• Journal of the Korean Society of Industry Convergence
• /
• v.26 no.6_3
• /
• pp.1289-1295
• /
• 2023

Polyurethane foam insulation required for storing and transporting cryogenic liquefied gas is already widely used as a thermal insulation material for commercial LNG carriers and onshore due to its stable price and high insulation performance. These polyurethane foams are reported to have different mechanical performance depending on the density, and the density parameter is determined depending on the amount of the blowing agent. In this study, density-dependent polyurethane foam was fabricated by adjusting the amount of blowing agent. The mechanical properties of polyurethane foam were analyzed in the room temperature and cryogenic temperature range of -163℃ at 1.5 mm/min, which is a quasi-static load range, and the cells were observed through microstructure analysis. The characteristics of linear elasticity, plateau, and densification, which are quasi-static mechanical behaviors of polyurethane foam, were shown, and the correlation between density and mechanical properties in a cryogenic environment was confirmed. The correlation between mechanical behavior and cell size was also analyzed through SEM morphology analysis. Polyurethane foam with a density of 180 kg/m³ had a density about twice as high as that of a polyurethane foam with a density of 96 kg/m³, but yield strength was about 51% higher and cell size was about 9.5% smaller.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.41
• /
• pp.103-132
• /
• 2009

In international sales of goods, the buyer must pay the price for the goods as required by the contract and CISG, The buyer's this obligation includes taking such steps and complying with such formalities as may be required under the contract, which includes providing the seller with relevant letter of credit through the issuing bank. Where the parties have not stipulated the time limit within which the credit should be opened, but there is an agreed date or period for shipment, the time limit for the L/C opening should be calculated back from the agreed date of shipment or the first date of shipment, while, in addition, the buyer should open the L/C sufficiently earlier than the shipment date in order for the seller to be able to know the L/C's opening before beginning to ship the goods. The L/C provided the buyer should conform to the contract of sale. Therefore, for example, when an unconfirmed L/C is provided violating the agreement or the L/C opened states that, under a FOB contract, a "freght prepaid" bill of lading shall be presented as a required document of the L/C, the buyer has failed to perform his obligation. If the buyer fails to perform his obligations to provide the letter of credit, the seller may require the buyer to perform that obligation; may fix an additional period of time of reasonable length for performance of the obligation; or, the seller may declare the contract avoided, if the failure amounts to a fundamental breach of contract, or if the buyer does not, within the additional period of time fixed by the seller, perform the obligation; and the seller claim damages. However, when a relevant L/C has been issued for the seller, as a rule, he cannot ask directly for the buyer to pay the price before avail himself of the L/C first.

• Journal of Korea Port Economic Association
• /
• v.29 no.2
• /
• pp.137-157
• /
• 2013

Korean shipping industry is ranked the fifth largest in the world in terms of deadweight tonnage after Greece, Japan, Germany and China with 55 million DWT as of year 2011, and its size of foreign exchange earning marked 30 billion US dollars. In respect of volume of seaborne trade, it has handled 99% of import and export cargoes. Korean shipping fleets have increased from 420 to 979 ships between year 2003 to year 2011. By reviewing through the relating literatures, it has been found that Shipping Funds under Ship Investment Company Act, and Tonnnage Tax System, worked as positive influences to increase the Korean shipping fleets. However, there is scant of research to examine the following two points: 1) weighing the decision making factors of ship investments for Korean shipping companies, and 2) weighing the influential factors of government shipping policies. In this respect, the aim of this study is to evaluate 8 decision making factors of ship investments for Korean shipping companies, and 8 influential factors of government shipping policies. For weighing the factors, the fuzzy methodology was adopted. As the results, for the side of decision making factors of ship investments, 'shipping market conditions and future prospects', 'ship's price and future prospects, and 'securing cargoes and future prospects' are ranked as top 3 factors. For government shipping policies side, 'shipping finance provided by lease companies', 'establishment of Korea Shipping Guarantee Fund', and 'establishment of Korea Shipping Finance Corporation' are verified as the important factors.

