• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2011.06a
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• pp.89-90
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• 2011

The purposes of this study were to analyze the effects of a marine leisure exhibition event(MLEE)'s appraisal attributes on visitors' satisfaction and repurchase behavior and thus provide fundamental information that facilitates developing effective marketing and operational strategies for a MLEE. In order to accomplish such purposes, this study employed a survey with a total of 300 visitors to a MLEE hosted by G Province. Questionnaires were developed on the basis of related studies and modified to reflect the study context. Then, such questionnaires were verified to be valid and reliable through content validity, exploratory factor analysis and internal consistency analysis. Valid 286 questionnaires were analyzed with correlation analysis and multiple regression analysis on significance level of .05. Following findings were derived from current study. First of all, the appraisal attributes of a MLEE had a significant effect on visitors' satisfaction and among them only the factor of event program had a unique relation with the levels of satisfaction. In addition, the appraisal attributes of the MLEE also had a significant effect on visitors' repurchase behavior and among them event program, transportation and employee factors had unique relations with the performance variable in order. In conclusion, all the research hypotheses that had been set up through previous studies were confirmed in this study.

• Journal of Korea Port Economic Association
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• v.25 no.4
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• pp.21-44
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• 2009

This study aims to understand the conditions for using logistics outsourcing of Korean enterprises, present existing problems, examine factors affecting utility, and analyze the pattern of logistics outsourcing based on contract term, and to ultimately contribute to enhancing competitiveness of logistics enterprises. Through the literature survey 8 factors were identified as three broad factors of corporate strategy, corporate characteristics, and environment. Factor analysis was conducted on the bases of 155 collected data among 400 distributions for 2 months from April to May in 2008. From the result of analysis, the implication and finding can be summarized into three aspects. Firstly, Korean companies value factors relative to corporate strategies as motivating factors for logistics outsourcing. Secondly, Korean companies consider logistics outsourcing depending on how to handle customers' demands and the severity of competition. Thirdly, it was found that product and organization characteristics are perceived as more important when contract term with logistics business is longer. The implications can be observed into two aspects. Firstly once the logistics outsourcing between manufacturers and logistics companies are determined, it was verified that mutual agreement, particular contracts and periodic communications can increase the outcome. Secondly the logistics outsourcing appeared to be different depending on the level of entering to foreign market and resulted in higher performance as well.

• Journal of Korea Port Economic Association
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• v.26 no.4
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• pp.147-167
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• 2010

The purpose of this study is to analyze the components and verify the relationship among service quality, customer satisfaction and relationship quality in liner shipping company. In order to achieve the purpose of this study, literature survey related to service quality, customer satisfaction, relationship quality was carried out and took an empirical analysis by the use of questionnaire method for employees in international freight forwarders. The final results are as follows; First, correlations between service quality and customer satisfaction are found to be positive. But service quality component of tangibles and responsiveness with customer satisfaction are not to be positive. Second, as the other study on the similar logistics industries, the correlation between customer satisfaction and relationship quality is found to be positive in this study.

• Journal of Korea Port Economic Association
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• v.25 no.1
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• pp.107-124
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• 2009

In order to create value for maritime tourism industry, new port infrastructures have been planned, improvements in passenger terminal services have been designed, and new maritime transport technologies have been applied, so that ports improve their efficiency and the quality of their service more than their national and international competitors. Thus, the purpose of this study is to verify the dimensions of the service quality of ocean passenger terminal. Based on a survey of 260 customers in port of Busan and Inchon, terminal service quality's five main dimensions have been checked regarding their fit with the use of Confirmatory Factor Analysis. Empirical results support that this is a valid instrument for measuring service quality of a ocean passenger terminal. The interactive sequence of computing Cronbach's alpha, corrected item-to-total correlation, and factor analysis was repeated a few times and resulted in a final set of 19 items representing five distinct dimensions-tangibles, responsiveness, knowledge, reliability, and accessibility. This finding provides the more appropriate instrument to evaluate the customers perception as well as to measure the service quality of ocean passenger terminal.

• Journal of Navigation and Port Research
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• v.37 no.6
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• pp.699-707
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• 2013

With the increase in the trade volume between countries, the market of freight forwarders industry has been gradually growing. However, not only in Korea, with the number of global freight forwarders increasing, global competition has been increasingly fierce, and domestic freight forwarders are facing enormous challenges, therefore, the relevant policy sectors have carried out a series of supportive policies, while academics have conducted various researches. But most of them have focused on the current situation or the business model, and they could not get feedback on government support policies from enterprises. Using the AHP analysis, this study decided the priority of the government's ongoing supporting policies, compared the cognitive differences among of the companies of 3 different sizes, which was further verified using t-test. Then we compared the government support policies with the actual expectations of the companies to see if they matched on the basis of the previous results of this study, in order to help to strengthen the competitiveness of our freight forwarding industry.

