• Journal of Korea Port Economic Association
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• v.28 no.1
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• pp.179-201
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• 2012

Since 1993, M&A activities have been frequent in Liner shipping market. This study examines the effect of M&A on stock price reaction for acquiring firms listed on the market. The study covers the period from 1993 to 2009 and uses 61 daily closing prices of the acquiring firms before and after the M&A announcement day and is analyzed through the market-adjusted model in an event study. After calculating short-term performance using abnormal returns(AR) and cumulative average abnormal returns(CAR) before and after 30 days from the day of event, the results on the test show that the firm's values slightly increased through the M&A, but it does not attest to the statistical significance. In addition, this study investigates the AR difference between estimating windows and post-event windows for the 3 cases of each period before and after 30 days, 15 days, and 7 days from the event day to analyse the impact of M&A on the addition of acquiring firm's value. Our findings suggest that the M&A between Liner shipping companies is targeted for the long-term business strategy instead of the instant rise in the value of the firm involved.

• Journal of Korea Port Economic Association
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• v.31 no.2
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• pp.1-21
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• 2015

This study verifies the change in market conditions in the Korea-China and Korea-Japan car ferry routes. Variation in historical development has led to differences in the lifecycle stages of these two car ferry shipping markets. However, previous studies have focused on individual car ferry routes rather than offering a more general understanding of this market. Based on the foregoing, we investigate the international car ferry market conditions from/to Korean ports, assess the management performances of car ferry companies, analyze the lifecycle stages of each car ferry route, and offer insights into the future of these markets. We show that the competitive market conditions and demands of passengers and cargoes differ between these routes. As for the market stage, we conclude that the Korea-China route is entering a mature market, whereas the Korea-Japan route is entering a declining stage.

• Journal of Korea Port Economic Association
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• v.34 no.1
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• pp.111-132
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• 2018

As China continues to evolve as a major economic power and the Free Trade Agreement (FTA) between the Republic of Korea and China was ratified on June 1, 2015, market volume between the two countries is expected to grow more rapidly. This study aims on improving the efficiency of car-ferry lines. We conducted two surveys- for shippers and forwarders of car-ferry companies, and container liners. The study analyzes the decision factors for delivery companies and their importance for shippers and forwarders of car-ferry companies and container liners. Based on analysis of prior studies on the competition for car-ferry companies and liners, three primary variables are selected-promptness, economics, and safety. The promptness variable consists of shipping time, loading/unloading time, and customs clearing time. The economic variable consists of marine transportation cost from a domestic harbor to China, loading/unloading cost in the harbor, and overland transport cost from the harbor to shippers inland. Finally, the safety variable consists of cargo damage rates, safety facilities, such as lashing and shoring, and punctuality of transportation time. The survey and AHP results show that the promptness, safety, and economics factors are 0.549, 0.309, and 0.142 in the shipper groups of car-ferry companies' category, respectively. It indicates that there is considerable difference in the importance of each factor. In contrast, the factors are 0.350, 0.348, and 0.302 in the forwarders category, which suggests that there is little difference in each factor's importance. As for shippers and forwarders of liners, the importance of each factor is found to be in the following order: economics, safety, and promptness.

• Proceedings of the Korea Port Economic Association Conference
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• 2006.08a
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• pp.67-102
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• 2006

The Purpose of this study is to improve the deterrent factors in Korea's coastal passenger shipping on the basis of field data collected in order to help stimulate it and enhance its competitiveness. As the representative model of this study, the "P" car-ferry liner was chosen, whereby various deterrent factors were observed in the course of the SWOT analysis and through the questionnaires. The major deterrent factors in summary were inflexible government regulations for additional ship operation, disadvantages of taxes policy, port facility shortages, non-allowing of ship's night operation, complicated and inflexible ship's operation controls by the concerned authorities, unreasonable divisions of steaming areas, and existences of obstacles on the ship's running routes, etc. which considered all are important to activate the liners.

• Journal of Distribution Science
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• v.5 no.2
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• pp.55-78
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• 2007

Northeast Asia is one of the regions which have been developing so rapidly. Yellow sea, located between Korea and China, became a very important logistical zone because of its huge volume of cargo and big passenger traffic. These two countries continuously are enlarging their port facilities such as berths, container yards, storage capacity and their information system in this the Pan Yellow sea area. Two countries also introduce many new liner routes and car-ferry shipping services. Therefore there must be a severe competitions and conflicts among the countries and their companies and ports as well. Some experts worry about the over capacity of port and logistics facilities. This paper investigated the current conditions of Korea-China shipping route, container and car-ferry route, and found out the problems and tasks, with the support of many experts. There are so many alternatives and strategies to solve and rationalize the shipping route and the problems of ports of two countries. This paper suggest many strategies connecting with marketing 4Ps. As port service is also a kind of service product, we can categorize the strategies into 4Ps suggested by McCarthy. And this paper classify all these alternatives into 3 dimensions. There are competitive strategies, cooperative strategies and coopetition strategies. This paper propose some directions and ideas for adopting the strategy in the port and logistical topics between Korea and China, suggesting 3 dimensions of strategies. After this paper, many diagnoses and practical investigations should be executed to introduce optimal solutions and minimize the additional cost.

