• Journal of Life Science
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• v.22 no.6
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• pp.736-743
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• 2012

The aim of the study is to investigate the food habits of the Eurasian otter, Lutra lutra, and to examine any effects of the construction of the Busan New Port (BNP) on the prey. The frequencies and bulk estimate ratios of the biological debris, taken from spraints collected seasonally during the period from 2005 to 2011 at 16 areas, were analyzed. As the results, it was demonstrated that otters prey mainly on fish but occasionally on crustaceans and gastropods, etc., and the Mugiliformes was the most preferred fish. Although fish debris was observed throughout the season, it was suggested that the amount of fish eaten by the otter seemed to be associated with the amount of fish inhabiting the study area, judging from the striking similarities in the pattern of seasonal variations in each order of the fish between the frequency from the spraints and the fish catch. On the other hand, the frequencies of most of the fish, crustaceans, and gastropods from the spraints decreased from 2010, indicating the decrease of the amount of the prey by the construction of BNP and the strong possibility of the decrease in the number of otters in the near future. This is supported by the other studies, such as one showing a sudden decrease in the number of spraints since 2010, recent decrease in the fish catch, and the increase of marine pollution at this study area.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.546-554
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• 2018

The Bulk market, unlike the line market, is characterized by stiff competition where certain ship or freight owners have no influence on freight rates. However, freights are subject to macroeconomic variables and economic external shock which should be considered in determining management or chartering decisions. According to the results analyzed by use of ARIMA Inventiom model, the impact of the financial crisis was found to have a very strong bearing on the BDI index. First, according to the results of the VEC model, the libor rate affects the BDI index negatively (-) while exchange rate affects the BDI index by positively (+). Secondly, according to the results of the VEC model's J ohanson test, the order ship volume affects the BDI index by negatively (-) while China's economic growth rate affects the BDI index by positively (+). This shows that the shipping company has moved away from the simple carrier and responded appropriately to changes in macroeconomic variables (economic fluctuations, interest rates and exchange rates). It is believed that the shipping companies should be more aggressive in its "trading" management strategy in order to prevent any unfortunate situation such as the Hanjin Shipping incident.

• Journal of Korea Port Economic Association
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• v.37 no.2
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• pp.73-89
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• 2021

The handysize bulk carriers are capable of transporting a variety of cargo that cannot be transported by mid-large size ship, and the spot chartering market is active, and it is a market that is independent of mid-large size market, and is more risky due to market conditions and charterage variability. In this study, Granger causality test, the Impulse Response Function(IRF) and Forecast Error Variance Decomposition(FEVD) were performed using monthly time series data. As a result of Granger causality test, coal price for coke making, Japan steel plate commodity price, hot rolled steel sheet price, fleet volume and bunker price have causality to Baltic Handysize Index(BHSI) and charterage. After confirming the appropriate lag and stability of the Vector Autoregressive model(VAR), IRF and FEVD were analyzed. As a result of IRF, the three variables of coal price for coke making, hot rolled steel sheet price and bunker price were found to have significant at both upper and lower limit of the confidence interval. Among them, the impulse of hot rolled steel sheet price was found to have the most significant effect. As a result of FEVD, the explanatory power that affects BHSI and charterage is the same in the order of hot rolled steel sheet price, coal price for coke making, bunker price, Japan steel plate price, and fleet volume. It was found that it gradually increased, affecting BHSI by 30% and charterage by 26%. In order to differentiate from previous studies and to find out the effect of short term lag, analysis was performed using monthly price data of major cargoes for Handysize bulk carriers, and meaningful results were derived that can predict monthly market conditions. This study can be helpful in predicting the short term market conditions for shipping companies that operate Handysize bulk carriers and concerned parties in the handysize chartering market.

• Journal of Korea Port Economic Association
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• v.27 no.1
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• pp.263-280
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• 2011

The global financial crisis, triggered by the subprime mortgage crisis in 2007, has put the world economy into the recession with financial market turmoil. I tested whether variables were cointegrated or whether there was an equilibrium relationship. Also, Generalized impulse-response function (GIRF) and accumulation impulse-response function (AIRF) may be used to understand and characterize the time series dynamics inherent in economical systems comprised of variables that may be highly interdependent. Moreover, the IRFs enables us to simulate the response in freight to a shock in the USD/JPY exchange rate, Dow Jones industrial average index, Dow Jones volatility, Chinese Import volatility. The result on the cointegration test show that the hypothesis of no cointergrating vector could be rejected at the 5 percent level. Also, the empirical analysis of cointegrating vector reveals that the increases of USD/JPY exchange rate have negative relations with freight. The result on the impulse-response analysis indicate that freight respond negatively to volatility, and then decay very quickly. Consequently, the results highlight the potential usefulness of the multivariate time series techniques accounting to behavior of Freight.

• Journal of Korea Port Economic Association
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• v.36 no.2
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• pp.109-124
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• 2020

Using panel data on freight rates and ship prices in the dry freighter market from January 2015 to December 2019, this study investigates the characteristics of shipping industry fluctuations. The analysis aims at two aspects of academic contribution. First, this study analyzes the relationship between shipping indicators and ship price based on separate dry-bulk ships, while the previous research considered the overall shipping index and weighted average ship prices. Second, the VAR model for the causality test is extended to a heterogeneous mixed panel model capable of limiting coefficients. There is a peak estimated by removing the cross-correlation problem, which is mainly raised in panel data analysis, using bootstrap estimation and solving the problem of information loss due to differences in non-stationary data. An empirical investigation of the causal relationship between economic fluctuations and ship price shows that the effect on the ship price from the freight is significant at the 1% level. This implies that there is a one-way relationship with demand in the shipping industry rather than a bilateral relationship.