• Journal of the Korean Society of Marine Environment & Safety
• /
• v.24 no.3
• /
• pp.373-380
• /
• 2018

The small coastal vessel registered in Korea, small coastal vessels with a gross tonnage of 10 tons or less account for 94.6 % and among them, aged vessels over 16 years age indicate 40.6 %. In order to reduce GHG emissions from small coast vessels, discussions are underway to replace aging ships' propulsion units with eco - friendly propulsion facilities, and the electric propulsion ship is emerging as one of the measures. The electric propulsion system using the DFE rectifier, which was applied in the conventional large commercial vessel, was effective in reducing the harmonics and improving the DC output voltage of the DC link stage, but it occupied a large volume and caused an increase in the overall system price. Therefore, in this paper, we propose an electric propulsion system using AFE rectifier with a small volume of system that can be applied to a small coastal vessel. In order to analyze the effectiveness of the overall system, the load profile was applied to obtain accurate and rapid speed tracking performance of the propulsion motor affected by the speed load. In addition, the power factor and total harmonic distortion factor of the voltage and current on the improved power output side are derived through simulation.

• The Korean Journal of Financial Management
• /
• v.11 no.1
• /
• pp.263-284
• /
• 1994

This study examines the monitoring effects of institutions, outside directors, and outside blockholders by seeing managers' selection of antitakeover measures. In this paper, we hypothesize that managers use antitakeover techniques to entrench themselves when they are not monitored closely. Consequently, we hypothesize that institutional ownership, outside membership on board of directors, outside directors ownership, and outside blockholder ownership are less in firms which adopt harmful antitakeover measures. This paper analyzes whether the degree of monitoring by institutions, outside directors, and outside blockholders influences managers' adoption of different types of takeover defenses. We find interesting empirical results. First, aggregate institutional ownership is positively correlated with the likelihood of antitakeover techniques adoption. This result implies that institutional investors are passive. Second, total and active blockholder owner-ship is higher at firms that do not propose any defensive tactics. passive blockholder owner-ship is highest at fair price firms but low at poison pills firms. Ownership concentration by outside investors increases monitoring and reduces agency problems. Thirid, outside board monitoring is ineffective.

• Journal of Ocean Engineering and Technology
• /
• v.37 no.6
• /
• pp.266-272
• /
• 2023

The structure of a ship is completed by processing various steel plates and welding these plates. This butt welding of plates is defined as a seam in shipyards, and this study seeks to find a way to decrease costs by reducing the utilization of steel through effective seam arrangement. Seams were defined and classified according to purpose, and examples of "pieces" and "main plates" where seam creation had an economical saving effect were selected. For "pieces," the change in the weight of steel utilized depending on the presence or absence of a seam was calculated, and the resulting change in cost increase was presented. In the case of the "main plate," the quantity of seams does not change, but an example of cost variation due to the appropriate placement of seams is presented. Hence, a large difference was found in the costs of "pieces" depending on seam location. Thus, it was advantageous to create additional seams. For the "main plate," it was found that narrow-width and wide-width materials incur more costs. This study demonstrates that creating seams is economically advantageous but may not be preferred owing to the increased workload from a production perspective.

• Journal of the Korean Society of Manufacturing Process Engineers
• /
• v.4 no.3
• /
• pp.13-19
• /
• 2005

Metal Bearing's research that use the clad steel had led in advanced country. Metal Bearing that is produced by domestic companies is ship, vehicles, development equipment and plant equipment. This is Cast White Metal Lining Bearing that is Bimetal Bearing standing 2 generation. Cast White Metal Lining Bearing is foreseen to be used widely on industry whole in the future. Cast White Metal Bearing is product that need precision processing. But the technique is generalized widely. So an advanced country is depending on import from a developing country that price is cheaper than itself manufacture. it is judged that high added value creation by deepening of price competition is difficult. Therefore need product development of new form and is changing to Trimetal Bearing parts. Trimetal Bearing is high quality technique that do compression junction to thin plates of special object on the Back Metal. Therefore, this research developed Trimetal bearing's materials.

