• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2003.05a
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• pp.257-264
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• 2003

The international oil majors have been reducing the size of their own oil tanker fleet since from the beginning of 1980s. Like international oil majors, the Korean refineries are getting more dependent on tanker chartering than tanker ownership for their oil transportation since 1990s. They also prefer spot charter to time charter and this kind of trend continue up to today. Consequently, this paper attempted to find out factors influencing changes in tanker fleet composition. To attain the object, a empirical study is adopted using the ten decision making factors derived from the preceeding study. The findings are that MARPOL and OPA 90, and transportation cost are the most important factors influencing on oil tanker fleet composition.

• 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 Navigation and Port Research
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• v.26 no.4
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• pp.373-381
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• 2002

There has been an interesting trend showing that the number of tankers owned by major oil company has been decreasing since the 1980s, while the number of tankers chartered by them is increasing. So do Korea oil refineries in the period 1990s. Therefore, the following question is raised： Why have oil refinery companies, national and international, been much more dependent upon chartered ships than their owned ships since 1980s\ulcorner This paper tried to answer the above question. In so, doing ten decision-making factors for fleet composition of oil tankers are drawn through literature survey on the research topic with questionnaires and interviews to the four big Korean oil refineries.

• Journal of Korea Port Economic Association
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• v.39 no.3
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• pp.123-140
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• 2023

Maritime transportation is one of the oldest means of transportation utilized by mankind, and it has significantly contributed to the advancement of civilization by efficiently transporting bulk cargo at a low cost. The study aim to identify the factors influencing the selection of shipping companies in the bulk shipping market and provide insights for improving the competitiveness of shipping-related companies. To achieve this goal, the Analytic Hierarchy Process (AHP) was employed. For the empirical analysis, previous research, interviews, and a pilot test were conducted to identify five top-level factors such as companies, vessels, operations, services, and transaction factors. Each top-level factor has four sub-factors. The results of the analysis, based on 80 valid questionnaires, are as follows: Firstly, in the selection of shipping companies, the priority of factors influencing the choice of shipping companies was as follows: vessel factors were the most important, followed by company, operations, relationship, and service factors. Secondly, when investigating the priority of sub-factors, the availability/appropriateness of vessels was the most crucial factor, followed by company characteristics, financial soundness, and the company's reputation in order. The implications of these findings suggest that shipowners should focus on securing more suitable vessels and enhancing their reputation in response to shippers' demand. Shippers, on the other hand, should consider maintaining a healthy financial structure as a crucial task in securing competitive shipping service providers.

• Proceedings of the Korean Society of Computer Information Conference
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• 2021.01a
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• pp.325-326
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• 2021

LNG는 환경규제에 따라 화석에너지에서 친환경 재생에너지로 전환되는데 중요한 역할을 하는 에너지원이다. UN산하 세계해사기구(IMO)의 MARPOL협약에 따라 선박 황산화물 배출가스규제로 LNG추진 선박에 대한 수요가 증가되고 있을 뿐만 아니라 미국의 쉐일혁명으로 LNG를 수출함에 따라 공급의 변화가 급격하게 이뤄지고 있다. 과거 국가 주도의 프로젝트 성격이 강한 LNG 운송시장은 장기정기용선계약이 대부분이었으나 수요와 공급시장의 급격한 변화로 스팟시장의 중요성이 커지고 있다. 따라서 본 논문은 LNG 운송시장에서 시장참여자들의 스팟거래에 합리적인 의사결정이 이뤄지도록 과학적인 예측방법을 제시하고자 한다. LNG 스팟운임 예측에 기계학습모델 중 인공신경망 모델을 적용할 것이며 기존의 시계열분석 방법인 ARIMA모델과 비교하여 본문에서 제시된 모델의 예측성능의 우수성을 확인하였다. 본 논문은 LNG 스팟운임을 다룬 최초의 연구로서 학문적인 차별성이 기대된다.