• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.41-50
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• 2021

This study investigated what the general public thinks about the shipping industry and how important it is. As a result of the study, more than half of the respondents answered that they knew a little about the shipping industry or that they were normally knew about the shipping industry. Regarding the necessity of budget input to prevent bankruptcy of national shipping companies, it was found that more than half of the respondents answered that it was necessary or moderate. Regarding the necessity of maintaining a national shipping companies, 53% of respondents said it was necessary, and 23% of respondetns said it was normal. However, when asked if they thought that maintaining a national shipping companies would benefit me and my family, 39% of respondetns answered "normal" and 28% of respondetns answered "mostly". As for the cause of Hanjin Shipping's bankruptcy, 49% of respondents said that the owners' family members were immoral and incompetent, and 17.4% of respondetns said that the shipping market conditions deteriorated. Regarding the necessity of fostering the shipping industry, foreign currency acquisition and service balance improvement through export of shipping services accounted for 43.5%, and smooth transportation of import and export cargo accounted for 36.5%. When asked what kind of damage I suffered from Hajin Shipping's bankruptcy, 54.6% answered other (not much), and 14.5% said inflation. Abouve these results, this study gave implication in terms of public promotion and transparent business management.

• Journal of Navigation and Port Research
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• v.44 no.5
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• pp.414-422
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• 2020

In this study, an empirical analysis of 55 ship finance cases executed by a specific ship finance bank from 2009 to 2016 during the recession period was conducted. The purpose of this study was to find the factors affecting changes in the debt performance of Korean shipping companies. The main factors were the loan nature (investment purpose, loan-to-value (LTV), syndicated loans, loan terms, put-option, balloon, and spread), financial nature (total assets turnover, net profit-to-sales ratio, debt ratio, quick ratio, total borrowing, bonds payable to total assets, interest expenses-to-sales ratio, debt service coverage ratio (DSCR), and total assets), and the company nature (company age, chief executive officer's (CEO's) shares, and listing status). In this study, the factors affecting the debt repayment capability of domestic shipping companies (loan nature, financial nature, and company nature) were verified. The credit rating was used to measure the dependent variable, debt repayment ability. The variables of investment purpose, put-option, balloon, and spread in the loan nature, debt ratio in the financial nature, and the CEO's shares and company age in the company nature were found to be significant.

• Journal of the Korean Institute of Navigation
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• v.12 no.1
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• pp.113-136
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• 1988

Decision Science or Decision Analysis can be described as a scientific methodolog to provide suitable quantitative information for the decision maker to be able to selected the best feasible alternative on the given decision environment and thus we can say that where there are decision problems, there needs the decision analysis to be applied to them. International shipping is generally said to be the cheapest and most widely used means of transport in international trade and each of the hundreds of seaport. So far as the decision makings in the shipping and port transportation are concerned, of real importance is to understand what the decision problems in each of shipping and port transportation really are and to recognize the meaning of relevance between shipping and seaport in the outworn phrase, that is to say, "The chain is as strong as its weakest link." This paper is intended to present a literature survey on the applied decision analysis to shipping and port transportation problems which have actually been involved in the wide variety of decision environment. At first, the author suggests four divisional framework such as decision analysis in each field of Shipping Economics, Management and Operations of Shipping, Port Economics, and Port Operation and Management, according to the main concern of the decision environment, and then the literature surveys on those four major divisions are described including the problems and solution approaches in each case. The author concludes the paper with the comment on the need of joint research around this area by citing the phrase of "a process of updating the decision makers' intuitions."s' intuitions."quot;

• Journal of Navigation and Port Research
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• v.38 no.2
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• pp.177-184
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• 2014

Recently, brand equity is paid much attention in various industries. However, container liner shipping companies are still unfamiliar with this concept, and also the brand equity model has not been tested yet in shipping context. This study, therefore, aims to measure the relative importance of brand equity factors of container liner shipping companies by employing AHP (Analytic Hierarchy Process). This study concludes that perceived quality, in particular cost-related service quality, is the most influential factor of brand equity, while weak support is found for brand association. In addition to this, group comparisons were conducted between shipping companies, freight forwarders and academics. The results will be useful as they firstly define brand equity and its role in shipping context, highlighting the significance of brand management to container liner shipping firms. This evaluation is not an end in itself, but will eventually be utilised as a tool to build competitive advantage which cannot be easily imitated by competitors.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.66
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• pp.263-284
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• 2015

This study has analyzed the efficiency of 10 leading global shipping companies listed in the New York Stock Exchange from2010 to 2014 in order to find the changes of the productivity of shipping industry. The paper observed the Malmquist Productivity Index by using Efficiency and Productivity Analysis System Version 1.0. The data used in this study is the Guggenheim Shipping ETF mainly including the companies of shipping, management, and shipbuilding areas. The results from this statistical analysis indicate that the 10 selected companies have experienced a severely negative growth in 2010. Nevertheless, these companies have accomplished a significant growth of productivity. In particular, the energy transport companies operating Tanker and LNG ships carried out remarkable growth. The reason why the productivity of liner shipping companies did not show the improvement of productivity for five years was attributed to the fact that the P3(Project 3) or M2(Maersk-MSC) including Maersk, MSC, and CMA-CGM were excluded in this research because of the difficulty of attaining reliable source data. The method of this study could be extended to Korean shipping corporations and other global airlines to investigate a changes of certain industries.

