• 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.

• Proceedings of the Korea Inteligent Information System Society Conference
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• 2002.05a
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• pp.86-98
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• 2002

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.5
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• pp.73-95
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• 1993

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.11
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• pp.205-223
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• 1998

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.583-613
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• 2018

This study analyse the safe port warranty undertaking for shipowner of time charterer with the Ocean Victory Case. Litigation ensued between those in the charterparty chain. When the hull insurer, Gard, took an assignment of the rights of the vessel's owners and demise charterers in a claim against the time charterers that the vessel had been ordered by them to an unsafe port in breach of the charter. Although the claim succeeded, the Court of Appeal overturned the decision. The Supreme Court delivered its judgment on May 10, 2017, dealing with three important issues, safe port, joint insurance, and limitation of liability. Especially on the safe port issue, the court held that the port was not unsafe within the meaning of the safe port undertaking so the charterers were not in breach of it. The conditions in the port amounted to an abnormal occurrence as that expression is understood.

• Journal of Arbitration Studies
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• v.30 no.4
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• pp.163-177
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• 2020

There are several ways to implement charter parties in the operation of the vessel. Under the time charter party, the charterer borrows the vessel from the shipowner and uses the vessel to benefit his business. The time charter party's legal relationship can be divided into internal and external relationships. This article deals with an internal relationship. The legal matters between the shipowner and charterer are regulated by the agreement. The NYPE is the most widely circulated type of time charter party. According to the NYPE, navigational matters fall upon the shipowner while business matter falls upon the time charterer. There are vague parts in interpreting NYPE articles. NYPE Art. 8, called the employment clause, is one of them. The Master employed by the shipowner should follow the order of the charterer. Whether the charterer has the right to order the Master of the vessel to follow the navigating route recommended by him was addressed in the Hill Harmony case by the UK Supreme Court. The court was affirmative. Under the Ocean Victory case, whether the time charterer has an obligation to order the Master to go out to escape heavy weather from the berth at the port was at issue. The Japanese lower court decided negatively. There is a tendency that many countries insert default rule in the maritime law to apply it to the case at issue in a case where there is no agreement. It serves the enhancement of legal stability; China, Japan, and Germany are such countries. The author thinks that Korea should follow the above three countries' revision of their maritime law.

• Resources Recycling
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• v.8 no.5
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• pp.19-27
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• 1999

The desilica~ilalioc~h~ar .~ctcrisocs or conveutcu dust for molten pg iron has bee11 sludled for the pulposc of converter dust reuse. Desiloconizalir~ne ff~c~encwya s observed 10 be increased with increasing feeding rate of dust, and there was 110 cffccl to Lhe des~lica~~iratiearlfli cio~cyfo r the addtioolI CaO Ln dust. In ~noslc ases, the dcs~l~conizaliornea ction was ucconlpl~shed wrthin 10 minutes regadless of thc dust cornpasilim In addition lo the desil~comzat~oenfl ect, the rzmow~lc hal-i~cteristo~fs M u, P. C, and S from mallen iron by convcrtcr dust also have been in\~esligataled. CuO m thc converlel. dust was observed to ~educc the demanganizi~tion eflect and slag laming phenomenon and make thc dephosphoriralion pn,ce*s easler.

• Journal of the Korean Society for Precision Engineering
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• v.12 no.10
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• pp.78-88
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• 1995

For producing iron or steel products with good quality, the concentration of the material components should be analyzed quickly with high relability using XRF(Fluorescent X-Ray Spectrometer). Since the analysis results are much dependent upon the surface con- dition, the samples have to be prepared to have good test condition. This study presents an image processing system for inspecting the surface condition of the iron test sample. In order to use thd computer vision system, we need to develop a lighting device and image processing algorithm. For the adequate lighting device of inspection system, the indirect lighting device is contrived to cut the external light and provide uniform, stable and cold light. The image processing algorithm is aimed to reduce inspection time and to get similar analyzing results to those of the experienced operators. At first, the image processing algorithm checks whether the surface of the iron sample is ground well or not. Then, the defects; hole or dig are conted and surface condition is evaluated. In addition, the algorithm gives the reliability of the analyzing results in order to help operator's decision.

• Journal of Korea Port Economic Association
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• v.27 no.1
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• pp.55-73
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• 2011

The purpose of this study aims to analyse the effect of class arbitration under voyage charter with Asbatankvoy form. This study analyses the Stolt-Nielsen case as a data. In this case, One Class Rule requires an arbitrator to determine whether an arbitration clause permits class arbitration. The parties selected an arbitration panel, designated New York City as the arbitration site, and stipulated that their arbitration clause was silent on the class arbitration issue. The panel determined that the arbitration clause allowed for class arbitration, but the District Court vacated the award. But the Second Circuit reversed, holding that because petitioners had cited no authority applying a maritime rule of customs and usage against class arbitration, the arbitrators' decision was not in manifest disregard of maritime law; and that the arbitrators had not manifestly disregarded New York law, which had not established a rule against class arbitration. However, the Supreme Court held, imposing class arbitration on parties who have not agreed to authorize class arbitration is inconsistent with the Federal Arbitration Act.

• 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.