• Journal of Navigation and Port Research
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• v.44 no.3
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• pp.244-252
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• 2020

The 2008 global financial crisis was triggered by the Lehman Brothers crisis caused by the sub-prime mortgage crisis in the United States This crisis has had an impact on the globe's dry bulk shipping market by reducing dry bulk cargo volume. An oversupply of dry bulk carriers caused a serious recession in the globe's dry-bulk shipping industry and shipbuilding industry. In this situation, the Korean dry-bulk shipping companies were victims of the quagmire of a long recession since the global financial crisis and could not overcome this crisis. This condition forced them into severe financial risk Thus, it caused many shipping companies to file for bankruptcy. In this study, we classified Korean ocean-going dry-bulk shipping companies into two groups, that is, the solvent group and the insolvent group. We also separated the research period before and after the 2008 global financial crisis. Then we investigated the differences in the major financial ratios of the two groups by t-test and found that some financial ratios such as profitability ratios and growth ratios showed the difference between the two groups with statistical significance. The significance of this study is as follow. First, the shipping company management is also crucial for the systematic management of financial strength and business strategy, it is crucial to manage cargo which a high profitable freight. Second, the shipping company should be managed as a company with continued growth through efficient operation and management of ships.

• Journal of Navigation and Port Research
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• v.26 no.3
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• pp.329-336
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• 2002

Recently, in the whole fields of industry including shipping business, the conception and importance of Human Factor is very highly and frequently emphasized. But the domestic crew disaster including injury and illness in our shipping business shows higher accident rate than other shipping countries. Therefore the developing of measures to prevent/reduce the accident is highly required as the marine accident including crew disaster causes enormous loss of property and human life in size and scale. But, because the domestic data regarding the crew accident are relatively insufficient and rule, the developing of those measures has many difficulties. Therefore, this study is to make the concerning data for the useful reference by showing the trend and current situation of crew accidents, assorted by the crew's rank, type of the accident, injured part of the body, cause of the accident, type of ships and type of the works when the accident occurred, by using the each ocean-going shipping company's recent 5 years('95∼'99) data in korea.

• Journal of Navigation and Port Research
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• v.45 no.3
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• pp.173-180
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• 2021

Although accounting is one of the core fields of corporate management, few studies have reported accounting phenomena involving shipping companies. In addition, although financial reporting is very important to shipping companies that use several financial tools such as ship finance and financial lease, it is difficult to identify studies investigating shipping companies' financial reporting, especially their earnings management. The purpose of this study is to analyze accrual earnings management behavior of shipping companies. Companies with high debt ratios and net losses are known to have incentives for earnings management. Due to the nature of the industry, shipping companies have a high debt ratio and often report net losses. Accordingly, shipping companies are expected to engage in substantial earnings management. Based on the analysis of KOSP I companies listed on the Korea Exchange from 2001 to 2020, it was found that shipping companies are engaged in higher levels of earnings management than non-shipping companies. Discretionary accrual was used as a proxy variable for earnings management. Discretionary accrual was measured using the modified Jones model of Dechow et al. (1995) and the performance matched model of Kothari et al.(2005). In this study, significant results were derived by comparatively analyzing the earnings management practices, which is one of the major accounting behaviors of shipping and non-shipping companies. Stakeholders such as external auditors, investors, financial institutions, analysts, and government authorities need to be aware of the earnings management behavior of listed shipping companies during their external audit, financial analysis, and supervision. Finally, listed shipping companies must conduct stricter accounting based on accounting principles.

• Journal of Fisheries and Marine Sciences Education
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• v.22 no.4
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• pp.516-528
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• 2010

The Korean marine equipment industry is, in significant ways, behind the shipbuilding industry. For example, in terms of the number of orders received, the shipbuilding industry has ranked first in the world since 2003. In contrast, the global competitiveness of Korea's marine equipment industry is still relatively weak. This is important not only for the equipment industry, but because these two industries have many links. The structure of this research was firstly, to identify theoretical issues by looking at the characteristics of the marine equipment companies, marketing recognition, uses of marketing, and financial outcomes. Second, the study developed an analytical framework for empirical examination using configuration of each factor. Third, each factor has been analysed empirically. Forth, this study presents the importance of marketing for marine equipment companies within Korea, as well as in a global market. Finally, the study suggests a new marketing strategy for Korea's marine equipment companies to achieve global competitiveness.

• Journal of Global Scholars of Marketing Science
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• v.9
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• pp.129-151
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• 2002

Today, shipping companies have shown the positive volition to the finding of chanced market through the development of new route with the new recognition and enhancement of competitiveness on the quality management in order to cope with the sharply-changing environment of shipping industry. Accordingly, this study is an empirical study which attempts the general and situational approach in order to clarify what TQM source, Activities and performance affect the enterprises and how it is different upon the step of quality management activities in the object of the incidental business related to the oceangoing and costal transportation, and marine and the groups related to the marines, subdividing the area of offering the shipping service.

