• Journal of Korea Port Economic Association
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• v.29 no.2
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• pp.137-157
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• 2013

Korean shipping industry is ranked the fifth largest in the world in terms of deadweight tonnage after Greece, Japan, Germany and China with 55 million DWT as of year 2011, and its size of foreign exchange earning marked 30 billion US dollars. In respect of volume of seaborne trade, it has handled 99% of import and export cargoes. Korean shipping fleets have increased from 420 to 979 ships between year 2003 to year 2011. By reviewing through the relating literatures, it has been found that Shipping Funds under Ship Investment Company Act, and Tonnnage Tax System, worked as positive influences to increase the Korean shipping fleets. However, there is scant of research to examine the following two points: 1) weighing the decision making factors of ship investments for Korean shipping companies, and 2) weighing the influential factors of government shipping policies. In this respect, the aim of this study is to evaluate 8 decision making factors of ship investments for Korean shipping companies, and 8 influential factors of government shipping policies. For weighing the factors, the fuzzy methodology was adopted. As the results, for the side of decision making factors of ship investments, 'shipping market conditions and future prospects', 'ship's price and future prospects, and 'securing cargoes and future prospects' are ranked as top 3 factors. For government shipping policies side, 'shipping finance provided by lease companies', 'establishment of Korea Shipping Guarantee Fund', and 'establishment of Korea Shipping Finance Corporation' are verified as the important factors.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.15 no.1
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• pp.87-94
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• 2016

Although studies and investments on electro-magnetic fields in terrestrial areas are being conducted, they are not applied to a ship. Especially ship is consist of Top Side, Bridge, and Engine Room. Top Side is mounted Antenna and radar. Bridge is mounted navigation and navigation equipment that have a safe voyage. Finally, Engine Room is mounted switchboard and this is used to ship propulsion system. Therefore the purpose of this paper is for suggesting optimized standard to apply to marine environment through analyzing electromagnetic wave environment in ship. For this, we were measured EMF in Hanbada ship in Korea Maritime and Ocean University and we compared and analyzed to measured values in Korea standards and international standards. Consequently, Engine Room of ship for the identified that there are limits to apply. The proposed results of this research will be expected to utilize for establishing standard a plan for EMF in ship.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.22 no.50
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• pp.23-32
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• 1999

Reliability and maintainability allocation in the analysis of the system's design, with the objective of planning and installing the individual components in such a way that the system performance is achieved. This paper has been made to solve an important task in reliability management of manufacturing systems within the general objective being to increase productivity while maintaining costs low. Thus, the purpose of this paper is to provide an analytical approach to determine an optimal reliability and maintainability allocation, trading off among system performance and parts investment costs. Two important considerations will be addressed in this regard : (ⅰ) determine the reliability and maintainability allocation of parts which maximizes a given production index, having fixed the total cost of investments ; and (ⅱ) determine the reliability and maintainability allocation which minimizes the total cost of investments, having fixed a minimum acceptable level of productivity. The procedure proposed in this paper is able to provide to managers and designers useful indications on the reliability and maintainability characteristics of parts in series -parallel systems. And this heuristic model is a decision support tool for contractors who are involved in large scale design projects such as ship and aircraft design. Numerical examples prove that an approximate expression of the average throughput rate is sufficiently accurate to be used in a numerical optimization method.

• The Journal of shipping and logistics
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• v.27 no.4
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• pp.719-746
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• 2011

This study attempted to analyse the results of investments from each individual ship investment company(SIC) in Korea which is operating under its ship investment company system. We analyzed investment result of ship investment company by means of Market Adjusted Return Method for measurement of abnormal return(AR) and cumulative abnormal return(CAR). Some implications from the results of this study are suggested. First, we find that the initial abnormal return of IPO, 30-day CAR and long-term CAR are not significantly different between A and B shipping fund management company. And then, the initial abnormal return of IPO and long-term CAR are not significantly different between newbuilding and secondhand ship SIC. But the 30-day CAR is significantly different between newbuilding and secondhand vessel SIC. Third, the 30-day CAR and long-term CAR are not significantly different between newbuilding and secondhand vessel SIC. But the 30-day AR is not significantly different between container and non-container ship SIC. Finally, newbuilding ship SCI is more stable than secondhand vessel SIC, and container ship SIC is more stable than non-container ship SIC in 3-month cumulative return over the past two and half years, from February 2008 to July 2011.

