• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2015.10a
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• pp.253-255
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• 2015

Crude oil is the world's most actively traded commodity and also one of the most significant resources in the world. The impact of oil price volatility has great influences on macroeconomic activities. This presentation is to review and analyze the oil price fluctuation and to examine the effects especially on the offshore oil production and thereafter to look over the challenges and opportunities in this sector focusing on the petroleum logistics.

• Environmental and Resource Economics Review
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• v.26 no.3
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• pp.451-472
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• 2017

An OPEC production announcement is a major source of supply disruption that has a significant impact on the international crude oil market. In this study, the effects of OPEC's announcements are analyzed using event study methodology. Considering the oil price volatility and structural changes in the oil price, we divide the entire period into three periods and analyze the impact of OPEC's production quota announcements, including 'cut', 'hike', and 'maintain'. As a result of the analysis, we observe that the degree and direction of abnormal returns differ according to the announcements in each period. In addition, by subdividing oil price surge and plunge period into two sections, we analyze the effect of OPEC's 'maintain' announcements. During the oil price plunge period, the amount of abnormal returns was significant. This study provides policy implications for oil trading strategies and for the impact of OPEC announcements during periods of oil price fluctuation.

• Journal of Navigation and Port Research
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• v.35 no.9
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• pp.765-776
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• 2011

For container shipping company, fuel oil prise is a considerable expense. Since 2008, fuel oil prises have risen dramatically. An increasing fuel oil price in container shipping, in the short term, is only partially compensated through surcharges and may affect earnings negatively. This study discusses the impact of an increasing fuel oil price and capital costs for vessels on the Asia-Europe trade of 'H' Shipping Company. According to the result of 'H' carrier's operation in 2008, there were no cost differences between 8 and 9 vessels operations in case of fuel oil price with USD 169/tons while adopting USD 31,818 as a fixed cost. We can expect that the fuel oil price will not go lower than USD 200/Ton on the basis of current high oil price phenomenon. When the fuel oil price is over USD 200/ton, 9 vessel operation is more economic than 8 vessel operation even if the fixed cost is over USD 35,000.

• Proceedings of the Korean Institute of Building Construction Conference
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• 2012.05a
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• pp.319-320
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• 2012

International oil prices is the world's leading macroeconomic indicators. Rising international oil price has been worsening. profitability of construction company including material cost as well stagnation in housing market. Thus, according to fluctuations in international oil prices has cost index need to see any change happening there. in this study, 2000 to 2011 interest rates, exchange rates and oil price fluctuations in construction cost is to compare the impact.

• International Area Studies Review
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• v.14 no.1
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• pp.77-97
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• 2010

Recently, countries on the Caspian Sea were had heavily interested due to instability of international resource market. These countries having been developed basing on energy exports, especially Kazakhstan have drastically grown during a decades. However economy, heavily relied on the exports of energy, is influenced on fluctuation in the international energy price as well as sometimes exposed at Dutch disease. These days, Kazakhstan, increased trade and investment with Korea, has been on the rise as new supplier for energy. Therefore, economic change in Kazakhstan can be an important issue. In this paper, we analyze relations among oil price, interest rate, and real exchange rate during sample period from January 1999 to December 2008 expanding Balasa-Samuelson model. Empirical results present that oil price, interest rate, and real exchange rate mutually keep their balance. Eventually, we find out Kazakhstan has exposed at Dutch disease since oil price and interest rate have negative impacts on real exchange rate respectively.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2009.06a
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• pp.173-174
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• 2009

For container shipping company, fuel oil prise is a considerable expense. In the last 3 years, fuel oil prises have risen considerably. An increasing fuel oil prise in container shipping, in the short term, is only partially compensated through surcharges and will therefore affect earnings negatively. This paper deals with the impact of increasing fuel oil price and capital costs for vessels on the number of vessels on the Asia-Europe trade. As per result of 'H' carrier's operation in 2008, there were no cost difference between 8 and 9 vessels operation in case the fuel oil price is USD 169/tons while adopt USD 31,818 as fixed cost. We can expect that the fuel oil price will not be decreased under USD 200 $/Ton on the basis of current high oil price phenomenon. When the fuel oil price is over USD 200 $/ton, therefore, 9 vessels operation is more economic than 8 vessel operation even if the fixed cost is over USD 35,000.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.285-294
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• 2022

