• Journal of the Korean Institute of Navigation
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• v.6 no.2
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• pp.65-75
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• 1982

During the last decade the world had experienced oil crisis twice: the first one was the fourfold jump in oil prices in 1973 and 1974, the second one came in 1979 with 2.6 times price hike. The current crude oil prices stand around the level of $30 a barrel. The first reaction came quick, with reduced oil consumption and a general decline in economic activity. Furthermore, the second oil crisis has brought about tremendous and varied impacts upon the shipping industry, which is now undergoing an adaptation process to the changing environments. This article is divided into five chapters: chapter I is the introduction on the subject under examination; chapter II is devoted to the trends of the seaborne trade cargoes after the oil crisis; chapter III reveals the impact of the oil price hike on ships and their desion; chapter IV deals with the challenges shipping enterprises face in terms fo economic modus operandi and new international political environments; chapter V sets forth conclusion.

• International journal of advanced smart convergence
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• v.13 no.1
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• pp.69-76
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• 2024

The objective of this paper is to investigate digital transformation in logistics within the shipping and logistics industry. This paper examines the case of Hyundai Merchant Marine (HMM) and draws insights from its success in becoming the top company amidst the industry challenges. To achieve a more in-depth analysis, a single-case study approach was employed. Various secondary data have been analyzed to support the examination of HMM's digital transformation. HMM has emerged as a global leader in transportation services. The company's success is attributed to its development of diverse ships, robust logistics systems, and pioneering a digital logistics platform, ultimately overcoming the crisis. Especially, this paper show that the digitalization of logistics has been analyzed as the most significant transformation. The findings of this paper can offer valuable implications for other companies grappling with similar challenges in the current trade landscape.

• Journal of Navigation and Port Research
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• v.37 no.2
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• pp.181-186
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• 2013

In a corporate financing, the decision of optimal capital structure is becoming more critical issues and still remaining a problem to be solved though many of researcher have studied. Particularly, shipping companies need a huge amount of capital finance for new vessel's capacity and then they are considering what is the best capital structure. In this point of view, this study tries to investigate the determinants of debit maturity structure focused on the Korean shipping industry. As results of panel regression analysis, firm size, liquidity, chance of growth, good cash flow are major determinants of debit expiration structure in the Korean shipping companies.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2022.06a
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• pp.333-335
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• 2022

The changes caused by the 4th industrial revolution are accelerating the convergence of technologies due to the COVID-19 Pandemic. As a result, rapid changes are expected in various fields of society and industry. The shipping and logistics industry is also in urgent need of smartization due to changes in environment and technology. However, in the case of Korea, the smartization of shipping and logistics technology is insufficient compared to that of advanced countries. For smartization for complex business processing with many related entities, smooth communication and visual confirmation using the latest technologies are becoming important. Such visualization and communication will become more important in smart shipping and logistics This study intends to present an integrated communication tool between self-driving ships and container terminals for the realization of smart shipping and logistics. In particular, a study was conducted on the development of a digital twin-based communication tool that satisfies the requirements of ship berthing and loading/unloading operations in which various actors participate and process complex tasks.

• Journal of Arbitration Studies
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• v.27 no.1
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• pp.107-129
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• 2017

Arbitration has grown a unique resolving method for international commercial disputes. However, it has considered a similar court process, such as interim relief, during arbitration proceedings. Further, it would be asked for urgent measures before the arbitrators are constituted in the proceedings. In this case, the disputing party has to apply in the court. This is an unattractive factor in international arbitration; therefore, some institutions are trying to reform such an inconvenient system by adopting the emergency arbitrator. The purpose of this study is to look into ways of utilizing the emergency arbitrator for effective dispute resolution in shipbuilding and shipping industries. The emergency arbitrator needs to solve problems such as making a decision on leaving cargos in the ship, matters involving a ship arrest, or issues regarding vessels under construction. In order to utilize the emergency arbitrator system, it needs to make a close partnership with related institutions, prepare Korean-style standard shipbuilding and shipping contracts, and provide training programs for new emergency arbitrators and staff of institutions. Next, the arbitration institution has to have a great working relationship with a court. Finally, it should try to implement a new system, such as on-line service, for the procedures of the emergency arbitrator.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2018.05a
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• pp.129-130
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• 2018

