• Korea Trade Review
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• v.48 no.3
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• pp.69-88
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• 2023

This study analyzes the dynamic characteristics of cargo volume (demand), ship fleet (supply), and freight rate (price) of container, dry bulk, and tanker shipping markets by using the VAR and VECM models. This analysis is expected to enhance the statistical understanding of market dynamics, which is perceived by the actual experiences of market participants. The common statistical patterns, which are all shown in the three shipping markets, are as follows: 1) The Granger-causality test reveals that the past increase of fleet variable induces the present decrease of freight rate variable. 2) The impulse-response analysis shows that cargo shock increases the freight rate but fleet shock decreases the freight rate. 3) Among the three cargo, fleet, and freight rate shocks, the freight rate shock is overwhelmingly largest. 4) The comparison of adjR² reveals that the fleet variable is most explained by the endogenous variables, i.e., cargo, fleet, and freight rate in each of shipping markets. 5) The estimation of co-integrating vectors shows that the increase of cargo increases the freight rate but the increase of fleet decreases the freight rate. 6) The estimation of adjustment speed demonstrates that the past-period positive deviation from the long-run equilibrium freight rate induces the decrease of present freight rate.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.15 no.6
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• pp.47-61
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• 2016

The present study analyzed the railway transport characteristics of bulk cargo flowing in and out of trade ports in South Korea. Bulk cargo transport in freight stations located behind trade ports was examined using actual flow data, and new implications were drawn accordingly. The results showed that bulk cargo volume in freight stations located behind trade ports is gradually decreasing, and it is also failing to secure a competitive edge against road transport. This downfall can be mainly attributed to the decrease in competitiveness of railway transport as well as the emergence of new trade ports that do not have lead-in track for port. Therefore, greater effort is required to strengthen the connection between new trade ports and railway freight stations.

• Journal of the Korean Geographical Society
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• v.46 no.6
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• pp.751-766
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• 2011

This study aims to grasp the hierarchy in the influence areas of port by the intensity of freight shipments and to seek the activating methods for the increase of export and import volumes of Pyeongtaek and Dangjin port. Pyeongtaek and Dangjin port whose major import and export freights are natural gas and automobile, were constructed for the increasing trade with People's Republic of China. This port is expanding the influence in the hinterland and foreland of the port, but core influence area of Pyeongtaek and Dangjin port is rich in trade volume within the radius of 70km. To become international as well as national ports, Pyeongtaek and Dangjin is required to execute the active policy to receive many-sideness of sea route and the recognition of freight holders, forwarders and ship companies in many regions.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2013.06a
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• pp.91-92
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• 2013

With development of port industry, inland transportation was also the developed. Connecting port with inland becomes more and more important. So studies about cargo flow from ports to regions are actively in progress. But freight statistics from regional to national has a problem that do not comprehend exactly with freight flow. Also these statistics don't reflect characteristics of multimodal transportation system. The objective of this paper is to analyze freight flow of container with the introduction of P/C and rebuilding freight statistics from regional to national scale.

• Journal of Fisheries and Marine Sciences Education
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• v.19 no.2
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• pp.278-287
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• 2007

Since traffic congestion ratio at any given port fluctuates on the number of arriving and departing vessels, the total tonnage of freight volume being handled, and the number of berth in operation and other factors, there exists a need to numerically analyze the waterway traffic volume. However, there are no effective regulations in regards to the waterway traffic analysis prior to expansion of a port facility. The current analysis requires the traffic analysis in relation only to the width of the waterway, which clearly falls short of achieving a comprehensive evaluation study that could be used in consideration of port expansion.This study provides five scenarios to execute a comprehensive evaluation study and base for the sensitivity study by analyzing the scenarios. As a result of the sensitivity analysis, the A, B, and C scenarios varies the average arrival ratio of the berth shows 1.1, 1.19, and 1.28 times of delays respectively. Also, The D and E scenarios take place malfunctions of pier shows 1.21 and 1.53 times of delays respectively. Therefore, various strategies of harbor development and method of harbor management are needed for the flexible correspondence to the environmental changes such as the excessive increasing of the freight volume and often taking place of malfunctioning.

