• Title/Summary/Keyword: ocean shipping

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A Juridical Approach to Causal Relations between Ocean Freight Shipping and Seaworthiness of Vessel (해상화물운송에 있어서 선박의 감항성(勘航性)과 인과관계(因果關係)에 관한 법리적(法理的) 접근(接近))

  • Park, Chang-Sik;Kim, Cheong-Yeul
    • Journal of Korea Port Economic Association
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    • v.22 no.2
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    • pp.83-108
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    • 2006
  • Regarding the ocean carrier's responsibility for damage indemnification, both his or her duty of care and reason of legal exemption have been considered important. The International Convention for the Unification of Certain Rules relating to Bills of Lading also provides that the ocean carrier indemnifies for the loss or damage of freight on the basis of the principle of liability with fault. In other words, the carrier assumes responsibility only for the loss or damage of freight which is under his or her control and whose safety must be carefully maintained by him or her. The carrier's duty of care which is required for freight safety in accordance with the convention is associated with two themes, seaworthiness of vessel and freight itself. To make ocean freight shipping effective necessities the seaworthiness of the ship that will conduct the shipping service under its responsibility. This will ultimately lead to making the service impressive to the shipper as freight owner. Thus the purpose of this study is to contribute to more reasonable shipping by the shipowner or the carrier who needs to ensure seaworthiness of vessel, and prevent unseaworthiness that may be incurred in accordance with freight characteristics. For the purpose, this paper reviewed the meaning of seaworthiness of vessel through a juridical approach to its causal relationship with ocean freight shipping.

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Permission of Costal Carriage of Import-Export Containers by Ocean Liner Carriers and Growth Plan of Costal Shipping Industry (외항선사(外航船社)의 수출입(輸出入) 컨테이너 내항운송(內航運送) 허용(許容)에 따른 문제점(問題點)과 내항해운(內航海運)의 육성방안(育成方案))

  • Ha, Yeong-Seok;Chung, Keun-Jon
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.19
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    • pp.96-118
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    • 2003
  • Government tries to revise the article 25 in Korea Maritime Transport Act which describes subject of coastal carriage for exported-imported container cargoes. The subject of coastal carriage will be replaced coastal carrier by ocean liner carrier according to the revised article 25. By adopting the revised article, coastal shipping industry will be deteriorated in terms of returns on investment, sales and etc. Even though the revision is inevitable to harmonize the flow of exported-imported container cargo movement, coastal shipping industry should be developed and restructured to get competitive power and to set up an efficient international logistics system. To enhance competitive power of coastal shipping companies successfully, government must realize the importance of coastal shipping, and aid the industry through various methods such as arrangement of law and regulation, indirected financial assistance, decrease of tax rate, etc.

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The Impact of Macroeconomic Variables on the Profitability of Korean Ocean-Going Shipping Companies

  • Kim, Myoung-Hee;Lee, Ki-Hwan
    • Journal of Navigation and Port Research
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    • v.43 no.2
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    • pp.134-141
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    • 2019
  • The objective of this study was to establish whether global macroeconomic indicators affect the profitability of Korean shipping companies by using panel regression analysis. OROA (operating return on assets) and ROA (ratio of net profit to assets) were selected as proxy variables for profitability. OROA and ROA were used as dependent variables. The world GDP growth rate, interest rate, exchange rate, stock index, bunker price, freight, demand and supply of the world shipping market were set as independent variables. The size of the firm was added to the control variable. For small-sized firms, OROA was not affect by macroeconomic indicators. However, ROA was affected by variables such as interest rates, bunker prices, and size of firms. For medium-sized firms, OROA was affected by demand, supply, GDP, freight, and asset variables. However, macroeconomic indicators did not affect ROA. For large-sized firms, freight, GDP, and stock index (SCI; Shanghai Composite Index) have an effect on OROA. ROA was analyzed to be influenced by bunker price and SCI.

Decision making for Shipping Network based on Adaptive Cumulative Prospect Theory

  • Pham Thi Yen;Nguyen Phung Hung;Truong Ngoc Cuong;Hwan-Seong Kim
    • Proceedings of the Korean Institute of Navigation and Port Research Conference
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    • 2023.05a
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    • pp.256-257
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    • 2023
  • This paper aims to propose optimal method to assess and cumulate the daily profit for liner shipping to support the shipping lines in making optimal decision with the highest average daily profit. This paper not only explains the actual calculated results align with decision-makers' behavior from concepts indicated in cumulative prospect theory but also contributes to an easy-to-apply method for liner shipping network predictability in and provides optimal decision-making is helpful for shipping managers for the best effective selection of the most appropriate alternative under uncertainties.

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A Study on the Market Concentration Analysis of Korean Ocean-going Shipping Companies (국적외항선사의 시장집중도 분석)

  • Ha, Min-Ho
    • Journal of Navigation and Port Research
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    • v.46 no.4
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    • pp.351-358
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    • 2022
  • This study analyzed changes in the market concentration of Korean ocean-going shipping companies using shipping revenue based CR (Concentration Ratio), and HHI (Herfindahl - Hirschman Index) to examine the effects of the government's selection and concentration based the shipping reconstruction scheme. The results of this study showed that the market structure of the Korean shipping industry has changed from a competitive market to a rather concentrated market, as CR as well as HHI values have increased from 2019 to 2021. In particular, the market share of the deep-sea shipping lines has risen significantly compared to the intra-Asian short-sea shipping lines and the tramp carriers, implying that the Korean liner shipping market has become a monopoly, or highly concentrated oligopoly market. Compared to other shipping markets, the high rise in ocean freight rates (i.e. Asia-Europe America) was the leading cause of the increase in the revenues of the ocean-going shipping lines, and the increased fleet through preemptive government support has enabled them to achieve more revenues. As a result, it can be interpreted that the government's fleet expansion strategy has been more effective than expected, but it is too early to conclude if the market structure of the Korean ocean-going shipping companies has been strengthened.

