• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2007.12a
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• pp.51-55
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• 2007

This thesis deals with the legal principles, case law decisions and suggestions for the Sale & Purchase of ships concerning enactment proposal of maritime law. Recently, the shipbuilding market has shown a major shift towards East Asia, particularly Korea, Japan and China. The major Korean shipyards in particular have engaged in substantial investment programmes both to expand their overall shipbuilding capacity and to enter new markets, such as for liquefied natural gas(LNG) carriers. The Korean Government has recently taken interest in the sale & purchase of used ships, utilizing the Internet and has made plans for building the Shipping Exchange in korea. So this thesis examines the situation of the world's shipping industry and the different kinds of the Sale & Purchase of ships. deals with the legal principles, and case law decisions. describes Forms of Shipbuilding Contracts and Memorandums of Agreement of second-hand ships. And makes suggestions for 1) the Shipbuilding Contracts of the shipowner's Association of Korea and 2) The Korean Shipbrokers' Association's Memorandum of Agreement for Ship Sale & Purchase in the korean shipping industry. Having reached the end of this thesis. the writer suggests to make terms of sale of ships in the korean civil code and commercial code, Additionally. the writer suggests to make a special law in relation to the Sale & Purchase of ships. Furthermore, the writer suggests expanding the Shipping Exchange in Korea.

• Journal of Navigation and Port Research
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• v.26 no.3
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• pp.337-344
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• 2002

Although the number of site for ship sale and purchase are increasing year by year, we can not find the agent system for retrieving the necessary data automatically and efficiently. The object of this paper is to find the design structure of the intelligent agent systems by using wrapper technology. This paper is composed of two contents : design of retrieving system for agent and its application to ship sale and purchase. This paper will be evaluated in terms that its target domain is ship sale and purchase. In the result of the study, agent process is composed of reading URL, taking the source data, processing tag, pattern analysis, and storing the contents analysed.

• Asia-Pacific Journal of Business
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• v.12 no.1
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• pp.135-149
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• 2021

Purpose - I analyzes risk-to-performance evaluated in the market using data from sale and lease back. Specifically, I analyze from the perspective of financial institutions that purchase sale and lease back based on the cases of investment by ship investment companies and acquisition of ships. Design/methodology/approach - I use 49 sale and lease back data from 2017 to 2019 for empirical analysis. Findings - The main results of this paper are as follows. First, after sale and lease back of domestic ships, the average amount of sales by the leased shipping company is 25.1 billion won, the average amount of investment by the purchased financial institution is 14.6 billion won (60%) and the average length of the ship is nine years. In ship finance, sale and lease back is deemed to be appropriately used as a means of restructuring for a large amount of money. Second, the main risk factor for sale and lease back of domestic ships is credit risk and can be measured in VaR in practice. As a result of the empirical analysis, the average credit risk burden ratio is 9%. As a major risk factor, low creditworthiness of restructuring companies is the key. Third, as a result of measuring the profitability of financial institutions that purchase sale and lease back of domestic ships at a net current price, it has an average value of 300 million won, but the deviation by case is very large. Fourth, the risk adjusted performance of sale and lease back of domestic ships is 0.54 on average compared to the total risk capital, and 0.52 compared to the stock-risk capital, and as with profitability earlier, the deviation of each case is very large and misaligned. In order to boost the sale and lease back market for large and long-term assets, in order to overcome low profitability as a prerequisite for future participation of commercial purchased financial institutions, it is expected that purchase decisions based on expectations versus risk will be necessary. Research implications or Originality - The results of this paper are expected to broaden the understanding of sale and lease back and foster the ability to assess long-term risk and performance. Based on this, it is believed that rapid restructuring of companies through sale and lease back of large amounts of long-term assets will greatly increase the utility of the domestic financial market.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.38 no.4
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• pp.98-108
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• 2015

This paper introduces the existence of purchase dependence that was identified during the analysis of inventory operations practice at a sales agency of dealing with spare parts for ship engines and generators. Purchase dependence is an important factor in designing an inventory replenishment policy. However, it has remained mostly unaddressed. Purchase dependence is different from demand dependence. Purchase dependence deals with the purchase behavior of customers, whereas demand dependence deals with the relationship between item-demands. In order to deal with purchase dependence in inventory operations practice, this paper proposes (Q, r) models with the consideration of purchase dependence. Through a computer simulation experiment, this paper compares performance of the proposed (Q, r) models to that of a (Q, r) model ignoring purchase dependence. The simulation experiment is conducted for two cases : a case of using a lost sale cost and a case of using a service level. For a case of using a lost sale cost, this paper calculates an order quantity, Q and a reorder point, r using the iterative procedure. However, for a case of using a service level, it is not an easy task to find Q and r. The complexity stems from the interactions among inventory replenishment policies for items. Thus, this paper considers the genetic algorithm (GA) as an optimization method. The simulation results demonstrates that the proposed (Q, r) models incur less inventory operations cost (satisfies better service levels) than a (Q, r) model ignoring purchase dependence. As a result, the simulation results supports that it is important to consider purchase dependence in the inventory operations practice.

• Journal of Navigation and Port Research
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• v.46 no.5
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• pp.427-434
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• 2022

The purpose of this study was to analyze whether the disposition effect, a behavioral finance theory, exists in decision-making for ship investment. A case study was adopted as the research methodology, and data obtained through narrative and questionnaire responses on decision-making for ship sales were analyzed from a behavioral finance perspective. The analysis found that the disposition effect had an impact on the decision to sell a vessel. The narrative responses revealed that some shipping companies tended to miss the opportunity to maximize ship sale profit because they sold their vessels readily and quickly before the price of the vessels had risen sufficiently. The questionnaire survey results indicated that the majority of the survey respondents chose to sell a ship whose price had risen slightly from the initial purchase price. Managers in charge of ship investment should examine whether the disposition effect exists in their decision-making when selling a ship.