• Journal of the Korean Geotechnical Society
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• v.36 no.2
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• pp.17-28
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• 2020

With respect to the tensile strength of volcanic rocks in Jeju Island, a comparative study was conducted using the existing research results and the test results performed in this study. In addition, the characteristics and effectiveness of the cohesion and internal friction angle estimated from the Brazilian tensile strength and unconfined compressive strength of Jeju volcanic rocks were investigated. As results, the Brazilian tensile strength of Jeju volcanic rocks was closely related to absorption, and decreased exponentially as the absorption increased. It was confirmed that the internal friction angle was closely related to the ratio of unconfined compressive strength to Brazilian tensile strength (σ_c / σ_t), and increased logarithmically as the ratio of σ_c / σ_t increased. In addition, the ratios of σ_c / σ_t of Jeju volcanic rocks were in the range of 5~20 depending on the magnitude of internal friction angle. In the case of cohesion, it was closely related to the absorption and Brazilian tensile strength. The cohesion exponentially decreased as the absorption increased, such as the relation between the Brazilian tensile strength and absorption. It was confirmed that there was a linear relation between the cohesion and Brazilian tensile strength.

• Journal of Korea Port Economic Association
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• v.27 no.3
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• pp.41-64
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• 2011

This article investigates the interrelationships in daily returns using fractionally integrated error correction term and volatilities using constant conditional correlation and dynamic conditional correlation GARCH with asymmetries between Capesize and Panamax markets. Our findings are as follows. First, for the fractionally cointegrated error correction model, there is a unidirectional relationship in returns from the Panamax market to the Capesize market, but a bidirectional causal relationship prevails for the traditional error correction models. Second, the coefficients for the error correction term are all statistically significant. Of particular interest are the signs of the estimates for the error correction term, which are all negative for the Capesize return equation and all positive for the Panamax return. Third, there are bidirectional volatility spillovers between both markets and the direction of the information flow seems to be stronger from Panamax to Capesize. Fourth, the coefficients for the asymmetric term are all significantly positive in the Capesize market, but the Panamax market does not have a significant effect. However, the coefficients for the asymmetric term are all significant, implying that the leverage effect does exist in the Capesize and Panamax markets.

• Journal of Navigation and Port Research
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• v.34 no.3
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• pp.213-220
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• 2010

Following the application of Formal Safety Assessment(FSA) to bulk carriers, crude oil tankers and large passenger ships, an urgent need to consider the safety of general cargo ships has recently been raised through the International Maritime Organization(IMO)(IMO, 2006a), and related FSA studies are being carried out by International Association of Classification Societies(IACS) as a preparatory work for the discussion on the issue of general cargo ship safety in the IMO committee. FSA is a structured and systematic methodology which is based on the techniques of risk analysis and cost benefit assessment to assist in the decision-making process, and aims at enhancing maritime safety, including protection of life, health, the marine environment and property. FSA can be used as a tool to facilitate the development of regulatory changes equitable to the various parties, with a view to aiding the achievement of consensus, and to help in the evaluation of new regulations and in making a comparison between existing and possibly improved regulations(IMO, 2007). This study aims at verifying the usefulness of FSA methods as a tool to conduct a safety assessment of general cargo ships flying the Korean flag, and providing useful information on 'the safety of general cargo ships' for IMO committee's discussion on the matter at a future session. FSA comprises five steps, however, steps 1(Hazard identification) and 2 (Risk analysis) from the FSA study for the Korean-flagged general cargo ships are discussed in this paper.

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.297-311
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• 2011

This paper deals with a strategic investment decision model for improving investment profit in shipping industry. Despite the quantitative expansion of Korean shipping business, many shipping firms have suffered financial difficulties due to financial and operating risks that result from the characteristics of capital-intensive business as well as of volatility of shipping markets. As a result, managers in charge of making an investment decision, particularly in tramper business sector, are required to take both financial and operating risk factors into consideration. Put it differently, managers are strongly recommended to avoid these risks by ship asset play; buy-low and sell-high, which results in considerable capital gain and cost reduction. In addition, managers in shipping industry are also recommended to consider the ship chartering investment alternative when the freight markets show extreme volatility as the case of 2008 triggered by sub-prime mortgage financial crisis in USA. For example, the BDI suffered plunging down from 1000 in 2008 to 100 in 2010. Consequently, the 4th largest shipping company in Korea, DAEHAN Shipping Co., has collapsed primarily due to excessive tonnage expansion during the peak time of bulk market. In sum, the strategic investment decision model, suggested in this paper, is designed to include such factors as capital gain by asset play, timely chartering for alternative shipping service, and optimization of operating profit by tonnage adjustment in accordance with change in the shipping markets concerned.

• Journal of Navigation and Port Research
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• v.39 no.6
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• pp.465-472
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• 2015

SEEMP (Ship Energy Efficiency Management Plan) guidelines for a ship's GHG reduction include a machinery modification of hull, an installation of energy efficiency enhanced attachment in hardware methods. It is also possible to bring a ship energy efficiency improvement by fuel-efficient operations or in other software methods. Hardware modification or installation on ship can bring financial burdens to a ship company compared to its improvement expectation. On the other hand, Software based energy-saving technology can be applicable on various ship types, and it is also expected high efficiency of ship energy use compared to hardware based technology in perspective of the investment costs and efficiency. In this paper, it is described that the ship handling simulator based evaluation was carried out using representative ship model of bulk, container and VLCC. Simulation environments were separated into 6 conditions according to the sea-state and weather condition, and the operation results were compared with those before and after energy saving system applied The container ship showed the largest FOC save rate after energy saving system applied although the others also showed energy save rate after using the system.