• Journal of Navigation and Port Research
• /
• v.29 no.9
• /
• pp.795-800
• /
• 2005

Nowadays, road transportation which has played a key role in the market of both passenger and freight transportation is facing with a serious problem, the traffic congestion causing a delay of transportation. Therefore, railroad transportation is considered as an attractive alternative mode of inland transportation due to its inherent merits in mass transportation such as relatively low cost compared with road transportations, less air pollution and noise than other mode ets. In this paper, therefore, we examine the current situation of railroad transportation markets including TKR(Trans- Korean Railway}, TSR(Trans-Siberian Railway} and prospects for the connection of TKR-TSR. And then we examine the structure of the container transportation market by railroad in Korea with a brief analysis of the traffic volume of TKR-TSR.

• International Journal of Naval Architecture and Ocean Engineering
• /
• v.13 no.1
• /
• pp.352-366
• /
• 2021

To decrease Europe's harmful emissions, the European Union aims to substantially increase its offshore wind energy capacity. To further develop offshore wind energy, investment in ever-larger construction vessels is necessary. However, this market is characterised by seemingly unpredictable growth of market demand, turbine capacity and distance from shore. Currently it is difficult to deal with such market uncertainty within the ship design process. This research aims to develop a method that is able to deal with market uncertainty in early ship design by increasing knowledge when design freedom is still high. The method uses uncertainty modelling prior to the requirement definition stage by performing global research into the market, and during the concept design stage by iteratively co-evolving the vessel design and business case in parallel. The method consists of three parts; simulating an expected market from data, modelling multiple vessel designs, and an uncertainty model that evaluates the performance of the vessels in the market. The case study into offshore wind foundation installation vessels showed that the method can provide valuable insight into the effect of ship parameters like main dimensions, crane size and ship speed on the performance in an uncertain market. These results were used to create a value robust design, which is capable of handling uncertainty without changes to the vessel. The developed method thus provides a way to deal with market uncertainty in the early ship design process.

• Journal of Korea Port Economic Association
• /
• v.38 no.4
• /
• pp.107-118
• /
• 2022

In this study, daily data from January 2002 to June 2022 were used to investigate the relationship between risk-return relationship and market fear, uncertainty, stock market, and maritime freight index for the crude oil market. For this study, the time varying EGARCH-M model was applied to the risk-return relationship, and the wavelet consistency model was used to analyze the relationship between market fear, uncertainty, stock market, and maritime freight index. The analysis results of this study are as follows. First, according to the results of the time-varying risk-return relationship, the crude oil market was found to be related to high returns and high risks. Second, the results of correlation and Granger causality test, it was found that there was a weak correlation between the risk-return relationship and VIX, EPU, S&P500, and BDI. In addition, it was found that there was no two-way causal relationship in the risk-return relationship with EPU and S&P500, but VIX and BDI were found to affect the risk-return relationship. Third, looking at the results of wavelet coherence, it was found that the degree of the risk-return relationship and the relationship between VIX, EPU, S&P500, and BDI was time-varying. In particular, it was found that the relationship between each other was high before and after the crisis period (financial crisis, COVID-19). And it was found to be highly associated with organs. In addition, the risk-return relationship was found to have a positive relationship with VIX and EPU, and a negative relationship with S&P500 and BDI. Therefore, market participants should be well aware of economic environmental changes when making decisions.

• Journal of Navigation and Port Research
• /
• v.33 no.7
• /
• pp.483-490
• /
• 2009

In recent years, shipping and ports industries are faced with enormous changes like globalization, market liberalization and borderless businesses. To cope with this competitive environment, a certain form of cooperation among ports is necessary to provide high quality of services and lower costs to establish their market power against shipping companies. The purpose of this study is to identify the motivation of the strategic alliances between ports and demonstrate the level of importance using Analytic Hierarchy Process(AHP). Among four motivations of the strategic alliances which are strategic motivation, economic motivation, operational motivation and marketing motivation, economic motivation is the most important factor for ports alliances than other factors. This is because economic motivation among strategic alliances allow ports in the same market to rationalize supply and demand, thus avoiding unnecessary over-supply and over-competition and also can reduce service costs by using comparative advantages of each partner which make costs cheaper.

• Journal of Navigation and Port Research
• /
• v.46 no.5
• /
• pp.441-448
• /
• 2022

The aim of this study was to examine determinants of secondhand Bulk carrier and Oil tanker prices. This study compiled S& P transaction data taken from the Clarksons Research during J anuary 2018 to April 2022 to see how independent variables influenced secondhand ship prices. In the secondhand ship pricing model of entire segments, size, age, and LIBOR showed significant effects on prices. A vessel built in J apan and Korea was traded at a higher price than a vessel built in other countries. In the bulk segment, size, age, Clarksea index, LIBOR, and inflation were meaningful variables. In the Tanker segment, unlike Bulk carrier, only size and age were useful variables. This study performed regression analyses for various sizes of Bulk carriers and Oil tankers. It verified that impacts of variables other than ship size and age were significantly associated with ship type and size while macroeconomic variables had no influence except for bulk carriers. By applying diverse variables affecting secondhand ship price estimation according to various sizes of Bulk carriers and Oil tankers, this study will expand the scope of practical application for investors. It also reaffirms prior research findings that the secondhand ship market is primarily market-driven.