A Study on the Improvement Direction of Shipping Conference Related Domestic Laws (해운동맹 관련 국내법의 개선방향에 관한 연구)

  • You, Kwang-Hyun
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.43
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    • pp.371-393
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    • 2009
  • The biggest issue of the current international maritime transport is that EU had decided to apply the Competition Law about Shipping Conference since 2008 and UNCITRAL Convention which is the substitute of international rules related with existing maritime transport passed UN General Assembly. This movement indicates that international rules of international maritime transport are not focusing on shipping companies or forwarders anymore but consignors. According to the current circumstances, it is time for us to convert existing shipping companies and forwarders centered rules system into consignors centered international rules system as well. Thus, this study has compared and analyzed between each country's law of Shipping Conference and Korean governing law, Ocean Shipping Act.

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A Study on the Development of E-Commerce Shipping Platform in China

  • Ying, Lou;Lee, Su-Ho;Shou, Jian-Min
    • Journal of Navigation and Port Research
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    • v.40 no.2
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    • pp.73-82
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    • 2016
  • With the advent of Internet era, e-commerce has become the focus of human's life. It leads a new direction of social development. As the representative of traditional industry, shipping industry is confronted with a series of difficulties, which have to break through the traditional and existing model to make their business for survival. With the increasing pricking up of market competition, shipping industry is now facing development bottle neck, but e-commerce provides a new way to solve the problem. This paper firstly describes the existing forms of the e-commerce shipping platform. Secondly analyzes the data for the situation of shipping industry in China, the data for expected functions of an e-commerce shipping platform and the data for how to choose a specific e-commerce shipping platform. Thirdly analyzes the potential risks of establishing e-commerce shipping platform in China. Based on the above researched, the paper provides a suggested model of the shipping e-commerce shipping platform in China.

A Study on the Financial Statements Analysis of Ocean-going Shipping Companies (외항화물운송기업의 재무적 특성에 관한 연구 - 대기업군과 중소기업군의 비교를 중심으로 -)

  • OH, Tae-Hyung
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.69
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    • pp.389-406
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    • 2016
  • The Purpose of this study is to analyze the financial statements of ocean-going shipping companies that have experienced financial difficulties since the global financial crisis. Specifically, the study conducts comparing major firm with small and medium-sized firm from fianancial point of view, analyzes the different trends of two groups. As a result, this paper finds the different characteristics between two groups. There were known many financial difficulties in ocean-going shipping companies, but this is not applied to small and medium-sized firm group. Small and medium-sized firm group grew soundly and slowly during research period. But major firm group experienced the deficit and their management condition has deteriorated considerably during that period. To cope with this difficulties, major firm group should take self-effort to improve fianacial structure and establish the risk management system.

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Environment Change of Marine Transportation and Inter-related Development of Shipping and Shipbuilding Industries in Korea

  • Lee, Jin-Tae;Lim, Chin-Soo;Kim, Tae-Il;Koh, Chang-Doo
    • Journal of Ship and Ocean Technology
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    • v.11 no.2
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    • pp.34-45
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    • 2007
  • Environment of marine transportation market is changing rapidly. Due to globalization of world economy, marine transportation of cargos, especially trade using container boxes, is increasing dramatically. Fierce competition in the global market of container transportation forces the shipping industry to seek the economy of scale to reduce transportation cost, and drives the merge and alliance of liner shipping companies. Mega-sized container ships, having capacity over 10,000 TEU, were introduced, and appeared recently, in order to reduce the unit transportation cost. Korean shipping and shipbuilding companies are competitive, and have considerable market share in the global market. Even though both industries are inter-connected through ships and have many common interests in order to enlarge the global market share, inter-relation between two industries is surprisingly insignificant. In this paper current issues in the process of environmental change of marine cargo transportation are reviewed, and inter-relation of shipping and shipbuilding industries is discussed. Suggestions for inter-related development of Korean shipping and shipbuilding industries are given, and means for mutually beneficial collaboration are suggested.

Evaluating Shipping Financial Ecological Environment in Qingdao: Implications for Maritime Financial Center Policy of Busan

  • Wang, Chong;Qu, Wendi;Kim, Chi Yeol
    • Journal of Navigation and Port Research
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    • v.45 no.5
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    • pp.252-258
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    • 2021
  • Given the cyclicality, seasonality, and capital-intensiveness, the development of the shipping industry has long been contingent on corporate financing activities. As such, there have been a growing number of cities in East Asia pursuing a global maritime financial center in order to support their domestic shipping industry. However, it is widely accepted that financial services relevant to shipping in East Asia are quite under-developed compared to those of other leading maritime financial centers in Europe and North America. In this regard, this paper aimed to construct an evaluation index of maritime financial centers in terms of financial ecological environment for the purpose of highlighting the current status of development and suggesting future directions. Furthermore, this paper examined the development of shipping finance in Qingdao as a numerical example using the fuzzy comprehensive evaluation and compared results with those of Shanghai.