• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.83-96
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• 2023

As the globalization of the world economy progresses, the role and importance of shipping and ports continue to increase, and these industries have been developed as core national industries that create diverse added value on the front lines of import and export. However, the bankruptcy of Hanjin Shipping Co., Ltd., which representedSouth Korea, hadan impact on of the nation's competitiveness, and its aftermath has been reported both directly and indirectly until recently. Therefore, this study statistically investigated how Hanjin Shipping Crisisaffected the container traffic volume and structural changes at Gwangyang Port using intervention analysis. The main results of this research are that the impact on the decline in container volume at Gwangyang Port was greater at the start of the voluntary arrangement (Apr., 2016) than at the bankruptcy of Hanjin Shipping (Feb., 2017), resulting in a decrease of 983,000 TEU (268,000 TEU per year). This study will remind us of the importance of the shipping industry and shipping policy, and provide a theoretical foundation that will help the government make more prudent and correct policy decisions.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.97-106
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• 2023

Most scholars and media viewed the cause of the bankruptcy of Hanjin Shipping, which once boasted the world's seventh largest company, as management failure or CEO risk. However, in this study, the cause of Hanjin Shipping's bankruptcy was considered to be the collective action of ship investment from a behavioral economics perspective, and it was pointed out that the Korean government's inflexible fleet expansion policy was the background for this collective action. In short, the cause of Hanjin Shipping's bankruptcy was the purchase of ships during the boom period, and the root cause of the purchase of ships during the boom period was pointed out as 'collective action in which one feels safe only by following the actions of others.' In addition, in order to achieve the goal of 'shipping competitiveness = fleet size' set by our government, a policy was implemented to encourage ship purchases during recessions and even boom times, and this policy signaled to the market that 'now is a good time to buy ships'. It can be pointed out that was given.

• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.41-50
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• 2021

This study investigated what the general public thinks about the shipping industry and how important it is. As a result of the study, more than half of the respondents answered that they knew a little about the shipping industry or that they were normally knew about the shipping industry. Regarding the necessity of budget input to prevent bankruptcy of national shipping companies, it was found that more than half of the respondents answered that it was necessary or moderate. Regarding the necessity of maintaining a national shipping companies, 53% of respondents said it was necessary, and 23% of respondetns said it was normal. However, when asked if they thought that maintaining a national shipping companies would benefit me and my family, 39% of respondetns answered "normal" and 28% of respondetns answered "mostly". As for the cause of Hanjin Shipping's bankruptcy, 49% of respondents said that the owners' family members were immoral and incompetent, and 17.4% of respondetns said that the shipping market conditions deteriorated. Regarding the necessity of fostering the shipping industry, foreign currency acquisition and service balance improvement through export of shipping services accounted for 43.5%, and smooth transportation of import and export cargo accounted for 36.5%. When asked what kind of damage I suffered from Hajin Shipping's bankruptcy, 54.6% answered other (not much), and 14.5% said inflation. Abouve these results, this study gave implication in terms of public promotion and transparent business management.

• 해운
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• no.2 s.2
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• pp.68-72
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• 2004

• 해운
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• no.4 s.3
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• pp.52-55
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• 2004

• 해운
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• no.12 s.34
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• pp.2-4
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• 2006

• Journal of Korea Port Economic Association
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• v.31 no.1
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• pp.37-49
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• 2015

According to outstanding maritime economists from domestic and overseas, shipping lines or ships' enlargement reduce fixed costs, and assist realization of scale of economy of shipping. On the contrary, recent Korean liquidity crisis on the shipping lines (SL) has been focused on the leading companies such as Hanjin Shipping (HJS), Korealines, and STX Pan Ocean. In this respect, this study aims to review Korean SLs' strategies and suggest the optimal solution between the specialization and enlargement. For these purposes, this research adopts slack based measure data envelopment analysis (SBM-DEA) model as a research methodology. As for decision making units (DMUs), SLs which have increased the vessel numbers and belonged to top tier group in year 2013, are selected. The results are comprised with two aspects. Firstly, HJS, KMTC, Korea LNG Trading (KLT), EUKOR, and Sinokor Tanker show the most efficient in regard to constant return to scale (CRS) model. Secondly, HJS, KMTC, KLT, Daerim, Chungang, Sinnokor Tanker, and EUKOR are the most efficient companies in terms of variable return to scale (VRS) model. Lastly, these results could be affected to the management philosophy and can answer the following question. Which is the most optimized SL?s management decision making, enlargement or specialization?

• 해운
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• no.2 s.13
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• pp.10-17
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• 2005

• 해운
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• no.3 s.14
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• pp.16-23
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• 2005

• The Korean Journal of Air & Space Law and Policy
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• v.32 no.1
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• pp.177-200
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• 2017

This writer have thus far reviewed the civil and criminal obligations of the directors of a parent company that sponsored financially troubled affiliates. What was discussed here applies to logistics companies in the same manner. Hanjin Shipping cannot expect its parent company, Korean Air to prop it up financially. If such financial aid is offered without any collateral, under Korean criminal law, the directors of the parent company bears the burden of civil and criminal responsibility. One way to get around this is to secure fairness in terms of the process and the content of aid. Fairness in terms of process refers to the board of directors making public all information and approving such aid. Fairness in terms of content refers to impartial transactions that block out any possibilities of the chairman of the corporate group acting in his private interest. In the case of Korean Air bailing out Hanjin, the meeting of board of directors were held five times and a thorough review was conducted on the risks involved in the loans being repaid or not. After the review, measures to guard against undesirable scenarios were established before finally deciding on bailing out Hanjin. As such, there are no issues. In terms of the fairness of content, too, there were practically no room for the majority shareholder or controlling shareholder to pocket profits at the expense of the company. This is because the continued aid offered to a financially troubled company (i.e. Hanjin Shipping) was a posing a burden to even the controlling shareholder. This writer argues that the concept of the interest of the entire corporate group needs to be recognized. That is, it must be recognized that the relationship of control and being controlled between parent company and affiliate company, or between affiliate companies serves a practical benefit to the ongoing concern and growth of the group and is therefore just. Moreover, the corporate group and its affiliates, as well as their directors and management must recognize that they have an obligation to prioritize the interests of the corporate group ahead of the interests of the company that they are directly associated with. As such, even if Korean Air offered a loan to Hanjin Shipping without collateral, the act cannot be treated as an offense to law, nor can the directors be accused of damages that they bear the responsibility of compensating under civil law.