• Journal of Korea Port Economic Association
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• v.35 no.4
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• pp.107-120
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• 2019

Crude oil is a resource that is being used as a raw material in major industries, representing the price of the raw material market. It is also an important element that affects the shipping market in terms of fuel costs for freight vessels. As a result, crude oil and freight rates are closely related. Therefore, from January 2009 to June 2019, this study analyzed the dependency structure between oil price (WTI) and freight rates (BDI, BCI, BPI, BSI, and BHI) using daily data. The main results are summarized as follows. First, according to the copula results, survival Gumbel copula in WTI-BDI, Clayton copula in WTI-BCI, Survival Joe copula in WTI-BPI, Joe copula in WTI-BSI, and survival Gumbel copula in WTI-BHI were selected as the best-fitted model. Second, looking at Kendall's tau correlation, there is a positive correlation between BDI and oil price. Furthermore, freight rate index (BCI, BPI, BSI) and oil price show positive dependencies. In particular, the strongest dependence was found in BCI and oil price returns. However, BHI and oil price show a negative dependency. Third, looking at the tail-dependency structure, a pair between oil price and BDI, BCI showed a lower tail-dependency. The pair between oil price and BSI showed the upper tail-dependency.

• Journal of Navigation and Port Research
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• v.27 no.2
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• pp.137-143
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• 2003

The prevention of marine accidents has been a important topic in marine society for long time, and various safety policies and countermeasures have been developed and applied to prevent those accidents. In spite of these efforts, however, significant marine accidents have taken place intermittently. Ship is being operated under a highly dynamic environments, and many factors are related with ship's collision, whose factors are interacting. So, the analysis on ship's collision causes are very important to prepare countermeasures which will ensure the safe navigation. This study analysed the ship's collision data over the past 10 years(1991-2000), which is compiled by Korea Marine Accidents Inquiry Agency. The analysis confirmed that‘ship's collision’is occurred most frequently and the cause is closely related with human factor. The main purpose of this study is to analyse human factor. For this, the structure of human factor is analysed by the questionnaire methodology. Marine experts were surveyed based on major elements that were extracted from the human factor affecting to ship's collision. FSM has been widely adopted in modeling a dynamic system which is composed of human factors. Then, the structure analysis on the causes of ship's collision using FSM are performed. This structure model could be used in understanding and verifying the procedure of real ship's collision. Furthermore it could be used as the model to prevent ship's collision and reduce marine accidents.

• Journal of Navigation and Port Research
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• v.38 no.5
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• pp.527-539
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• 2014

This study establishes the research model and sets up the hypothesis in order to analyze the effect of the type of mixed manning and the ratio of foreign crew on the group cohesiveness, job satisfaction and organizational commitment in ship organizations and the moderating effect of the acceptance and adaptation of cross-culture. For statistical hypothesis testing, it conducts a questionnaire survey targeting mixed manning ships and examines empirically the inter-variables relation through the regression. The result of empirical research is that the group cohesiveness, job satisfaction and organizational commitment in the ship organization of Korean master(chief engineer) and foreign officers is higher than that of Korean master and officers. Moreover, it is found that the group cohesiveness of 31~50% foreign crew group is less than that of the others. However, There is no moderating effects of the acceptance and adaptation of cross-culture. Additionally, it demonstrates the higher job satisfaction and organizational commitment in the stronger cohesiveness groups. The finding suggests the rationale that shipping and ship management companies could raise the group cohesiveness, job satisfaction and organizational commitment by moderating the type of mixed manning and the ratio of foreign crew.

• Journal of Navigation and Port Research
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• v.44 no.3
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• pp.253-263
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• 2020

In the case of government policies related to the Arctic Ocean, there is a "Northern Sea activity promotion basic plan" presented by the Ministry of Maritime Affairs and Fisheries, but it is difficult to adjust the timing of the policy enforcement and consider the importance of policies because no concrete order of enforcement of policies or weight has been presented by the government. In view of this, the purpose of this study was to estimate the priorities of the government's Arctic policies. Additionally, this study also presents priorities for "support measures" and "foreign cooperation measures" for the smooth implementation of Arctic policies. As for the methodology of this study, the CFPR (Consistent Fuzzy P reference Relations) method, which can comprehensively estimate expert opinions, was applied. According to the results of the analysis, the most important Arctic policy of the government was shown to be "Cooperation for Shipping and Logistics, such as Pioneering Northern Sea Routes" (0.087), followed by "Fostering Professional Manpower" (0.086), and "P reparing Institutional Foundation and Blueprint" (0.085). The results of this study have implications for the establishment of Arctic Ocean-related policies by policymakers as well as authorities.