• Journal of Korea Port Economic Association
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• v.21 no.1
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• pp.45-58
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• 2005

The purpose of this study is to consider the problem on pursuit of logistics strategy by our international shipping company in international shipping business under the said circumstance due to the open international shipping market and to suggest the logistics strategy for the consideration of the logistics competition under new international shipping circumstances. The results of empirical analysis are mentioned as follows; First, it shall be considered to maintain the size of company bigger than a certain capability so that it may obtain the superior competition of logistics. Second, as there are the plus correlations between the competition of logistics and the logistic support, it is necessary to pursuit the upgrade service with using EDI system and making up the complex shipping and integrated logistics system in general. Third, with the rationalization of finance policy and the profitable management of shipping company the ratio of net worth can be raised and it can be achieved to make the sound financial structure as reducing the excessive debt ratio. Fourth, it can be effort continuously to perform the investment for the infrastructure of logistics support & the institutional supplement so that it may achieve to increase the efficiency of logistic support at pier and to reduce the cost of logistic support.

• Journal of Navigation and Port Research
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• v.39 no.5
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• pp.401-408
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• 2015

This research seeks to improve the understanding of corporate social responsibility (CSR) and its advantages in the shipping sector. Recently, an improved emphasis on CSR, which incorporates environmental and social concerns into economic considerations of firms, can be found in business management and marketing literature. This is mainly because of people's increased awareness in regards to the negative consequences of corporate activities such as increased environmental pollution and gaps between the rich and the poor. According to the previous literature, it has been revealed that responsible actions by companies can generate positive outcomes in terms of financial and time aspects, but more importantly, intangible equity of the company, including improved corporate reputation, image as well as brand. As the regulation is intensifying in regards to environmental and social responsibility in the shipping sector, shipping companies are trying to engage in CSR to gain competitive advantages. While the reputation and image of shipping companies play essential roles for developing sustainable maritime transport, few studies have been conducted for how the CSR of shipping companies influence the shipping companies' reputation and image relative to other industries. In this regard, this study aims to investigate the effect of the corporate social responsibility on corporate reputation and image of shipping companies on the basis of an exploratory study in the Republic of Korea. This research would be beneficial to both academics and practitioners for developing useful CSR strategies which could promote the public's recognition of the shipping sector.

• Journal of Korea Port Economic Association
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• v.28 no.3
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• pp.215-234
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• 2012

Since ports play a role of gateway to the sea and hinterlands, it is essential to analyse the networks of shipping and inland when evaluating the function and development of a port. The container port of Gwangyang, starting to operate its facilities in 1998, has developed itself as a hub port. Using the data of shipping schedules of Korean ports and the measurement of centrality in sociology, this study analyses the process of world-wide shipping network expansion in Gwangyang and concludes some implications including earlier development of shipping networks due to incentives to shipping companies. Although Gwangyang port also has been expanding its inland network through developing trucking, railway transport, and coastal shipping, it has weakness in inland network as in the cases of interruption in 2004, resumption in 2009 and re-interruption in 2012 at coastal shipping. In 2000s the expansion of shipping and inland networks at the newly built container ports such as Pyungtaek, Ulsan, and Gunsan has enticed the competition among Korean ports at each hinterland. Nevertheless, the operation of Gwangyang container port is considered to affect indirectly the relocation of some manufacturers including Samsung Electronics. Studies on interrelation between development of container port and geographical demography of manufacturers are needed to assess the effects of container port on regional economy.

• Journal of Korea Trade
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• v.24 no.6
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• pp.115-134
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• 2020

Purpose - International trade leads to the international division of labor, improving the efficiency of the global economic system. Transport costs are a more serious barrier to international trade than customs tariffs. An increase in competition in the transport sector may thus lead to a reduction in transport costs. However, if a carrier's nationality significantly influences transport costs, simply adding more competing carriers of different nationalities would be ineffective. Therefore, it is necessary to establish national or regional carriers to influence competition and reduce transport costs. This study investigates this "nationality effect" by treating Hanjin Shipping's collapse as a natural experiment. Design/methodology - The theoretical basis of this study is the 3rd-degree price discrimination in container shipping market. By using the monthly data of container freight rates of Korea, China and Japan, this study shows the so-called Korea Premiums, which are the empirical counterparts of nationality effect in Korea container shipping market. For this empirical investigation, the structural model with state-space form is used and the dummy models are also estimated. In addition, because China has been also affected by the Hanjin's collapse, the China premiums are considered too. Findings - Compared with Japan's case, it is shown that there had been the so-called Korea premiums since the collapse of Hanjin Shipping. These results are robust from both the state-space model and dummy models. The time pattern of Korea premiums was consistent with the market evolution, especially the pattern of substitutability in container shipping markets. In addition, this paper shows the magnitude of Korea premiums. Originality/value - The argument of this study that the nationality effect can be interpreted as an extended concept of the home market effect is original, which is expected to evoke future research efforts. Further, the discussion on the shipping industrial policy from both horizontal and vertical aspects will provide the relevant policy makers with solid information, especially for the policy coordination in a global scale.

• Journal of Korea Port Economic Association
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• v.26 no.3
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• pp.259-278
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• 2010

This study analyzes the achievement of the shipping policies and the priority for the promotion of such policies, in order to consider the features of the shipping industries in Korea and other advanced shipping countries and manage the rapidly changing shipping environment actively. Based on such analysis, this study also discusses the promotional strategy to strengthen the international competitiveness of the shipping industry. Regarding the promotion of the related policies, it is necessary to establish a base for growth, strengthen a capacity of leading the market, and create an opportunity in the market. By considering such three factors, it has become known that the establishment of the market order is important for the establishment of a base for growth. It is important to consider the advancement of the shipping tax system. Also, the information-orientation and the knowledge-industrialization of the shipping industry need to be considered. In order to strengthen a capacity of leading the market, the stable security of the labor force in the shipping industry is the most important factor. Also, it is important to consider the development and the upbringing of the global mega career and the shipping business. Regarding the creation of an opportunity in the market, it is important to expand the range of the shipping exchange between South Korea and North Korea, which will influence the administrative and the operative results related with the promotion of the related policies.