• Journal of Korean Society of Transportation
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• v.35 no.5
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• pp.458-467
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• 2017

The expressway of the Korea has an important role in freight movement because 76 percent of the commodity is transported by trucks. However, there has been few indices on the role of expressways regarding freight transportation and truck traffic. The objective of this study is to propose four freight transportation related indices using ITS-related system such as TCS and HS-Wim: total truck's travel miles ($veh{\cdot}km/year$), total freight transport miles ($ton{\cdot}km/year$). efficiency of truck's travel ($veh{\cdot}km/km$), and efficiency of freight movement ($ton{\cdot}km/km$). These truck and freight related indices were estimated and compared by two different data sources: traffic volume data using VDS and OD data using TCS. These indices were designed to estimated on real time and updated every day and month.

• Journal of Korea Port Economic Association
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• v.36 no.4
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• pp.17-30
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• 2020

In the shipping industry, it is essential to engage in the preemptive prediction of freight rate volatility through market monitoring. Considering that freight rates have already started to fall, the loss of shipping companies will soon be uncontrollable. Therefore, in this study, factors affecting the freight rates of bulk carriers, which have relatively large freight rate volatility as compared to container freight rates, were quantified and analyzed. In doing so, we intended to contribute to future shipping market monitoring. We performed an analysis using a vector error correction model and estimated the influence of six independent variables on the charter rates of bulk carriers by Handy Size, Supramax, Panamax, and Cape Size. The six independent variables included the bulk carrier fleet volume, iron ore traffic volume, ribo interest rate, bunker oil price, and Euro-Dollar exchange rate. The dependent variables were handy size (32,000 DWT) spot charter rates, Supramax 6 T/C average charter rates, Pana Max (75,000 DWT) spot charter, and Cape Size (170,000 DWT) spot charter. The study examined charter rates by size of bulk carriers, which was different from studies on existing specific types of ships or fares in oil tankers and chemical carriers other than bulk carriers. Findings revealed that influencing factors differed for each ship size. The Libo interest rate had a significant effect on all four ship types, and the iron ore traffic volume had a significant effect on three ship types. The Ribo rate showed a negative (-) relationship with Handy Size, Supramax, Panamax, and Cape Size. Iron ore traffic influenced three types of linearity, except for Panamax. The size of shipping companies differed depending on their characteristics. These findings are expected to contribute to the establishment of a management strategy for shipping companies by analyzing the factors influencing changes in the freight rates of charterers, which have a profound effect on the management performance of shipping companies.

• Journal of Navigation and Port Research
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• v.37 no.6
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• pp.699-707
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• 2013

With the increase in the trade volume between countries, the market of freight forwarders industry has been gradually growing. However, not only in Korea, with the number of global freight forwarders increasing, global competition has been increasingly fierce, and domestic freight forwarders are facing enormous challenges, therefore, the relevant policy sectors have carried out a series of supportive policies, while academics have conducted various researches. But most of them have focused on the current situation or the business model, and they could not get feedback on government support policies from enterprises. Using the AHP analysis, this study decided the priority of the government's ongoing supporting policies, compared the cognitive differences among of the companies of 3 different sizes, which was further verified using t-test. Then we compared the government support policies with the actual expectations of the companies to see if they matched on the basis of the previous results of this study, in order to help to strengthen the competitiveness of our freight forwarding industry.

• Korea Trade Review
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• v.43 no.6
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• pp.51-70
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• 2018

This study is to define the relationship between capital structure and the market share in the global shipping market, estimating the debt-equity ratio. To analyze the impact of the debt-equity ratio on market share, this study collected data from the 100 largest shipping companies from 2010 to 2017. Results identified that global shipping lines moderate their debt-equity rates to 62%, and all of them strategically utilize debt in order to increase market share in global shipping market. In comparison between the group focused on cargo volume and another group focused on freight rates, it is found that the group focused on cargo volume increase their handling cargo volume through increasing the debt rates. Another group used debt rate for reducing the freight rate and enhancing market power. Furthermore, after classifying the samples into high-growth and low-growth companies, this study compared the group focused on cargo volume and another group focused on freight rates. As a result, the low-growth group showed more significant impacts of the debt rate on market share than the high-growth group. The results of this study provide useful insight for future strategic decision making of shipping lines in the global shipping market.

• 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.