• Journal of Navigation and Port Research
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• v.39 no.3
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• pp.261-266
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• 2015

Many of previous studies suggested that working capital management is an important component of firm's financial decision and efficient working capital management affects firms' profitability and it's value. Recently, Korean shipping firms have been suffering from financial distress by recession of shipping economy. In this point of view, this study tries to investigate the relationship between working capital management and shipping firm's profitability, using panel data on 46 Korean shipping firms for the period of 2004-2013. As result of panel regression, it proved that average payment period, inventory turnover, cash conversion cycle and operating cycle are significantly associated with firms profitabilities such as profit margin ratio and operating profit ratio, and the manager of shipping firm can increase firms profitability by more efficient working capital management. There are strong positive relationships between average payment period and operating cycle and firm's profitability. These results suggest that managers can create firm's value by increasing average payment period and operating cycle. Otherwise inventory turnover and cash conversion cycle have negative relationships with firm's profitability. It means that managers can increase firm's profitability by reducing these variables.

• Journal of Navigation and Port Research
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• v.41 no.4
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• pp.235-242
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• 2017

Earnings management is defined as an intentional act during the financial reporting process or a manager's choice of accounting policies to avoid earnings decreases or obtain some private gains. Shipping firms have a highly debt-intensive capital structure and a significant motivation in earnings management to avoid failure of a Debt Covenant. From this point of views, this paper tries to determine the relationship between the capital structure and discretionary accruals estimated using the re-modified Jones model (1995). The sample used to test the research models is made up of 87 Korean shipping firms during the period from 2007 to 2015. A histogram analysis, t-test and FGLS confirm the possibility of using earnings management, and it proved that Korean shipping firms manage their earnings to avoid financial loss. An analysis of the relationship between the capital structure and earning managements, shows it is difficult to support the Debt Covenant, shown as a negative relationship between the debt ratio and debt maturity as shipping firms' capital structure and discretionary accruals as earning management variable. An additional analysis presents a negative relationship between previous debt maturity and discretionary accruals, and the possibility of earning management in a highly increased debt ration group.

• Journal of Navigation and Port Research
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• v.32 no.5
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• pp.387-394
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• 2008

The cost of domestic container transportation is higher than international sea transportation and it cannot meet the needs of customers either. However, domestic carriers try hardly nothing to improve the carriage system. Especially, the inland transportation connecting Busan port is not receiving a careful study in spite of the importance and urgency now. This paper reviews intention of forwarders, shipping companies, and transport companies conducting a questionnaire and analyse the preferences of transportation modes amongst existing highway, railway, coastal shipping and inland waterway. Its aim is to analyse which factors affect freight agents to choose particular mode.

• Journal of Navigation and Port Research
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• v.36 no.8
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• pp.683-689
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• 2012

The logistics industry is growing rapidly with China's economic development in recent years. Particularly, the intermodal freight system is becoming the main issue to reduce the logistic costs under the situation that the quantity of cargo transported between Korea and China is continuously increasing. Shift from road transportation to eco-friendly modes such as rail and coastwise shipping is also increasing. The present study suggests technical aspects related to the implementation of intermodal transport system centered on train ferries between two countries with already employed Chinese infrastructure into consideration. Technical assessment of intermodal train ferry system entails not only the vessels but supporting facilities and technologies as well. Port and rail facilities and operating skills for efficient modal shifting, and their standardization is indispensible to the realization of an intermodal train ferry system between the two countries.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2022.06a
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• pp.385-386
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• 2022

Currently, global developed countries in shipping and logistics establish smart ports by introducing various digital technologies such as automated terminals and sharing platforms. This means that the importance of efficiency throughout the port by improving resource utilization efficiency and minimizing work idle time is increasing. Therefore, this study proposes a yard truck dispatching method of improving resource utilization efficiency. And we analyze the problems of the existing dispatching rules and develop Y/T dispatching algorithm that comprehensively considers related constraints. In addition, the simulation takes into account the terminal congestion based on the operation data of the Busan New Port, it is conducted using the existing dispatch method and developed Y/T dispatching algorithm. And the operational effects of analysis result are evaluated.

• Journal of Navigation and Port Research
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• v.30 no.6 s.112
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• pp.509-515
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• 2006

As international trade has been increased, the competition of major ports is getting hard. The objective of this competition is that to get more cargoes, so port managements and operators are struggling to obtain cargoes. In addition the competition structure has classified several forms bemuse of specialization, integration and subdivision of port players. In this paper, therefore, we analyze the change of competition structure by port players' development characteristics. In the result of this study, competition structure is divided into five groups as among nations, among ports, among container terminal operation companies, among global container terminal operation companies and among container terminal operation companies operated by shipping companies. And they have showed not only competition but also co-operation partly in order to get strategic position.

