• Journal of Navigation and Port Research
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• v.46 no.2
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• pp.134-144
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• 2022

The development and operation of autonomous ships are spotlighted as a next-generation technology that will provide newbenefits for the maritime business during the fourth industrial revolution. To expand the adoption of autonomous ships, the much more interest of the nation and the industries will have to be changed to actual adoption in shipping companies. For this, it is judged that research to identify the factors impacting the adoption intention of autonomous ships should be preceded. However, most studies on autonomous ships have focused on developing the technology, revising the law, establishing policies, and managing human resources, with few studies on influencing factors in the adoption of autonomous ships. A model, to identify the factors that impact the intention to the adoption of autonomous ships, based on the theory of diffusion of innovation and the TOE framework was developed. The suggested model was verified through empirical analysis targeting the shipping companies and the marine industries in Korea. As the result of this study, it was found that top management support, financial slack, and competitive intensity significantly impacted the intention to adopt autonomous ships. Additionally, it was revealed that the overall awareness of autonomous ships among Korean shipping companies is poor.

• Journal of the Korean Institute of Navigation
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• v.23 no.3
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• pp.61-73
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• 1999

Capital cost of ships for advanced maritime countries is generally regarded as an international cost, which is, or can be, irrelevant with respect to the nationality of shipowners. However, Korean shipowners have been not only forced by national laws and regulations to build their ships at Korean shipyards, but also restricted to access to foreign financial markets. Having said that, as far as Korean shipowners are concerned, the capital cost has become a national cost. Consequently, it causes them to lower International competitiveness. This paper aims to identify the causes deteriorating international competitiveness of Korean shipping with reference to capital costs and suggest constructive proposals.

• Journal of the Korean Institute of Navigation
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• v.21 no.3
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• pp.1-18
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• 1997

From the beginning of 1990s , also in the shipping industry, especially liner shipping industry competition has been more intensive and difference of the service quality among shipping companies has been learned . On the other hand, a shipping company has some limitations to do its international mission for itself just by broadening service area. For this reason, the necessity for the global strategi alliance among the shipping companies, which is orginally aimed at sharing of facilities and organixation, has been developed. Through strategic alliance, liner shipping companies do not need to input the additional capitals to increase the material assets such as vessel capacity and spread the risk by the enlargement of the market. Also, they can secure the competitive edge through efficient utilizaton of assets. The purpose of strategic alliance of Hanjin Shipping Ltd., can be summarized as follows ; broadening of service area, cost reduction through vessel sharing, realization of rationalized shipping service by terminal and equipment or facilities sharing. Liner strategic alliances are agreement among liner companies to pol their equipment , andterminals for joint operations and services in which each alliance partner continues to serve its market using jointly operated or used inland feeders,inland terminals, port terminals, and mainline fleets of ship as well as joint pools of containers and equipment. Strategic alliances are generally more formal agreements than consortia and impose longer term and far reaching obligation on their members. It also acts as one in developing and advancing the strategic aims of the alliance members. The most important objective for liner strategic alliances is cost reduction and improvement in capital asset utilization. Main aims of strategic alliance drawn in this paper, can be enumerated follows : 1. improvements in service frequency and quality : 2. improvements in vessel and equipment utilization and thereby reductions in fixed and variable cost ; 3. improvements in market shares and high value cargo booking ; 4. reductions in intermodal storage and port terminal throughput costs ; 5. improvements in negotiating powers with ports and feeder transport providers ; 6. reduction in financial and other fixed costs such as insurance; 7. coordination and integration of MIS and EDI systems and service for greater efficiency and market penetration ; and, 8. improvements in logistic chain management and economic of scale by equipment depot, terminal, and vessel sharing.

• Journal of Navigation and Port Research
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• v.47 no.3
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• pp.167-173
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• 2023

The manufacturing industry is the backbone of the Korean economy. Among them, the petrochemical industry is a strategic growth industry, which makes a profit through reexports based on eminent technology in South Korea which imports all of its crude oil. South Korea imports whole amount of crude oil, which is the raw material for many manufacturing industries, by sea transportation. Therefore, it must respond swiftly to a highly volatile tanker freight market. This study aimed to make an early warning model of crude oil shipping market using a signal approach. The crisis of crude oil shipping market is defined by BDTI. The overall leading index is made of 38 factors from macro economy, financial data, and shipping market data. Only leading correlation factors were chosen to be used for the overall leading index. The overall leading index had the highest correlation coefficient factor of 0.499 two months ago. It showed a significant correlation coefficient five months ago. The QPS value was 0.13, which was found to have high accuracy for crisis prediction. Furthermore, unlike other previous time series forecasting model studies, this study quantitatively approached the time lag between economic crisis and the crisis of the tanker ship market, providing workers and policy makers in the shipping industry with an framework for strategies that could effectively deal with the crisis.

• Korea Trade Review
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• v.48 no.2
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• pp.27-43
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• 2023

The maritime industry is playing an increasingly vital part in global economic expansion. Specifically, the Baltic Dry Index is highly correlated with global commodity prices. Hence, the importance of BDI prediction research increases. But, since the global situation has become more volatile, it has become methodologically more difficult to predict the BDI accurately. This paper proposes an integrated machine-learning strategy for accurately forecasting BDI trends. This study combines the benefits of a convolutional neural network (CNN) and long short-term memory neural network (LSTM) for research on prediction. We collected daily BDI data for over 27 years for model fitting. The research findings indicate that CNN successfully extracts BDI data features. On this basis, LSTM predicts BDI accurately. Model R2 attains 94.7 percent. Our research offers a novel, machine-learning-integrated approach to the field of shipping economic indicators research. In addition, this study provides a foundation for risk management decision-making in the fields of shipping institutions and financial investment.