Using the ARDL approach, this study examined the impact of macro factors on Vietnam's stock market in the short and long run from 2010 to 2021. The State Bank of Vietnam and the International Monetary Fund provided time series data for this study. Research results show that in the long run, money supply and exchange rate respectively affect the stock market. The money supply had a positive effect on the VN-Index, while the exchange rate showed the opposite effect. However, the study did not find a relationship between world oil price and interest rates on VN-Index in the long run. On the other hand, in the short term, there are relationships between variables; specifically, interest rates and exchange rates have a negative impact on the VN-Index, while the world oil price and the fluctuation of money supply M2 of the previous one and two months showed an impact in the same direction on this index. The differences in the regression results on the impact of exchange rate and oil price on the VN-Index compared to previous studies come from the characteristics of Vietnam's stock market, with the large capitalization of companies in the oil and gas sector, and the structure of Vietnam's economy with export heavily depends on FDI sector.

• Journal of the Korean Society of Marine Environment & Safety
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• v.26 no.3
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• pp.262-268
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• 2020

The IMO (International Maritime Organization) has mandated the restriction of SOx emissions to 0.5 % for all international sailing vessels since January 2020. And, a number of countries have designated emission control areas for stricter environmental regulations. Three representative methods have been suggested to cope with these regulations; using low-sulphur oil, installing a scrubber, or using LNG (Liquefied Natural Gas) as fuel. In this paper, economic analysis was performed by comparing the method of installing a scrubber with the method of using low-sulphur oil without installing additional equipment. We suggested plausible layouts and compared the pros and cons of dif erent scrubber types for retrofitting. We selected an international sailing ship as the target vessel and estimated payback time and benefits based on navigation route, fuel consumption, and installation and operation costs. Two case of oil prices were analyzed considering the uncertainty of fuel oil price fluctuation. We found that the expected payback time of investment varies from 1 year to 3.5 years depending on the operation ratio of emission control areas and the fuel oil price change.

• Korean Management Science Review
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• v.28 no.1
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• pp.53-60
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• 2011

Time series analysis methods have been traditionally used in stock price prediction. However, most of the existing methods represent some methodological limitations in reflecting influence from external factors that affect the fluctuation of stock prices, such as oil prices, exchange rates, money interest rates, and the stock price indexes of other countries. To overcome the limitations, we propose a network based method incorporating the relations between the individual company stock prices and the external factors by using a graph-based semi-supervised learning algorithm. For verifying the significance of the proposed method, it was applied to the prediction problems of company stock prices listed in the KOSPI from January 2007 to August 2008.

• Environmental and Resource Economics Review
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• v.30 no.4
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• pp.535-555
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• 2021

This study empirically analyzes the effects of international oil prices on domestic stock market volatility. The data used for the analysis are 10-minute high-frequency data of the KOSPI index and WTI futures price from January 2, 2015, to July 30, 2021. For using the high-frequency data, a heterogeneous autoregression (HAR) model is employed. The analysis model utilizes the advantages of high frequency data to observe the impact of international oil prices through realized volatility, realized skewness, and kurtosis as well as oil price return. In the estimation, the Box-Cox transformation is applied in consideration of the distribution of realized volatility with high skewness. As a result, it finds that the daily return fluctuation of the WTI price has a statistically significant positive (+) effect on the volatility of the KOSPI return. However, the volatility, skewness, and kurtosis of the WTI return do not appear to affect the volatility of the KOSPI return. This result is believed to be because the volatility of the KOSPI return reflects the daily change in the WTI return, but does not reflect the intraday trading behavior of investors.