• The Journal of shipping and logistics
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• v.27 no.4
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• pp.719-746
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• 2011

This study attempted to analyse the results of investments from each individual ship investment company(SIC) in Korea which is operating under its ship investment company system. We analyzed investment result of ship investment company by means of Market Adjusted Return Method for measurement of abnormal return(AR) and cumulative abnormal return(CAR). Some implications from the results of this study are suggested. First, we find that the initial abnormal return of IPO, 30-day CAR and long-term CAR are not significantly different between A and B shipping fund management company. And then, the initial abnormal return of IPO and long-term CAR are not significantly different between newbuilding and secondhand ship SIC. But the 30-day CAR is significantly different between newbuilding and secondhand vessel SIC. Third, the 30-day CAR and long-term CAR are not significantly different between newbuilding and secondhand vessel SIC. But the 30-day AR is not significantly different between container and non-container ship SIC. Finally, newbuilding ship SCI is more stable than secondhand vessel SIC, and container ship SIC is more stable than non-container ship SIC in 3-month cumulative return over the past two and half years, from February 2008 to July 2011.

• 해운
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• no.4 s.15
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• pp.31-31
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• 2005

• 해운
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• no.8 s.19
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• pp.43-43
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• 2005

• 해운
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• no.10 s.9
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• pp.18-21
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• 2004

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2006.06a
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• pp.34-48
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• 2006

• Computational Structural Engineering
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• v.9 no.3
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• pp.65-68
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• 1996

현대중공업은 1972년 설립이래 조선, 해양, 엔진, 프랜트, 중전기, 중장비 등의 부문에서 각종 선박, 초대형 해양구조물, 선박 및 발전용 엔진은 물론 각종 화학.공정 프랜트, 산업용기계, 공장자동화설비, 산업용 로봇, 대형 발전설비, 중장비 등을 생산하는 종합중공업 회사로 성장하여 왔다. 현대중공업은 이들 품목의 설계 및 생산기술수준 제고 및 구조안전성을 확보하기 위하여 구조해석분야에 많은 인원과 비용을 투자하였으며, 그 결과 회사의 대외 경쟁력 제고에 커다란 기여를 하였다. 본 고를 통하여 현대중고업의 구조해석 시스템에 대한 사용 현황과 향후 활용계획을 간략히 소개하고자 한다.

• 해운
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• s.96
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• pp.16-23
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• 2013

해운업은 국민경제의 기간산업으로 타산업에 대한 파급효과가 큰 고부가가치 산업이며, 동시에 제4군으로 국방기능을 수행하는 국가안보산업이다. 글로벌 금융위기 이후 해운업 침체가 지속됨에 따라 세계 주요국들은 자국의 해운선산에 대해 강력한 지원 및 보호정책을 시행하고 있다. 중국과 덴마크, 독일, 프랑스의 경우 자국 해운사에 대한 대출 및 융자보증 등의 지원을 확대하고 있으며, 선박투자회사 및 선박 대출기관 설립, 보조금 지원 등 다양한 방식을 통해 해운업을 지원하고 있다. 다음은 현대경제연구원이 발표한 "주요국 해운업 지원 정책과 시사점"의 주요 내용을 요약 정리한 것이다.

• 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 Korea Port Economic Association
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• v.38 no.2
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• pp.95-107
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• 2022

Shipping companies earn profits through cargo transportation, and therefore, investment decisions to purchase ships are more important than anything else. Nevertheless, the cash flow discount method was mainly used in the economic analysis method, which assumes that all situations are static. This study shows that the real option model is useful in the economic analysis of ship investment. This economic analysis took into account the irreversibility of investment and uncertainty of benefits. In particular, this study used a binary option price determination model among real options. In addition, the simulation was conducted using actual investment data of A shipping company. As a result of the analysis, the investment value of used ships according to the net present value method was analyzed as negative (-), but the investment value in the real option model reflecting the flexibility of decision-making was evaluated as having positive (+) economic feasibility. It was analyzed that economic feasibility is affected by profit volatility and discount rate. Therefore, this study is expected to help shipping companies make more flexible decisions by using the real option model along with the existing net present value method when making ship investment decisions.

• International Commerce and Information Review
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• v.14 no.4
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• pp.317-337
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• 2012

This study has investigated shipping finance systems in Korea and China, and extracted negative factors based on it to propose a way to develop the shipping financial system in Korea for shipbuilding industry and marine transportation. From after the global financial crisis in 2008 to right before the Lehman Brothers Holdings bankruptcy, shipping finance has been dominated by the major industrialized countries in Europe. However, the weight point is moving to the countries in Asia region such as Korea, Japan, and China based on relatively strong banking system and low interests rate. This study focused on the alternatives the current situation that the starter of shipping finance among three countries in Northeast Asia, South Korea is facing China's challenges. In the paper, shipping finance in Korea presented its defectives such as the limits of ship financing, lack of professional workforces, ever-present foreign exchange risks, and lack of understandings of the parties. As the countermeasures of them, it proposed establishing professional institute for ship financing, training professionals in financial industry, raising foreign credentials of won, and continuing associations between the parties. Even though we are the first Asian country introduced ship funds, the ship funds growth in China shall be under our eyes while we keep systemic networks between shipping, ship building, and ship financing.