose of this study.