• Journal of Korea Port Economic Association
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• v.30 no.4
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• pp.131-149
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• 2014

The objective of this study is to describe and determine how and to what extent size of firm, operating vessels and interest cost, leverage, debit maturity, growth opportunity and cash flow affect the cash holdings of Korean shipping companies. A sample of 38 Korean shipping firms for a period of 9 years(from 2005 to 2013) was selected. In panel data regression, this study finds that cash holdings are negatively affected by firm size, operating vessel size and debit maturity, and positively affected by volume of interest costs. In firm's group of relatively large volume of operating vessel, it's cash holdings are affected by debit maturity, cash flows and growth opportunity but in firm's group of small volume of it, interest cost, debit maturity and operating vessel's size are related with cash holdings. It proved that determinants of cash holdings in a high interest costing group are size of operating vessel, interest cost and debt maturity. On the other hand, debit maturity, growth opportunity, firm size and extent volume of vessels are associated with cash holdings in relatively row interest costing group.

• Journal of the Korean Society of Marine Environment & Safety
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• v.18 no.6
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• pp.604-609
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• 2012

Our country has experienced some difficulties with clean up operation of massive marine oil pollution due to the lack of oil spill response equipments. And there was the case that a fishing vessel performed clean up operation had not received any proper payments because of its inefficient oil spill response operation. Thus, it is important to develop an efficient oil recovery equipment for small vessel and adopt it as a part of oil pollution prevention policy. These efforts could prepare oil spill response equipment in advance and use a fishing vessel registered in the affected area by massive marine oil pollution. Therefore, this study examines and adopts a suitable subject vessels as a first step for developing oil recovery system fitting with small vessels for national use.

• Journal of the Korean Society of Marine Environment & Safety
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• v.19 no.2
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• pp.219-224
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• 2013

In the case of occurring marine oil pollution, it is the most effective way that to prepare all the necessary response resources in advance and to respond to incidents, but there are limits in reality. Therefore, may be an important alternative ways to use a fishing vessel registered in the affected area by massive marine oil pollution efficiently. In the United States and other developed countries, it is can be found that temporary response program by local fishing vessels(VOO program) has been developed and operated. This study was examined for sweeping arm system suitable for domestic small fishing vessels. The selected small vessel was as the model of Coastal gill-net and compound fishing vessel with classes of 2.5~3.5tons, length 8~9m, breath 2.5~2.8m, horsepower 200~250 HP and FRP materials. The developed equipment was designed that can be easily mounted on the model ship and portable structure. For increasing the field practicality, the weight of each part was composed less than 10kg for easy assembly and disassembly.

• Proceedings of the Korean Society for Noise and Vibration Engineering Conference
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• 2011.04a
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• pp.463-468
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• 2011

The prospect of Arctic trade transportation opening on a year-round basis creates a vast opportunity of exploring untapped resources and shortened navigational routes. However, the environment's remoteness and lack of technical experiences remains a big challenge for the maritime industry. With this, engine designers and makers are continually investigating, specifically optimizing propulsion shafting system design, to meet the environmental and technical challenges of the region. Further, classification societies recognize the need to upgrade the Unified Rules concerning elements to meet current Polar requirements. Hence in this paper, excitation torque calculation on Polar class vessels propulsion shafting system will be reviewed. The propeller - ice interaction load effect, which is a main consideration of excitation source of Polar Class propulsion shafting system, on shaft design calculation will be analyzed.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.297-336
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• 2009

In modern industrial society carriage of dangerous goods by sea becomes more increasing than ever before. Dangerous goods are required for special care and handling in that shipment of dangerous goods could affect safety of the vessel and other cargoes. It is also true that dangerous goods could be used as a means of terrorism. his article investigates allocation of risk and liabilities between parties involved in the carriage of dangerous goods by sea. More specifically, this study examines principles of strict liability of the shipper in shipment of dangerous goods with some limitations based upon recent cases. Furthermore this article investigates the issues on identity of shipper who bears strict liability to the carrier where there exist actual or documentary shipper other than the contractual shipper. Lastly, whether it is reasonable that the transfer of strict liability to the transferee, who does not have opportunity to verify dangerous nature of the goods before shipment, by endorsing bills of lading will be discussed critically.