In shipping logistics, despite the fact that it has promoted the information processing process, the use of the document exchange mechanism has caused a problem of increasing the cost and lead time. In recent years, various types of projects are in progress in preparation for full-scale introduction of a blockchain technology capable of solving the document exchange mechanism in the shipping industry, In near future, by expanding the practical application scope, it is aiming to increase competitiveness through transparency, reliability, stability, and efficiency, which are the effects of application of the block chain technology.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2023.11a
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• pp.120-121
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• 2023

Recently, there has been a continuous imbalance between the demand and supply in the shipping industry. Consequently, shipping companies are implementing blank sailing to adjust the supply of vessels and achieve a balance between demand and supply. Blank sailing can create negative ripple effects by delaying cargo transportation, so this study uses Poisson regression analysis,

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.297-311
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• 2011

This paper deals with a strategic investment decision model for improving investment profit in shipping industry. Despite the quantitative expansion of Korean shipping business, many shipping firms have suffered financial difficulties due to financial and operating risks that result from the characteristics of capital-intensive business as well as of volatility of shipping markets. As a result, managers in charge of making an investment decision, particularly in tramper business sector, are required to take both financial and operating risk factors into consideration. Put it differently, managers are strongly recommended to avoid these risks by ship asset play; buy-low and sell-high, which results in considerable capital gain and cost reduction. In addition, managers in shipping industry are also recommended to consider the ship chartering investment alternative when the freight markets show extreme volatility as the case of 2008 triggered by sub-prime mortgage financial crisis in USA. For example, the BDI suffered plunging down from 1000 in 2008 to 100 in 2010. Consequently, the 4th largest shipping company in Korea, DAEHAN Shipping Co., has collapsed primarily due to excessive tonnage expansion during the peak time of bulk market. In sum, the strategic investment decision model, suggested in this paper, is designed to include such factors as capital gain by asset play, timely chartering for alternative shipping service, and optimization of operating profit by tonnage adjustment in accordance with change in the shipping markets concerned.

• Journal of Navigation and Port Research
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• v.39 no.5
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• pp.401-408
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• 2015

This research seeks to improve the understanding of corporate social responsibility (CSR) and its advantages in the shipping sector. Recently, an improved emphasis on CSR, which incorporates environmental and social concerns into economic considerations of firms, can be found in business management and marketing literature. This is mainly because of people's increased awareness in regards to the negative consequences of corporate activities such as increased environmental pollution and gaps between the rich and the poor. According to the previous literature, it has been revealed that responsible actions by companies can generate positive outcomes in terms of financial and time aspects, but more importantly, intangible equity of the company, including improved corporate reputation, image as well as brand. As the regulation is intensifying in regards to environmental and social responsibility in the shipping sector, shipping companies are trying to engage in CSR to gain competitive advantages. While the reputation and image of shipping companies play essential roles for developing sustainable maritime transport, few studies have been conducted for how the CSR of shipping companies influence the shipping companies' reputation and image relative to other industries. In this regard, this study aims to investigate the effect of the corporate social responsibility on corporate reputation and image of shipping companies on the basis of an exploratory study in the Republic of Korea. This research would be beneficial to both academics and practitioners for developing useful CSR strategies which could promote the public's recognition of the shipping sector.

• Journal of Navigation and Port Research
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• v.38 no.3
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• pp.307-315
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• 2014

This paper aims to empirically examine how shipping companies can effectively acquire knowledge from their strategic alliance partners. This paper adopts cooperative network embeddedness mechanism, such as network density and tie closeness, as a channel through which to acquire more knowledge for shipping participants within a strategic alliance network. This study also examines the moderating role of competition between alliance partners in reinforcing the effectiveness of the cooperative relationships on the knowledge acquisition. Based on the literature, hypotheses to predict the aforementioned associations between cooperative network embeddedness and knowledge acquisition and the moderating role of competition in facilitating that association are established. A quantitative research method using survey data conducted in the Korean shipping industry was employed in order to empirically test the presented hypotheses. The results show that if players in a shipping alliance network are embedded in a dense network and have close relationships with their alliance partners, this helps to facilitate a greater degree of knowledge acquisition from the partners; and the impact of network density on the knowledge acquisition would be intensified with the higher level of competition between shipping companies.