• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.3
• /
• pp.73-107
• /
• 1992

• Journal of Korea Port Economic Association
• /
• v.38 no.2
• /
• pp.95-107
• /
• 2022

Shipping companies earn profits through cargo transportation, and therefore, investment decisions to purchase ships are more important than anything else. Nevertheless, the cash flow discount method was mainly used in the economic analysis method, which assumes that all situations are static. This study shows that the real option model is useful in the economic analysis of ship investment. This economic analysis took into account the irreversibility of investment and uncertainty of benefits. In particular, this study used a binary option price determination model among real options. In addition, the simulation was conducted using actual investment data of A shipping company. As a result of the analysis, the investment value of used ships according to the net present value method was analyzed as negative (-), but the investment value in the real option model reflecting the flexibility of decision-making was evaluated as having positive (+) economic feasibility. It was analyzed that economic feasibility is affected by profit volatility and discount rate. Therefore, this study is expected to help shipping companies make more flexible decisions by using the real option model along with the existing net present value method when making ship investment decisions.

• Journal of Korea Port Economic Association
• /
• v.39 no.2
• /
• pp.179-194
• /
• 2023

ASEAN is emerging as the next-generation market following BRICs. Korea is also an important economic cooperation partner as a second trading partner and third target for overseas investment. ASEAN is attracting attention as an attractive business place for many companies as a future investment area in the future. Therefore, the Korean government is strongly promoting a "New Southern Policy(NSP)" to develop cooperative relations with ASEAN. As ASEAN has recently emerged as a central area for shipping and logistics development, development cooperation and support for the shipping and logistics sector in the ASEAN region of neighboring countries are also active in entering the new southern region and the government is supporting it. In order to enter these countries, it is necessary to accurately understand the investment attraction system, strategy, and market for entering the business in other countries. Among the various methods of entering the overseas market, it is essential to understand the business selection and establishment method suitable for localization strategies such as foreign direct investment and establishment of foreign corporations. In order to understand the Overseas Investment Act and the Corporate Establishment Act of shipping and logistics-related companies who want to enter marine ASEAN countries, we will study the overseas investment method and the establishment method according to the type of company.

• Journal of Navigation and Port Research
• /
• v.37 no.5
• /
• pp.519-526
• /
• 2013

In managing shipping business, the concept of seaworthiness of the vessel has developed in accordance with the development of the shipping industry. However, despite of the development of the vessel's seaworthiness, marine accident has continuously occurred at sea. International Maritime Organization(IMO) has paid attention to the research and investigation of Human Error in shipping operations in addition to physical seaworthiness of the vessel. In 1994, IMO adopted the "International Management Code for the Safe Operation of Ships and for Pollution Prevention(ISM code)" of "SOLAS 1974" Annex, to take countermeasure against this human error. In 1999, Korea adopted the 'ISM Code' and then enacted the Maritime Safety Act (previously Maritime Traffic Safety Act). The Maritime Safety Act regulates necessary qualifications of the Human Resources of shipping companies for establishment and implementation of the safety management system. However, there has been a discrepancy between shipowners and ship management companies in interpreting the legislative texts, finally causing confusion. In this paper, I would like to examine the deficiencies in the regulation on the standard of qualifications of the Designated Person under the Maritime Safety Act and thereby suggest any possible improvements in it.

• Journal of Korean Society of Coastal and Ocean Engineers
• /
• v.6 no.2
• /
• pp.150-156
• /
• 1994

Shoreline change due to the littoral drift in Suyeong bay, especially the Gwanganri and Haeundae beaches, was investigated. Average monthly frequency. speed. and direction of winds blowing from between east and south for the last 15 years were analysed, and offshore significant waves were hindcasted using the JONSWAP model. Wave refractions, shoaling, and breaking weir also investigated for the calculation of littoral drift. At the Gwanganri beach major longshore transport of sands occurs from the southwest to the northeast and the shoreline seems to advance in the northeast while it recedes in the southwest. At the Haeundae beach the sands mainly move from the east to the west and the shoreline retreats in the east and advances in the west.