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

• Journal of Navigation and Port Research
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• v.46 no.3
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• pp.289-296
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• 2022

The purpose of this study was to investigate the inter-correlation between crude oil prices and Dry Bulk Freight rates. Eco-friendly shipping fuels has being actively developed to reduce carbon emission. However, carbon neutrality will take longer than anticipated in terms of the present development process. Because of OVID-19 and the Russian invasion of Ukraine, crude oil price fluctuation has been exacerbated. So we must examine the impact on Dry Bulk Freight rates the oil prices have had, because oil prices play a major role in shipping fuels. By using the VAR (Vector Autoregressive) model with monthly data of crude oil prices (Brent, Dubai and WTI) and Dry Bulk Freight rates (BDI, BCI and (BP I) 2008.10~2022.02, the empirical analysis documents that the oil prices have an impact on Dry bulk Freight rates. From the analysis of the forecast error variance decomposition, WTI has the largest explanatory relationship with the BDI and Dubai ranks seoond, Brent ranks third. In conclusion, WTI and Dubai have the largest impact on the BDI, while there are some differences according to the ship-type.

• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.103-126
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• 2021

The purpose of this study is described in detail as follows. First, I would like to define what digital transformation is in the maritime transport sector. Second, it is intended to derive success factors for digital transformation in the maritime transportation field by examining various preceding studies related to digital transformation. Finally, in order to derive priorities for the derived success factors, an AHP analysis model is built and an expert survey is conducted for practical experts in the maritime transportation field. Based on the survey results, we would like to provide guidelines on what factors should be considered first among the success factors of digital transformation in the maritime transportation sector. In this study, in order to derive the priority of success factors for digital transformation in the maritime transportation field, the hierarchical structure was divided into four high-level evaluation items(strategic factors, organizational culture and human factors, technology factors, and environmental factors) and 21 sub-evaluation items. A relative evaluation method of weighting items among AHP(Analytic Hierarchy Process) was applied. AHP analysis of 24 questionnaires with a consistency ratio of 0.1 or less in order to increase the accuracy of information among questionnaires collected through maritime transportation related university professors, research groups, shipping companies, container terminals, and experts engaged in shipping related IT companies was carried out. As a result of the analysis, the priority of the first-tier factors for the success factors of digital transformation in the maritime transport sector was shown in the order of strategic factors, organizational culture and human factors, technology factors, and environmental factors. In addition, when looking at the priorities of 21 detailed items, it was found that the development of new business models, the creation of an active future digital strategy, and the leadership of the chief digital officer were high.

• Journal of Navigation and Port Research
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• v.46 no.4
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• pp.359-366
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• 2022

While the Forward Freight Agreement (FFA) has emerged as an effective hedging tool since early 1990, the basis risk and cash flow distortions have been addressed as obstacles to the active use of FFAs. This research analyses the basis risk of FFAs and provides a feasible suggestion to reduce it. Basis risk is divided into timing basis, route basis, size basis, and low liquidity basis. The timing basis is defined as the difference between the physical hire, fixed on the specific contract date and the FFA settlement price, calculated by averaging spot rates for a certain period. Timing basis is considered the worst in eroding the effectiveness of FFAs. This paper suggests a change of hire payment criterion from contract date to 15-day moving average, as a means of mitigating the basis risk, and analyzed the effectiveness through historical simulation. The result revealed that the change is effective in mitigating the timing basis. This study delivers a meaningful implication to shipping practice in that the change of hire payment criterion mitigates the basis risk and eventually activates the use of FFAs in the future.

• Journal of the Korean Society of Marine Environment & Safety
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• v.28 no.5
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• pp.764-772
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• 2022

The shipping and port industries have traditionally been male-centered, and although the scope of entry for female mariners is increasing, the proportion of female workers is still low. However, research on career barriers and career decision levels in this industry has not yet been conducted. This study can explain the dif iculties in career development experienced by women in this industry and comprehensively explain the socio-cultural context or environmental factors to which the individual belongs in order to improve it. The purpose of this study was to derive career barrier factors and investigate how they affect career decision levels among female students enrolled in M University's Maritime College. The career barriers perceived by female students at Maritime College were derived from gender discrimination (GD), career undecided and lack of preparation (IOU), work-family conflict (WFC), lack of individual characteristics (LPQ), and lower-than-expected job prospects (LOE). As a result of analyzing how the derived career barrier factors af ect the career decision level, it was found that IOU had a significant negative effect on the career decision level. GD, WFC, LPQ, and LOE did not have a significant effect on career decision level. The study conclusions can be used as important data for career guidance and counseling for female maritime college women who want to overcome career barriers and improve their career decision-making levels.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2022.11a
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• pp.158-159
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• 2022

Due to the climate crisis, various environmental regulations including greenhouse gas reduction are in effect. This is not limited to any specific industry sector, but is affecting the entire industry worldwide. For this reason, the IMO and governments of each country are announcing strategies and policies related to the shipbuilding and shipping industries. The current regulations can be partially resolved through additional facilities such as scrubbers while using existing fossil fuels, but ultimately, the emission of greenhouse gases such as CO2 from the exhaust gases generated by ships must be restricted through energy conversion. To this end, it is necessary to develop fuels that can replace traditional fuels such as oil and natural gas. Among them, hydrogen is attracting attention as a clean energy that does not emit pollutants when used as a fuel. However, hydrogen has a wide explosive range and a fast dispersion speed, so research on this is necessary. Therefore, in this paper, when hydrogen leakage occurs in the fuel preparation room of a hydrogen-powered ship, the trend was analyzed and the ventilation characteristics were investigated.