• Journal of Navigation and Port Research
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• v.37 no.6
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• pp.617-625
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• 2013

"Sale and purchase brokers" are independent contractors who act as agents for principals intending to seller or buy ships in English Maritime Law. The essential feature is that legal position of shipbroker is largely one of agency. They can be obtained by a study of the Lloyd's Register or the equivalent registers of other Classification Societies, the American Bureau of Shipping and Korean Registers. Such a broker is of valuable assistance to the prospective seller or purchaser. And the broker's liability normally arises in the context of a contract. But, expressed in general terms, those contractual obligations are, in absence of contrary agreement, to act with reasonable care and skilled to obtain the cover requested by his client not to guarantee that such will be concluded and to ensure that the scope of the policy, its essential terms and relevant exclusions are made known to the insured. Acting in this professional capacity, the broker's liability are such that the facts upon which an action for breach of contract may be based may also found an action for the trot of negligence provided that there is shown to be the necessary 'assumption of responsibility' by the broker conveyed directly or indirectly to the insured. This thesis deals with liability of S&P Brokers, the legal problems of ship broking, commission, conflicts of interest and secret commissions in English Maritime Law and the Cases.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2002.03a
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• pp.39-51
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• 2002

Online exchange is a cost-effective approach to trade goods and information among multiple sellers and buyers. Shipping industry includes lots of global entities such as shippers, liners, ship owners and shipping agents. Marine insurance companies and ship repairers and many other groups are also supporting the industry. However, international shipping exchanges are located on few cities in the world. Its our motivation that a shipping market can be online so that market participants do the dealing while sitting where they are with more efficient manner, preferable price and larger pool of candidates of trading partners. This paper presents Korean governmental project of building a cyber shipping exchange. The exchange covers ship sale and purchase, charter, insurance, freight futures, repairs, supplying of ships oil and database service. The workflows of each business were analyzed and designed to fit for online environment. The project includes design of trading mechanism, online documents, data flow, data storage and security. Online match making and trading mechanisms such as auction, reverse auction, bid are used. The whole trading process involves multiple organizations and business processes. So, this Paper focuses on how each organization would play their roles so that users can complete transactions with integrated and transparent view. The online exchange selves also as maritime portal site that links to other sites for cooperation vertically or horizontally, and serves database and information in global perspective. This paper also issues and discusses the justification of an online shipping exchange

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.64
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• pp.155-185
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• 2014

Liability for the manufacture or supply of defective products can arise in two principle ways, in tort and in contract. English law has long regarded shipbuilding contract as agreement for the sale and purchase of goods. The consequence of which is that unless the Buyer and Builder agree otherwise, terms will automatically be implied into the contract between them as to the quality and performance of the completed vessel. The same principle applies to sub-contracts allied to the shipbuilding contract. On the other hand, one case decisions established that ".... a contract to build a ship, though a contract of sale of goods, has also some characteristics of a building contract", Recently the liability of a manufacturer in tort for physical damage i.e. personal injury and damage to property other than alleged to be defective is now well settled in most countries. Accordingly the Builder may face third party claims in tort more regularly than they have in the past, if the statutory implied terms have not been expressly excluded in contract. In such circumstances, it is necessary for the Builder to be prepared with counter measures to secure the stability of the vessel from its design development, building process, delivery and operation etc. The purpose of this paper is, from the case of "MSC Carla", to review product liability, jurisdiction and the initial date of extinctive prescription, then to suggest counter measures to the Builder.

• Journal of the Korea Society of Computer and Information
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• v.12 no.1 s.45
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• pp.43-50
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• 2007

Delay in the process of Information Extraction, IE, is largely due to inability to correctly recognize the user's information requirement of particular search factors. Especially if the wrapper rules are used in a search engine, the search generally fails to classify internet documents properly and efficiently since the application of the same wrapper rules lacks extensibility throughout various types of existing internet document. In case of buying or selling a ship, if the price range, type. place of delivery, inspection site and other information relevant to the sales would be available through the internet for proper retrieval the sales could more readily succeed by using Ontology relating to sales or purchase information and by selectively searching for the desired information through the content based retrieval system. This system proposes to improve various wrapper systems existing throughout different internet sites and to eliminate unnecessary information tagged on the existing internet documents in order to create a more advanced information retrieval system.

• Journal of Korea Port Economic Association
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• v.36 no.1
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• pp.59-76
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• 2020

The purpose of this study is to analyze the factors of the main selection criteria of the contract form used to conclude the sales contracts of used ships and to assist parties in selecting the most suitable contract form for trading situations. The methods of the study are based on identifying the factors from the questionnaires using analytic hierarchy process analysis, following the selection of typical details through interviews with the S&P Broker Group and finding the solutions that match each detail. The analysis shows that ship traders prefer the Norwegian Sales Form (NSF) to NIPPONSALE for various reasons. Considering the sellers' situations, NFS is the more reasonable option for major countries, except Japan. NIPPONSALE is relatively more focused on the advantages of the buyer's conditions, including for Japan. It is important to select the appropriate clauses from these types of contract, according to the trading conditions, including the main and additional terms, in order to create a mutual agreement between the shipper and the consignee that leads to more cooperation and balances the purposes of both parties in adjusting the time for securing and disposing of the vessels.