• Journal of Korea Port Economic Association
• /
• v.28 no.1
• /
• pp.179-201
• /
• 2012

Since 1993, M&A activities have been frequent in Liner shipping market. This study examines the effect of M&A on stock price reaction for acquiring firms listed on the market. The study covers the period from 1993 to 2009 and uses 61 daily closing prices of the acquiring firms before and after the M&A announcement day and is analyzed through the market-adjusted model in an event study. After calculating short-term performance using abnormal returns(AR) and cumulative average abnormal returns(CAR) before and after 30 days from the day of event, the results on the test show that the firm's values slightly increased through the M&A, but it does not attest to the statistical significance. In addition, this study investigates the AR difference between estimating windows and post-event windows for the 3 cases of each period before and after 30 days, 15 days, and 7 days from the event day to analyse the impact of M&A on the addition of acquiring firm's value. Our findings suggest that the M&A between Liner shipping companies is targeted for the long-term business strategy instead of the instant rise in the value of the firm involved.

• Journal of Korea Port Economic Association
• /
• v.34 no.4
• /
• pp.53-68
• /
• 2018

This paper analyzes comparatively business performance indicators and determinants of small and medium sized shipping logistics companies in Korea, using 2015 economic census data. For this purpose, this study estimates various business performance indicators according to 2015 small and medium sized companies classification standards, including operating income to sales and gross value-added to sales. In addition, this study analyzes determinants of business performance using generalized least squares models. The results indicate that average sales, operating income and value-added, sales and operating income per worker, operating income to sales, and material cost to sales of large sized companies are higher than those of small and medium sized companies. The business performance indicators differ by industry and size. Moreover, the determinants of business performance are analyzed in terms of the unemployment rate (-), number of employees (-), sales (+), labor cost ratio (+), and labor cost per employee (-) and the impacts of the individual explanatory variables based on elasticity are different. Finally, this quantitative information could be used to improve the business performance of domestic shipping logistics companies.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.13 no.2 s.29
• /
• pp.141-146
• /
• 2007

In this study, we have investigated several input factors and output factors to maintain safety management of domestic shipping companies, and then have analyzed the efficiency of performance about each shipping companies' safety management system from 1998 year to 2004 year using DEA method. The result of analysis shows that the annual mean efficiency index of total companies tended downward every year. Analysis was that the cause was increase of the cost of repairing ship, the cost of ship's stores and idle day of ship while the number of marine accidents and sanctions of PSC, ship's insurances and P&I insurances was decreased.

• 해운
• /
• no.1 s.12
• /
• pp.30-39
• /
• 2005

톤세제 도입을 주요 내용으로 하는 조세특례제한법 개정법률안이 지난해 12월29일 국회 본회의에서 가결된데 이어 12월31일 공포되어, 2005년 1월1일부터 시행되었다. 이로써, 그간 우리업계의 숙원사업으로 추진되어 온 톤세제 도의 국내도입이 가시화되었다. 다음은 톤세제도의 개요와 기본구조 등을 정리한 것이다. (편집자 주)

• 해운
• /
• no.7 s.18
• /
• pp.15-20
• /
• 2005

예나 지금이나 해적으로 인한 피해는 끊이지 않고 있다. 이 때문에 해적은 ‘인류의 공적’으로 간주되어 어떤 나라의 군함이라도 해적선에 대해서는 나포와 함께 자국의 국내법에 의거하여 처벌할 수 있도록 국제법에 규정하고 있다. 더구나 해적들이 빈번하게 출몰하는 수역 인접국가들이 해적퇴치를 위해 수색활동을 강화하면서 해적피해건수는 다소 줄고 있으나, 해적들의 약탈행위는 더욱 대담해지고 흉포화하는 양상을 보이고 있어 이에 대한 대책마련이 시급한 실정이다. (편집자 주).