• Transactions of the Korean Society of Pressure Vessels and Piping
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• v.6 no.1
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• pp.72-77
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• 2010

During the period of reinforcement work for the licensing renewal of CANDU NPP, the fuel channels, Calandria tubes and feeders of CANDU Reactor are replaced. The remote visual inspection of Calandria internal is also performed during the period of reinforcement work. This period is a unique opportunity to inspect the inside of the Calandria. The visual inspection for the Calandria vessel and its internals of Wolsong NPP Unit 1 was performed by Nuclear Engineering & Technology Institute(NETEC) of KHNP. To perform this inspection, NETEC developed equipment applied new technology such as the synchronization of 3D CAD, automatic alignment and control system. The inspection confirmed that the Calandria integrity of Wolsong NPP Unit 1 is perfect.

• Transactions of the Korean Society of Pressure Vessels and Piping
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• v.4 no.2
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• pp.57-61
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• 2008

During the period of retubing work for the licensing renewal, the fuel channels, calandria tubes and feeders of CANDU Reactors will be replaced, and calandria visual examination will be performed. This period is a unique opportunity to inspect the inside of the calandria. The visual inspection for the calandria vessel and its internals of Wolsong NPP is scheduled for confirming the calandria integrity. The first visual inspection for the calandria is planned in Pt. Lepreau led by AECL. The visual inspection for Wolsong NPP, led by NETEC(Nuclear Engineering & Technology Institute) of KHNP, will employ 3D laser scanner and 3D CAD Mock-up for the first time in the world, in addition to a conventional video camera. The inspection system is composed of a robot with the 3D laser scanner, a video camera and a hardness meter.

• Journal of Navigation and Port Research
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• v.46 no.5
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• pp.427-434
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• 2022

The purpose of this study was to analyze whether the disposition effect, a behavioral finance theory, exists in decision-making for ship investment. A case study was adopted as the research methodology, and data obtained through narrative and questionnaire responses on decision-making for ship sales were analyzed from a behavioral finance perspective. The analysis found that the disposition effect had an impact on the decision to sell a vessel. The narrative responses revealed that some shipping companies tended to miss the opportunity to maximize ship sale profit because they sold their vessels readily and quickly before the price of the vessels had risen sufficiently. The questionnaire survey results indicated that the majority of the survey respondents chose to sell a ship whose price had risen slightly from the initial purchase price. Managers in charge of ship investment should examine whether the disposition effect exists in their decision-making when selling a ship.

• Journal of the Korean Society of Marine Environment & Safety
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• v.17 no.3
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• pp.257-264
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• 2011

On April 20, 2010, semi-submersible offshore drilling unit Deepwater Horizon was exploded and sank, and 4.9 million barrels(about 778 thousand tons) of crude oil was spilled into the Gulf of Mexico. As more than one year has been passed since the incident, a lot of investigation reports and lessons learned have been made public and also a lot more will be released soon. This paper studies the final report of the National Commission on "the BP Deepwater Horizon Oil Spill and Offshore Drilling", which was organized by the executive directive of U.S. President Barack Obama, and the interim report of Joint Investigation team of U.S. Coast Guard and BOEMRE of "Report of Investigation into the Circumstances Surrounding the Explosion, Fire, Sinking and Loss of Eleven Members Aboard the Mobile Offshore Drilling Unit Deepwater Horizon". The review is focused on the response to the oil spill. And the paper suggests how to improve national marine pollution response policy. In the paper, the Korean governments is suggested to reinforce the capability for instructing and supervising the responsible party's source control measures, to review how to introduce in-situ burning and vessel of opportunity program into our country, and to continue monitoring on the progress of developments of R&D projects related to oil spill response in the U.S..

• Journal of Fisheries and Marine Sciences Education
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• v.16 no.2
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• pp.238-256
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• 2004

As the UN Fish Stocks Agreement has come into effect since 2001, the actual enforceable management on fish stocks in high seas has started. The Regioanl Fisheries Organizations (RFOs) have emerged as management bodies with a real responsible right to manage fish stocks. RFOs establish a strong and strict management rules providing a fishing right only to member countries and preventing all fishing activities from fishing vessels of non-member countries. In addition, RFOs have an own allocation way of fishing opportunity in their waters so that they can prevent the depletion of fish stocks. It is investigated that deep-sea fisheries have a negative impact from strengthening of RFOs' management right. As the amount of catch is reduced by the control of fishing vessel's activities, the level of fishing revenue becomes low. Moreover, as fishing costs such as oil, fishing fees, labor cost increase significantly, the condition of fishing business is getting worse as a result. In order to gain a fishing right for deep-sea fishing vessels in RFOs waters, there is no other alternative way but become a member of RFOs which are relevant to our fisheries but not joined.