• Journal of Advanced Marine Engineering and Technology
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• v.39 no.9
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• pp.929-934
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• 2015

Because of the recent rapid advances in the development of ships with a larger proportion of electrical and electronic equipment, The usable frequency spread spectrum on ships is global trend. Therefore, concerns have been raised regarding the possible hazardous health effects of electromagnetic fields radiating from electronic devices. Although studies and investments on electro-magnetic fields in terrestrial areas are being conducted, they are not applied to a ship. In this paper, we measured electromagnetic fields in ship propulsion systems, and we analyzed the measured values against Korean and international standards. While the measured results satisfied the Korean standard, the Italian standard was not met in the switchboard area. However, the measured values were close to meeting the Italian standard. Therefore, further studies should be conducted for performing a comparative analysis of data in order to specify a standard of electromagnetic fields in propulsion systems that can be applied in the construction of government infrastructures.

• Journal of Navigation and Port Research
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• v.33 no.7
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• pp.469-476
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• 2009

Recent collapse of shipping market right after unprecedent surge clearly demonstrates that shipping industry is extremely risky. Due to the volatile movements of the freight rates, investors tend to ask higher rate of return; higher required return reduces the total net present value of the investment project. For several decades, the Discounted Cash Flow(DCF hereafter) analysis has been the most frequently used valuation technique. However, the main problem of the DCF analysis is its assumption that the discount rate would stay the same during the project life. In other words, it usually does not address the decisions that managers have after a project has been accepted. The purpose of this study is investigate a new valuation method of investment: the Real Option Analysis(ROA hereafter) on ship investment. By replacing the existing valuation methods with the new one, the research will present a new perspective on investment with uncertainty. While uncertainty increases risk of investment and consequently discounts the value of it in the traditional feasibility analysis, in the ROA, a new valuation method which will be addressed in the research, uncertainty means some additional value of flexibility so that the tool can help investors produce more accurate decisions. Contrary to the DCF analysis, the ROA takes managerial flexibilities into account. In reality, capital budgeting and project management is typically dynamic, rather than static in nature. The ROA finds and assesses the values of managerial flexibilities or real options in the investments. The main structures of the research will be as follows: (1) overview of the ship investment project, (2) evaluation of the project by the Net Present Value analysis, (3) evaluation of the same project by the Real Option Analysis, (4) comparision of the two techniques.

• Journal of the Korean Society of Marine Environment & Safety
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• v.7 no.2
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• pp.1-11
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• 2001

Many investments and works being continued to preserve green ocean in each countries of the world. Especial1y, the researches on the prevention of marine oil pollution being strengthened. It is not easy to disclose sludge oils that were produced necessarily in the ships operation, so that they are transferred to shore treating facility after collected inside the ship＇s sludge tank mostly. However, this shore transferring method is not only costly and time consuming but also entails risk of oil pollution. In this regard, it will be the best way to manage the sludge oils inside ship itself. The purpose of this study is to device an ultrasonic breaking systems which recycle the sludge oil from ships into usable oil to be burnt. In this paper, the first place, matrix structures of sludge fuel oil(SFO) and sludge lubricating oil(SLO) with the irradiation time for ultrasonic vibrator were interpreted. And, erosion damage for vibrator horn tip which is one of important part of ultrasonic breaking systems was examined under such an environment of the sludge oils. The material for horn tip is being made of SS41 steel and its erosion phase was investigated with variation of the vibration amplitude of 50${\mu}{\textrm}{m}$ and 24${\mu}{\textrm}{m}$ as well as the change of temperature in the oil environments. It is suggested that the experimental results can be helpful to the development of sludge oil disposing systems for the vessel.