• Nuclear Engineering and Technology
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• v.14 no.4
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• pp.196-203
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• 1982

To transport the spent fuel assemblies of Korea Nuclear Unit 1, which is a Westinghouse type two loop pressurized water reactor, it has been found that steel is the most appropriate material for the design of a shipping cask in comparison with lead and depleted uranium. The proposed shipping cask will transport nine fuel assemblies at the same time and is well within the weight limit of transportation by unrestricted rail car. The cask requires 33cm thick steel shield and 27cm thick water region to satisfy the 3 feet apart dose rate limit set forth in 10 CFR 71, and 1.27cm thick steel boron fuel basket to hold the fuel elements inside the cask and control the effective multiplication factor. As a safety analysis, the fuel cladding and centerline temperatures were calculated under the accident condition of complete loss of water coolant, and it was found that the temperature was much lower than the limit of the melting point. k$_{eff}$ was calculated with fresh fuel assemblies, which was found to be well lower than 0.95. For shielding computation, the multipurpose Monte Carlo code MORSE-CG and one dimensional discrete ordinates transport code ANISN were used, and the Monte Carlo codes KENO and MORSE-CG were used for criticality calculation. The radiation source terms were calculated using ORIGEN-79.9.

• Journal of Ocean Engineering and Technology
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• v.33 no.6
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• pp.641-647
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• 2019

Yearly world vehicle production has continued to increase, and the global seaborne trade volumes also are recovering. Based on these positive trends, as demand for cargo ships increases in the freight transportation market, Pure car and truck carriers (PCTCs) with large gaps between decks continue to be ordered. The structural analysis of the cargo hold was performed in order to confirm its structural safety in accordance with the guidance for the direct strength assessment of the Korean Register (KR) of Shipping. And, according to the type of cargo, the maximum deflection and structurally weak area that occurred in deck 5 was confirmed. Also, it was found that the weight of the cargo had a significant effect on the deck, the primary members of the deck's structure, and pillars. The results of the structural analysis conducted in this study were added to the existing cargo load planning software. This was done so that the prediction of the maximum stress and the deflection of the deck based on the information about the cargo could be confirmed quickly. In addition, the data will be used as the basic data for rapid information management response to changes in cargo items.

• Journal of Korea Port Economic Association
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• v.22 no.3
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• pp.97-140
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• 2006

The purpose of this study is to activate Korea's coastal passenger shipping by improvement of the deterrent factors on the basis of field data collected in order to help stimulate it and enhance its competitiveness. As the representative model of this study, the "P" car-ferry liner was chosen, whereby various deterrent factors were observed in the course of the SWOT analysis and through the questionnaires. The major deterrent factors in summary were inflexible government regulations for additional ship operation, disadvantages of taxes policy, port facility shortages, non-allowing of ship's night operation, complicated and inflexible ship's operation controls by the concerned authorities, unreasonable divisions of steaming areas, and existences of obstacles on the ship's running routes, etc. which considered all are important to activate the liners.

• Journal of the Korean Society of Marine Environment & Safety
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• v.23 no.6
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• pp.731-738
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• 2017

Twin-hulls frequently incur structural damage at connecting members between the hull and deck induced by pitching motions during voyages. so, reasonable reinforcement is necessary around vulnerable spots such as corner knuckle, the chine bottom and inner hull. Since guidelines for structural design are not clear, engineers often respond by reinforcing plate thickness, changing stiffener sizes and reducing frame spacing, etc. These members constitute about 85 % of the longitudinal dimensions of the ship, so it is necessary to locally reinforce certain points to minimize weight stress, and also solve construction cost problems while securing the freeboard margin. Therefore, we developed a new program by analyzing the structural design procedures for the twin car-ferries based on Korean Register of Shipping (KR) High Speed Craft Rules, identifying items that need to be added. In order to ensure the reliability of buckling estimations for procedures and design programs, we conducted a comparative study with other standards and confirmed that differences were minimal.

• The Journal of Information Systems
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• v.21 no.3
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• pp.99-116
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• 2012

As a way to allocate lots of orders to many participants for vehicle allocation problem, this study has used an agent negotiation based reverse auction model. This agent negotiation provides coordination functions allowing all participants to make a profit, and accomplishing Pareto optimum solution from the viewpoint of a whole trucking cargo transportation network. In order to build a strategic cooperation relationship based on information sharing, this agent negotiation provides a coordination mechanism in which all the participants including consignors, brokerage firms, and car owners are able to attain their own profits, and also that ensure a competitive market. This study has tried to prove that the result of an agent-based negotiation is the Pareto optimal solution under the present market environment. We established a mathematical formulation for a comparison with the Integer Programming model, and analysing e-Marketplace, structure of shipping expenses and brokerage system in the trucking cargo transportation industry.