• Journal of Korea Port Economic Association
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• v.32 no.1
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• pp.1-16
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• 2016

In this study, we explore the characteristics of directors' network structure and investigate the relationship among the network of board directors in the Korean logistics industry. Social network analysis reveals hidden patterns of the interlocking directors' network. We construct a directors' network index using social network analysis of the Korean logistics industry. Empirical results have showed that of the 23 companies analyzed, the network index of Korean Air is the highest. The interlocking network index of Korean Air, Hanjin and Hanjin Logistics Company is 0.4, 0.32 and 0.24 respectively. Korean Air has a strong central interlocking network that can create social power through the logistics industry. Our paper contributes to the broad literature in two ways. First, unlike the existing literature on director structure, this paper concentrates on the relationship among interlocking directors. Second, logistics firms need to be aware of the importance of networks and recognize the occurrence of power.

• Journal of Navigation and Port Research
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• v.45 no.6
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• pp.276-283
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• 2021

The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

• Journal of Korea Port Economic Association
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• v.37 no.1
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• pp.1-18
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• 2021

A coastal marine ranching project in Uleungdo had been conducted for 5 years from 2013 to 2017 with investment costs of 5 billion won, for the special purpose of the deployment of artificial reefs, the release of young fishes. The paper focuses on an ex-post analysis of the economic feasibility for the project after completing the project, which is apart from a preliminary viability. For economic analysis, the economic benefits are derived from direct benefits including increasing effects of fisheries income and saving effects of harvesting costs, and indirect benefits including increasing effects of recreational fishing and preservation effects of coastal marine ecosystems while economic costs include releasing and purchasing costs of artificial reef and juvenile fish, R&D costs, maintenance costs and harvesting costs. The result shows that the project should not be accepted according to NPV=-0.125 billion won, IRR=4.5% and B/C ratio=0.98 under Scenario 1 which considers direct benefits and indirect benefits excluding the preservation values, while the project should be accepted under Scenario 2 indicating NPV=30.9 billion won, IRR=11.3% and B/C ratio=1.49 which considers the direct benefits as well as the indirect ones including the preservation values, based on 4.5% of the social rate of discount.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.539-545
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• 2018

In recent years, research on shipping market forecasting with the employment of non-linear AI models has attracted significant interest. In previous studies, input variables were selected with reference to past papers or by relying on the intuitions of the researchers. This paper attempts to address this issue by applying the stepwise regression model and the random forest model to the Cape-size bulk carrier market. The Cape market was selected due to the simplicity of its supply and demand structure. The preliminary selection of the determinants resulted in 16 variables. In the next stage, 8 features from the stepwise regression model and 10 features from the random forest model were screened as important determinants. The chosen variables were used to test both models. Based on the analysis of the models, it was observed that the random forest model outperforms the stepwise regression model. This research is significant because it provides a scientific basis which can be used to find the determinants in shipping market forecasting, and utilize a machine-learning model in the process. The results of this research can be used to enhance the decisions of chartering desks by offering a guideline for market analysis.

• Journal of Navigation and Port Research
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• v.44 no.6
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• pp.541-549
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• 2020

This study conducts differential analysis on the financial positions of Korean shipping companies before and after the bankruptcy of the H carrier, looking specifically at their financial ratios, profit and loss patterns, and other factors related to their financial operation. Firstly, it was discovered that major measures of financial health, such as average assets per carrier, were not affected by the bankruptcy of the H carrier. However, despite this, most carriers experienced large changes in profits and losses, with total sales and shipping revenues averaging 424.5 billion won and 381.7 billion won respectively before the bankruptcy, but falling by half to 252.1 billion won and 234.6 billion won after the bankruptcy. Additionally, charter revenues and expenses also dropped by more than half. EBIT/sales and pre-tax revenue margins were also heavily affected after the bankruptcy, with both figures averaging 8% and 3% respectively before the bankruptcy, but falling into the negative range at -2% and -8% post-bankruptcy, resulting in significant deterioration in operational profitability. The study concludes that there is an urgent need to establish a global sales network, improve cost structures, and consistently secure stable cargo in order to increase Korean carriers' profitability. Of all financial measures, liquidity and total asset efficiency were identified as the most severely-impacted by the H carrier bankruptcy, thereby requiring the most pressing policy addressing.