• Journal of Korea Port Economic Association
• /
• v.27 no.1
• /
• pp.213-234
• /
• 2011

The literature on efficiency of the maritime and shipping industry has typically focused on container ports and terminals. The study presented in this paper uses data envelopment analysis to evaluate ocean carriers based on financial and operational data from 2004 to 2007. A comparison is made up of the efficiency of global ocean carriers in efficiency of financial and operational performance respectively. A positive correlation is shown between the input and output data. In the static-efficiency analysis, we describe CCR, BCC and scale efficiency of Global Ocean Carriers in 2007. And we also provide about the stability and trend of their efficiency for four years (2004-2007) in the dynamic-efficiency analysis. The empirical results validate the necessity of restoring freight rates to facilitate the efficiency of the global ocean carriers supported by adjust of the supply of containership space. The study provides a basis for estimating the competitiveness of international shipping companies, for benchmarking best practice and for identifying the specific factors and causes of inefficiency.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.10 no.2 s.21
• /
• pp.61-67
• /
• 2004

The development motive and maintenance of navigation system were military strategy purpose since middle of 20th century. During cold war period between the United States and the Soviet since the Second World War, advanced navigation system that two countries are responded individually have done development competitively. These systems are exhibited on general except military purpose gradually and are taking charge of point role in economy transport activity such as transportation of logistics between the country. Navigation system can divide into ground system and satellite system. Representative system of ground system is Loran-C(Long Range Navigation), and representative system of satellite system is GPS(Global Position System). Loran-C system is a system that use much in all the world country sea and ground, but GPS and DGPS that present is a satellite navigation system are used much. According to development of satellite system, examine about actual conditions of Loran-C navigation system and practical use plan in this paper because there is controversy about role of Loran-C navigation device along with Loran-C's operation and user decrease, and discusses for Loran-C's development direction.

• Journal of the Korea Institute of Information and Communication Engineering
• /
• v.18 no.9
• /
• pp.2216-2222
• /
• 2014

A recent trend of increasing container traffic volume using reefer container demands continuous management of reefer container in transit. However, reefer containers can only be monitored at terminal or in ship during marine transportation instead of throughout entire section. In the case of inland transportation section using truck or train, monitoring is not possible currently. The reason is because the reefer container monitoring method using PCT recommended by IMO and conventional monitoring methods using TCP/IP, RFID communication require establishing additional communication infrastructure. This paper will propose a new reefer container control device that not only solves these problems and monitors during inland transportation section but also controls reefer container. Using data port attached to every reefer container, the proposed device collects the information of reefer container and using M2M communication technology, it transmits information to server without the need to establish additional communication infrastructure. In addition, it can control the operational status of reefer container upon receiving control information set in server such as temperature of reefer container.

• Journal of Korea Port Economic Association
• /
• v.30 no.1
• /
• pp.73-96
• /
• 2014

Competitiveness of container ports has been traditionally evaluated by capability of individual ports to provide services to customers or their service quality. However, since container ports are connected by container shipping networks to varying degrees, the status of the ports in liner shipping service networks also determines competitiveness of the ports. Sometimes same ports may play different roles in different forms of shipping networks. Shipping network connections that formulate in container ports therefore have more significant impact on their performance than service capabilities they have. This study aims to explore how the shipping and port network has been structured and changed in the past and to examine the network characteristics of ports using Social Network Analysis(SNA). In this SNA study, nodes in the network are the ports-of-call of the liner shipping services and links in the network are connections realized by vessel movements, such that the liner shipping networks determine the port networks. This study, therefore, investigates the liner shipping networks and through its results demonstrates the network characteristics of the ports that are represented by the four centrality indices. This provides port authorities and terminal operating companies with managerial implications to enhance competitiveness from customers' perspectives.

