• Journal of Navigation and Port Research
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• v.46 no.4
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• pp.375-384
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• 2022

The shipping industry is cyclically impacted by complex variables such as various economic indicators, social events, and supply and demand. The purpose of this study was to analyze the operating profit of 13 Korean liner companies over 30 years, including the financial crisis of the late 1990s, the global financial crisis of the late 2000s, and the COVID-19 global pandemic. This study was conducted to also identify factors that impacted the profit ratio of Korea's liner shipping companies according to economic conditions. It was divided into ocean-going and short-sea shipping, reflecting the characteristics of liner shipping companies, and was analyzed by hierarchical multiple regression analysis. The time series data are based on the Korean International Financial Reporting Standards (K-IFRS) and comprise seaborne trade volume, fleet evolution, and macroeconomic indicators. The outliers representing the economic downturn due to social events were separately analyzed. As a result of the analysis, the China Container Freight Index (CCFI) positively impacted ocean-going as well as short-sea liner shipping companies. However, the Korean container shipping volume only impacted ocean-going liners positively. Additionally, world and Korea's GDP, world seaborne trade volume, and fuel price are factored in the operating profit of short sea liner shipping. Also, the GDP growth rate of China, exchange rate, and interest rate did not significantly impact both groups. Notably, the operating profitability of Korea's liner shipping shows an exceptionally high rate during the recessions of 1998 and 2020. It is paradoxical, and not correlated with the classical economic indicators. Unlike other studies, this paper focused on the operating profit before financial expenses, considering the complexity as well as difficulty in forecasting the shipping cycle, and rendered conclusions using relatively long-term empirical analysis, including three economic shocks.

• Korean Journal of Remote Sensing
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• v.39 no.5_4
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• pp.1173-1183
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• 2023

Over the past 20 years, Korea's overall import and export cargo volume has increased at an average annual rate of approximately 5.3%. About 99% of the cargo is still being transported by sea. Due to recent increases in maritime cargo volume, congestion in maritime logistics has become challenging due to factors such as the COVID-19 pandemic and conflicts. Continuous monitoring of ports has become crucial. Various ground observation systems and Automatic Identification System (AIS) data have been utilized for monitoring ports and conducting numerous preliminary studies for the efficient operation of container terminals and cargo volume prediction. However, small and developing countries' ports face difficulties in monitoring due to environmental issues and aging infrastructure compared to large ports. Recently, with the increasing utility of artificial satellites, preliminary studies have been conducted using satellite imagery for continuous maritime cargo data collection and establishing ocean monitoring systems in vast and hard-to-reach areas. This study aims to visually detect ships docked at berths in the Busan New Port using high-resolution satellite imagery and quantitatively evaluate berth utilization rates. By utilizing high-resolution satellite imagery from Compact Advanced Satellite 500-1 (CAS500-1), Korea Multi-Purpose satellite-3 (KOMPSAT-3), PlanetScope, and Sentinel-2A, ships docked within the port berths were visually detected. The berth utilization rate was calculated using the total number of ships that could be docked at the berths. The results showed variations in berth utilization rates on June 2, 2022, with values of 0.67, 0.7, and 0.59, indicating fluctuations based on the time of satellite image capture. On June 3, 2022, the value remained at 0.7, signifying a consistent berth utilization rate despite changes in ship types. A higher berth utilization rate indicates active operations at the berth. This information can assist in basic planning for new ship operation schedules, as congested berths can lead to longer waiting times for ships in anchorages, potentially resulting in increased freight rates. The duration of operations at berths can vary from several hours to several days. The results of calculating changes in ships at berths based on differences in satellite image capture times, even with a time difference of 4 minutes and 49 seconds, demonstrated variations in ship presence. With short observation intervals and the utilization of high-resolution satellite imagery, continuous monitoring within ports can be achieved. Additionally, utilizing satellite imagery to monitor changes in ships at berths in minute increments could prove useful for small and developing country ports where harbor management is not well-established, offering valuable insights and solutions.