• Journal of the Society of Naval Architects of Korea
• /
• v.29 no.3
• /
• pp.71-79
• /
• 1992

In order to obtain the wave-making resistance of a ship, so-called the Neumann-Kelvin problem is solved numerically. For computing the Havelock source, which is the Green's function of the problem, we adopted the methods given by Newman(1987) for the term representing the local disturbance, and Baar and Price(1988) for the wave disturbance, respectively. In the numerical code we developed, the source strength is assumed as bilinear on each panel and continuous throughout the hull surface. The wave-making resistance is calculated using the algorithm of de Sendagorta and erases(1988), which makes use of the wave amplitude far downstream. The Wigley hull was chosen for the sample calculation, and our results showed a good agreement with other existing experimental and numerical results.

• Journal of Korea Port Economic Association
• /
• v.32 no.2
• /
• pp.137-156
• /
• 2016

This study analyzes the optimal service levels of exclusive container terminals in terms of the optimal berth occupancy rate and the ships' waiting ratios, based on the number of berths. We develop a simulation model using berth throughput data from pier P, Busan New Port, a representative port in Korea, and apply the simulation results to different numbers of berths. In addition to the above results, we analyze the financial data and costs of delayed ships and delayed cargoes for the past three years from the viewpoints of the terminal operation company (TOC), shipping companies, and shippers to identify the optimal service level for berth occupancy rates that generate the highest net profit. The results show that the optimal levels in the container terminal are a 63.4% berth occupancy rate and 10.6% ship waiting ratio in berth 4,66.0% and 9.6% in berth 5, and 69.0% and 8.5% in berth 6. However, the results of the 2013 study by the Ministry of Maritime Affairs and Fisheries showed significantly different optimal service levels: a 57.1% berth occupancy rate and 7.4% ship waiting ratio in berth 4; 63.4% and 6.6% in berth 5; and 66.6% and 5.6% in berth 6. This suggests that optimal service level could change depending on when the analysis is performed. In other words, factors affecting the optimal service levels include exchange rates, revenue, cost per TEU, inventory cost per TEU, and the oil price. Thus, optimal service levels can never be fixed. Therefore, the optimal service levels for container terminals need to be able to change relatively quickly, depending on factors such as fluctuations in the economy, the oil price, and exchange rates.

• Journal of Korea Port Economic Association
• /
• v.39 no.4
• /
• pp.243-254
• /
• 2023

This study investigates the factors contributing to price fluctuations in the shipscrapping market, the final stage in a vessel's life cycle. Shipping companies make decisions on ship dismantling based on factors such as declining freight rates, increasing vessel age leading to higher costs, or compliance with new environmental regulations. Utilizing the FMOLS (Fully Modified Ordinary Least Squares) and VECM (Vector Error Correction Model) methodologies, the research explores the long-term elasticities of factors influencing shipscrapping prices and examines short-term causal relationships. Using a time series dataset spanning from December 2015 to April 2023, covering a total of 90 months, the study focuses on the shipscrapping prices of Capesize vessels in India and Bangladesh, which constitute a significant portion of the shipbreaking market. The findings indicate that, in the long term, shipscrapping prices are closely related to global scrap prices, 20-year-old secondhand Capesize vessel prices, newbuilding prices, and exchange rates. In terms of short-term causal relationships, an increase in global scrap prices induces a rise in shipscrapping prices, while the remaining variables do not contribute to such increases. Specifically, an escalation in shipscrapping prices is associated with increased prices of 20-year-old secondhand vessels, newbuilding prices, and exchange rates. However, the other variables do not show a significant influence on short-term increases in shipscrapping prices.