• Journal of Navigation and Port Research
• /
• v.44 no.2
• /
• pp.128-135
• /
• 2020

Long-term shipping contracts represent the cooperative and coexisting relationships between the shipping and steel industries. Yet, differences between the contract forms for iron ore and steel products have emerged. Specifically, the large proportion of consecutive voyage charters (CVC) is being applied in the iron ore trade, whereas the contract of affreightment (COA) is proportionally higher for shipping steel products. The literature review and in-depth interviews in this study identified through the research model, the characteristics of the shipping and market structure in both markets have significantly contributed to the preference of different long-term contracts. It has been determined that the mutual oligopoly market structure and the characteristics of shipping such as, the small number of suitable vessels in the market, the single fixed load/discharge ports, the long-distance voyages, and the potential risks for fatal accidents because of cargo liquefaction, for the iron ore trade, provide higher contribution to the preference of CVC contracts. In contrast, the consignor oligopoly market structure and the shipping characteristics, such as the greater number of suitable vessels available in the market, the variation in ports, the cargo quantity per shipment, the various load/discharge ports, and the need for experienced carriers for steel product loading in the steel product trade has shown higher preference on the COA contracts as the consignors with superiority over the shipowners, resulting in favorable contract types and conditions for the consignors.

• Proceedings of KOSOMES biannual meeting
• /
• 2017.04a
• /
• pp.1-1
• /
• 2017

• Journal of Korea Trade
• /
• v.27 no.1
• /
• pp.79-100
• /
• 2023

Purpose - The purpose of this study is to analyze the market power of the Korea Container Shipping Market (Intra Asia, Korea-Europe, and Korea-U.S.) to verify the existence of collusion empirically, and to answer whether the joint actions of liner market participants in Korea have formed market dominance for each route. Precisely, it will be verified through the Lerner index as to whether the regional market of Asia is a monopoly, oligopoly, or perfect competition. Design/methodology - This study used a Lerner index adjusted with elasticity presented in the New Imperial Organization (NEIO) studies. NEIO refers to a series of empirical studies that estimate parameters to judge market power from industrial data. This study uses B-L empirical models by Bresnahan (1982) and Lau (1982). In addition, NEIO research data statistically contain self-regression and stability problems as price and time series data. A dynamic model following Steen and Salvanes' Error Correction Model was used to solve this problem. Findings - The empirical results are as follows. First, λ, representing market power, is nearly zero in all three markets. Second, the Korean shipping market shows low demand elasticity on average. Nevertheless, the markup is low, a characteristic that is difficult to see in other industries. Third, the Korean shipping market generally remains close to perfect competition from 2014 to 2022, but extreme market power appears in a specific period, such as COVID-19. Fourth, there was no market power in the Intra Asia market from 2008 to 2014. Originality/value - Doubts about perfect competition in the liner market continued, but there were few empirical cases. This paper confirmed that the Korea liner market is a perfect competition market. This paper is the first to implement dynamics using ECM and recursive regression to demonstrate market power in the Korean liner market by dividing the shipping market into Deep Sea and Intra Asia separately. It is also the first to prove the most controversial problems in the current shipping industry numerically and academically.

• Journal of Navigation and Port Research
• /
• v.37 no.4
• /
• pp.439-445
• /
• 2013

Domestic large group logistics company(2nd-party logistics company)has made inroads on large portion of domestic logistics market, whereby the domestic 3rd-party logistics market has been shrinking every year to a level of 30% or so. Global logistics enterprise is steadily increasing 3rd-party global market portion while Local one facing with stagnating growth has very minimal level in the global market share. Fortunately new government strengthening policy change toward local SME and also recent UN's supplying line enlargement to Asia regions are positive factors which make Local SME very positive environments to advance to UN procurement logistics market. On this occasion, the purpose of this paper is to help local logistics company perform successful bidding through study of UN-transportation case and also suggest in SWOT analysis a segmented measure and support policy between Industry, Academia, Government and Institute.

• Journal of Navigation and Port Research
• /
• v.36 no.10
• /
• pp.895-904
• /
• 2012

Today, the competition for hub-port is getting fierce and the shipping liners have enjoyed the increased bargaining power over the terminal operators through the mergers & acquisitions (M&A) and strategic alliances. This result leads the competition among terminal operators to attract liner companies and cargoes in their terminals. In demand side, however, there is a limited container cargo volume to handle because of a steady growth of cargo traffic. While, in supply side, continuous development of port terminals increased more competition among ports or terminals for cargoes. In particular the terminal operating market of Busan port is distorted because of the cargo competition between Busan North-port and Newport. The main purpose of this study is to suggest the stabilization measures of container terminal operating market in Busan port through analysis of the terminal operation market structures and market survey analysis method. For stabilizing the container terminal market, this study suggests the improvement of the legal and institutional system such as improvement in determining and reporting system of stevedoring tariff, establishment of fair competition rules etc., the introduction of port pooling system and adoption of volume-linked terminal lease system with cargo volume ceiling system for each terminal operator.