• Journal of the Korean Society of Safety
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• v.27 no.1
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• pp.105-110
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• 2012

Although reinforcement of work intensity caused by the recent prosperity of shipbuilding businesses and the steady increasing of results which produces orders has difficulties with heavy workload, unique work circumstance in shipbuilding industry where main and subcontractor do the job together is not easy to manage its safety systematically. According to KOSHA(Korea Occupational Safety & Health Agency), there were 2, 587 deaths of 95,806 disaster victims a year on average for late 6 years(2003-2008), therein 36,605 disaster victims and 646 death in manufacture where shipbuilding have 2,287 victims, 6.25% of total disaster victims and 45 deaths, 6.97%. Moreover it shows much higher accident rate in shipbuilding industry in Korea than well developed countries in this industry as Japan, Singapore, Taiwan and so it does about 3 to 10 times higher in case of death. Compared to Japan with a shipbuilding competition of orders received system, 2 times and 2.3 times higher for each and it is more than 2 times higher than accident rate of all domestic industries. These increasing of disaster result in a labor-management dispute and it is necessary that more positive efforts and investments because there occurs blind spot, neglected industry safety and health management by lack of them, Therefore this study, for the effective safety and health management of shipbuilding industry, attempts to analyze risk on kinds of ships and budget needed in safety management through classifying ships that are being made recently by three dominate major companies. For this, we carried out a survey and interview targeting experts related to shipbuilding industry and used AHP(Analytic Hierarchy Process) for result analysis. It is considered that cost of safety and health management will be spent more effectively on the results about risk on kinds of ships and budget needed in safety management in the study and that this study can contribute to decreasing disasters in shipbuilding industry.

• Journal of Korean Port Research
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• v.9 no.2
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• pp.39-49
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• 1995

Recently, the traffic volume has been greatly increased partly because of high growth rate of domestic and world economy, and partly because of increased transhipment demand resulting from the destruction of Kobe port by earthqwake early this year. So, container facilities in Pusan Port are under serious congestion. The congestion costs in connection with container traffic in Pusan Port is estimated to be 29.3 billion won in 1994. In 1995 the situation is still worsening. PECT has continued to grow annually by 35% in cargo handling exceeding more than 31% of the total container volumes handled in Korea. The BOR of container berths in PECT in 1994 is 75% reflecting extreme congestion in container traffic. The reason for such serious congestion in PECT is the shortage of container handling facilities in comparison with ever-increasing cargo traffic. In order to solve the provisional problem, the shortage of handling capacity, a model developed to optimize the operation of PECT is described and demonstrated. The model minimizes total port costs, including the costs of dock labour, facilities and equipment, ship, containers, and cargo. The object of this study is, through the model results, mainly to determine the optimal combination of berths and cranes under various circumstances and to show that total costs per ship or unit of cargo served can be reduced by increasing the number of cranes per berth and berth utilization above present levels. Eventually, the results obtained with this model in PECT suggest that increase to 3 in the number of cranes per existing berth could reduce the need for major investments in berths and even reduce operating costs.

• Information Systems Review
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• v.5 no.1
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• pp.1-18
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• 2003

Many organizations experience that the value they gained from IT (information technology) investment is lower than they expected prior to the actual implementation of a system - the value gap between expected value and realized value from IT. Research on the barriers to the expectation and realization is of high importance both in practice and in IS research. This study analyzed such barriers observed in three companies that have adopted such IT systems as Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Customer Relationship Management (CRM) systems each. From analyses of the three companies we specifically identified eight types of barriers: barriers related to industry, organization, knowledge, resource, usage, competence, product, and safety. Common barriers among the three cases were classified into six types, e.g. lack of strategic mind-set, improper organizational structure, lack of human resource, etc. We expect that the results help managers in IS investment to minimize the valuation gap and maximize realized values.