• Journal of Navigation and Port Research
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• v.48 no.1
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• pp.62-77
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• 2024

In the maritime shipping industry, imbalance between supply and demand has persistently increased, leading to the utilization of blank sailings by major shipping companies worldwide as a key means of flexibly adjusting vessel capacity in response to shipping market conditions. Traditionally, blank sailings have been frequently implemented around the Chinese New Year period. However, due to unique circumstances such as the global pandemic starting in 2020 and trade tensions between the United States and China, shipping companies have recently conducted larger-scale blank sailings compared to the past. As blank sailings directly impact freight transport delays, they can have negative repercussions from perspectives of both businesses and consumers. Therefore, this study employed Poisson regression models and negative binomial regression models to analyze the influence of maritime freight rate determinants on shipping companies' decisions regarding blank sailings, aiming to proactively address potential consequences. Results of the analysis indicated that, in Poisson regression analysis for 2M, significant variables included global container shipping volume, container vessel capacity, container ship scrapping volume, container ship newbuilding index, and OECD inflation. In negative binomial regression analysis, ocean alliance showed significance with global container shipping volume and container ship order volume, the alliance with container ship capacity and interest rates, non-alliance with international oil prices, global supply chain pressure index, container ship capacity, OECD inflation, and total alliance with container ship capacity and interest rates.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.69-84
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• 2018

The purpose of this study is to provide a comparative evaluation of container port criteria at four major container ports in the Bay of Bengal, including Colombo Port in Sri Lanka, Chennai Port in India, Chittagong Port in Bangladesh and Yangon Port in Myanmar. Important container port selection criteria are identified and comparisons among container ports are made using previous studies, personal interviews and questionnaires, completed by top shipping companies, freight forwarders, logistics service providers, and experts in Myanmar. The AHP method is used to verify the research model and hypothesis. This study identified five main criteria and eleven sub-criteria when choosing potential regional hub ports among the four ports in the Bay of Bengal. The main findings from the five main criteria suggest that port efficiency is the highest priority criteria, and the second priority is port costs. The criteria of geographical location and available port facilities are the third and fourth most important, respectively, and the last priority is port's hinterland. Regarding the relative competition among these ports, Colombo Port obtained the highest priority among the four influential factors except for port hinterland. This study has certain limitations that will require future research. First, the sample group for the population size is relatively small. Second, interviewees had limited experience answering questionnaires using this methodology and a limited amount of time was available for respondents for the interviews.

• Journal of the Korea Society of Computer and Information
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• v.28 no.4
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• pp.121-131
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• 2023

The Chinese three northeastern three provinces - Heilongjiang, Liaoning, and Jilin - hold significant geographical, geopolitical, and commercial importance due to their location allowing for cross-border trade and transportation with North Korea. These provinces are crucial for establishing a complex Eurasian logistics network in line with South Korea's new northern policy. The Chinese three northeastern three provinces, as this region is known, boasts excellent maritime transportation links between South Korea, China, and North Korea, making it an logistics hub for transporting goods to Eurasia and Europe through multimodal transport. This study highlights the importance of securing a logistics hub area by fostering cooperation and friendly relations with China's three northeastern three provinces, which are crucial to the success of the New Northern Policy. In particular, the study aims to analyze current status of trade with these region and freight volume transported by ships and recommend political advice for securing logistics hub and revitalizing maritime transport. As the policy suggestion, this study is to establish a logistics hub by implementing joint port operations, constructing port infrastructure jointly, and operating shipping companies together. Additionally, we propose ways to revitalize the maritime passenger transport business between Korea and China, which involves expanding cultural exchanges and developing content.

• Journal of Navigation and Port Research
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• v.33 no.8
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• pp.531-537
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• 2009

As the Port State Control Inspection recognized that almost marine casualties are caused by human faults rather than vessel's defaults, it has put more emphasis on the qualification of ships' crew and the education required. Accordingly, for shipping companies it is an urgent task to operate effective crew education system that can meet the standards of international agreements and domestic laws. Therefore, this study aims at deriving the attitude of crews of 'S' shipping company on the education and some implication for the effective crew education systems. For this questionnaire survey has been carried out and the data analysed by the respondent groups.