• Journal of Korea Port Economic Association
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• v.24 no.2
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• pp.131-154
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• 2008

The purpose of this paper is to verify the financial validity of dredging the port of Busan with the change of global port logistics circumstances. In order to do so, NPV, IRR, B/C ratio, DPP techniques are adopted. The whole dredging at Northern port area is supposed to be negative at the depth of 16m water. Based upon its financial validity, however, the priority is Shinsundae (option 1) followed by Shinsundae (option 1) and Gamman (option 1), Shinsundae (option 1) and Gamman (option 2), Shinsundae (option 2) and Gamman (option 2), Shinsundae (option 2) and Gamman (option 2) and ShinGamman in sequence. In addition to this, Busan New port is considered to be the positive financial validity at the dredging of 16m water depth. This is because the ultra containerships of over 8,000TEU are trying to call at the port and Hanjin shipping and Hyundai Merchant shipping companies which are now the most significant customers in Northern port are scheduled to divert it.

• The Korean Journal of Financial Studies
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• v.2 no.1
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• pp.215-244
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• 1995

The purpose of this paper is to examine the three anomalies phenomena that appear in the initial public offerings(IPOs) market. Of them, the first anomaly is that the new issues are underpriced in the short-run. Secondly, the hot issue market phenomenon appears. Thirdly, in the long-run, the initial public offerings of equities are overpriced. These phenomena have been documented by Inany studies using the us stock market data. In particular, we will investigate whether these three anomalies also appear in the UK new issues market. Firstly, the underpricing phenomenon of initial public offerings in the short-run will be examined. Then the long-run performance of new issues will be examined using cross-sectional and time-series analysis. Finally, we will briefly examine the existence of the hot issue market in the uk IPOs market.

• Journal of Navigation and Port Research
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• v.40 no.6
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• pp.451-458
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• 2016

Since Modigliani and Miller developed their theory of capital structure in 1958, it has become one of the most debated issues in corporate management. This is because the capital structure decision necessarily affects financial risk and the firm's value. Throughout the research, one of the most concerning problems is determining what factors influence the firm's capital structure. Since Korean shipping firms have been suffering from a long term economic recession, an optimal capital structure has become increasingly critical to survive in the shipping industry. This paper studies panel data on 46 Korean shipping companies since 2000 to find the factors that affect capital structure. The results suggest that a negative relationship arises between firm size, tangible assets, profitability and non-debt tax shields against leverage. Otherwise, it proved that growth opportunity has a positive relationship with the firm's leverage. In the research model during a booming shipping economy, growth opportunity and non-debt tax shield are not associated with firm's capital structure.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.17-38
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• 2018

The purpose of this study is to establish shipping companies' selection factors related to a classification society and to explore the relative importance of each factor using the analytical hierarchy process(AHP) technique. Insufficient research exists on the hierarchial structure of shipping companies' factors of selecting a classification society. The factors are identified and classified into two tiers of major and detailed factors, by referring to the related industrial linkages, prior research related to the determinants, and the process and service delivery of the classification society's activities. The empirical analysis of this study is based on the relative importance of determinants when selecting a classification society, and experts engaged with shipping companies were surveyed using questionnaires. The results of the AHP methodology on the main factors of shipping companies in selecting a classification society are as follows. The relative importance of the main factors was 0.373 for technical and survey services, 0.284 for recognized organizations(RO) functions, 0.177 for cost and 0.167 for market(related industry) expectations. The relative importance of the detailed factors is 0.144 for the ability to respond to a port state control(PSC) inspection, 0.143 for technical services, 0.090 for the requirements of financial institutions/ shippers/shipyards, 0.087 for class maintenance costs, 0.086 for the survey network, 0.085 for surveyor competency, 0.072 for cooperation with IMO and government authorities, 0.067 for recognition for RO, 0.058 for the business power of the classification society, 0.052 for the initial inspection costs, 0.040 for reputation and trustworthiness, 0.038 for the costs related to the class, and 0.037 for connections to related industries.

• Journal of Korea Port Economic Association
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• v.36 no.4
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• pp.93-106
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• 2020

Trade is an important economic activity. In particular, since the establishment of the World Trade Organization (WTO), the scope of trade has been expanding due to events such as the entry of China into the WTO in 2001, the establishment of a multilateral trading system, mitigation and integration of trade barriers, and the establishment of the free trade agreement (FTA). Despite the expansion of the trade market, however, extreme events such as the 2008 global financial crisis, the 2016 Brexit, and the 2018 US-China trade war have had a direct negative impact on the trade market. Therefore, the present this study analyzed the dependence structure between the international shipping freight rate index, a variable representing trade activities, and the trade uncertainty between the US and China. The following is a summary of the analysis results. First, the US-Chinese trade policy uncertainty and international shipping freight rate index presented a Frank copula and rotated Clayton copula 270° distribution, respectively, showing the same distribution structure for each country. Second, the Kendall's tau correlation revealed a negative dependence between the international shipping freight rate index and US-Chinese trade policy uncertainty. The degree of dependence was greater in the combination of uncertainty in China's trade policy and international shipping freight rates. In other words, the dependence of global demand and trade policy uncertainty confirmed that China was stronger than the US. Finally, the tail dependence results revealed that the US-Chinese trade policy uncertainty and international shipping freight rates were independent of each other. This means that extreme events related to the trade policy uncertainty or international shipping rate index were not affected by each other.