• Journal of Navigation and Port Research
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• v.41 no.1
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• pp.25-32
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• 2017

The purpose of this investigation is to analyze the synchronization between the representative global freight index, the Baltic Dry bulk Index (BDI) and the China Container Freight Index (CCFI) with monthly data from 2000 to 2016. Using the non-stationarity of the business cycle that is able to include common trends, we employ the Engle-Granger 2 stage co-integration test and found no synchronization. On the contrary, we additionally estimated the causality between the markets and revealed the causality, which implies that the Chinese economy has a significant effect on the global market. The results of this empirical analysis demonstrate that the CCFI of China is appropriate for analyzing the shipping industry. In practice, this means that it is more appropriate to include CCFI in the global market outlook than use it as a substitute for the global freight rate index, the BDI. This is a case study of the synchronization of the economic fluctuations of the shipping industry. It suggests that the economic fluctuations of China need to be considered in the unstable global market forecast. In particular, this case applies to the fluctuations in the shipping industry synchronism and provides important results in scientific terms.

• Journal of Korea Port Economic Association
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• v.29 no.4
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• pp.157-174
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• 2013

A shipbroking is maritime service business, which is consist of market of freight, shipbuilding, sales & purchase and demolition for intermediation between customer and supplier. In this way, a shipbroking business has strong relationship with shipping industry and is also knowledge service business for creation additional value based on shipping, shipbuilding, financial and law etc. However, the research on the evaluation items and a method for shipbroking company were not carried out in previous research. In this paper, We defined evaluation items with three high level, six middle level and sixteen low level for evaluation of shipbroking service by expert's brainstorming and AHP(analytic hierarchy process) method. And also carried out survey to employees of shipbroking company as supplier and shipping company as customer. As a result of survey, result of service in high level, convenient of middle level and credibility of low level are evaluated highly, and also business credit rating, profit of customer, achievement of customer's object are considered to more important than others items. In case of comparison between group, a method of contact with client, problem-solving ability, good relationship with clients of international and domestic evaluated importantly in common.

• Journal of Navigation and Port Research
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• v.28 no.1
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• pp.51-58
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• 2004

Due to the changes in market place, new business types(e.g. e-business} have been rapidly emerged and increased. However, those new business types have not much been emerged in port and logistics related industries, and adoption rate of e-business in this area is very low, compared to other industries. Thus, to promote e-business in this area, many policies have been studied. However, most of previous studies have not been based on industrial structure, and results of these studies have mostly been case by case. Further, there have been no research based on the related theories. As a result, despite many of research and project for shipping and port related e-business, prominent achievements in this area have never to be presented. For these reasons, it am be stated that, first of all, basic studies related to new business types in shipping and port are needed, and then, various policies based on results of those basic studies should be discussed. The aim of this study is to classify business types existed (or expected) in a port related industry, ship bunkering. This taxonomy was based on theories related to business layer(BL) and value chain(VC), and these BL and VC combination enabled to acquire all possible business types.

• Journal of the Korean Institute of Navigation
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• v.23 no.1
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• pp.45-64
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• 1999

With the advent of the 21th century, Korea surrounded by the three sides of the sea has been underlining the fact that it will become one of the strongest maritime powers near future as ever in the past. The study shows that in order to build up Korea as a powerful maritime country, not only should we urge its government to take more in-depth political interest in the field of the shipping industry, but the effective training and the managing program for sea-farers employing in th forefront of the shipping business(as the centric panel of the competent merchant marine officers) also have to be taken into a sufficient consideration. According to the large scale, higher speed and automatization of vessels, a number of seamen who have so well-workable brain as to dexterously operate the up-dated scientific equipments have come into be demanded. This study therefore has not only suggested that an improvement for the system of the education for merchant marine officers and the effective scheme of the management on them, but especially underlined the problems of seamen' and their families' economic and social securities as well.

• Journal of Navigation and Port Research
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• v.48 no.1
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• pp.55-61
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• 2024

Environmental, Social, and Governance (ESG) management may be one of the recent hot topics in corporate management. The purpose of this paper was to study the level of ESG activities of shipping companies. The shipping industry is known to have low transparency and low favorability (Yun, 2022). This study determined whether ESG activities of shipping companies known to the public or studied qualitatively were consistent with objective facts through quantitative analysis. Analysis was conducted on 8,009 firm-year KOSP I listed companies from 2010 to 2022 using ESG ratings evaluated and published by KCGS. As a result of the analysis, it was found that shipping companies had a lower level of ESG activities than non-shipping companies. Although many research studies have been done on companies' ESG activities, research on corporate social responsibility activities and ESG activities of domestic shipping companies is limited. This paper is significant in that it is the first study to quantitatively analyze ESG management status of domestic shipping companies. Shipping companies should make efforts to improve their images, improve their business performances, and increase corporate sustainability by taking the lead in proactive ESG activities rather than performing passive ESG activities due to external regulations such as IMO 2020 and IMO 2050.