• Journal of Digital Convergence
• /
• v.17 no.7
• /
• pp.1-13
• /
• 2019

The purpose of this study is to examine the main features of South Korea's New Northern Policy and to make some suggestions for cooperation with neighboring countries' initiatives. The New Northern Policy encompasses the whole of Eurasia, but the starting development area would be the border region of the Korean Peninsula. In this viewpoint, this study examines the Belt and Road Initiative of China, the New Eastern Policy of Russia and the Steppe Road Initiative of Mongolia, and presents the characteristics, problems and some implementation strategies of the New Northern Policy. Apart from the future possibilities of the regional cooperations that include North Korea, it would be necessary for South Korea to secure and expand the possible opportunities for "Korea-China-Mongolia-Russia" cooperation. In order to create a close cooperative environment with North Korea in the future, it would also be necessary to build a maritime route, with port development around major border regions on the Korean Peninsula, including Russia, and to develop the port-railway intermodal transportation system with neighboring countries. South Korea need to actively cooperate with neighboring countries to develop the new Eurasia logistics routes would be more favorable to the Korean Peninsula in preparation for the time when the North Korean nuclear issue will be resolved.

• Journal of Korea Port Economic Association
• /
• v.35 no.2
• /
• pp.61-76
• /
• 2019

The purpose of this study is to use the EGARCH model and Granger causality test to analyze how the change in the BDI affects the Korean stock price volatility. The main analysis results are summarized as follows. First, according to the results of the mean equation, the change in the BDI is significant in large-cap stocks, as well as in the manufacturing, service, and chemistry indexes, but not in others. This implies that the Korean stock market does not respond appropriately to the maritime market situation; further, the increase in demand for raw materials has not led to a real economic recovery. Second, in the result of the variance equation, the coefficient on the change in the BDI is negative(-), and the change in the BDI is significant for all size indexes. Particularly, the change in the BDI has a greater impact on the volatility of small-cap stocks than that of large-cap stocks. The results of the analysis of the sector indexes were statistically significant for the service, financial, construction, and electric and electronics industries, but not for the manufacturing and chemical industries. In particular, the changes in the BDI have the greatest impact on the construction industry. Third, according to the Granger causality test results, the change in the BDI leads the financial industry and construction industry. There is, however, no relationship between the BDI and the other indexes. This shows that change in the shipping freight index can be used to predict the volatility in the Korean stock market. This can help investors and policymakers make better decisions.

• Korea Trade Review
• /
• v.43 no.6
• /
• pp.51-70
• /
• 2018

This study is to define the relationship between capital structure and the market share in the global shipping market, estimating the debt-equity ratio. To analyze the impact of the debt-equity ratio on market share, this study collected data from the 100 largest shipping companies from 2010 to 2017. Results identified that global shipping lines moderate their debt-equity rates to 62%, and all of them strategically utilize debt in order to increase market share in global shipping market. In comparison between the group focused on cargo volume and another group focused on freight rates, it is found that the group focused on cargo volume increase their handling cargo volume through increasing the debt rates. Another group used debt rate for reducing the freight rate and enhancing market power. Furthermore, after classifying the samples into high-growth and low-growth companies, this study compared the group focused on cargo volume and another group focused on freight rates. As a result, the low-growth group showed more significant impacts of the debt rate on market share than the high-growth group. The results of this study provide useful insight for future strategic decision making of shipping lines in the global shipping market.

• Korea Trade Review
• /
• v.43 no.5
• /
• pp.159-177
• /
• 2018

The container shipping sector is an important international logistics operation that connects open economies. Freight rates rapidly change as the market fluctuates, and staff related to the shipping market are interested in factors that determine freight rates in the container market. This study uses the Vector Error Correction Model(VECM) to estimate the impact of factors affecting container freight rates. This study uses data published by Clarksons. The analysis results show a 4.2% increase in freight rates when world container traffic increases at 1.0%, a 4.0% decrease in freight rates when volume of container carriers increases by 1.0%, a 0.07% increase in freight rates when bunker price increases by 1.0%, and a 0.04% increase in freight rates accompanying 1.0% increase in libor interests rates. In addition, if the current freight rate is 1.0% higher than the long-term equilibrium rate, the freight rate will be reduced by 3.2% in the subsequent term. In addition, if the current freight rate is 1.0% lower than the long-term equilibrium rate, the freight rate will decrease by 0.12% in the following term. However, the adjusting power in a period of recession is not statistically significant which means that the pressure of freight rate increase in this case is neglectable. This research is expected to contribute to the utilization of scientific methods in forecasting container freight rates.