• Korea Trade Review
• /
• v.44 no.2
• /
• pp.127-141
• /
• 2019

In this study, the relationship between Baltic Dry Index(BDI) and maritime trade volume in the dry cargo market was verified using the vector autoregressive (VAR) model. Data was analyzed from 1992 to 2018 for iron ore, steam coal, coking coal, grain, and minor bulks of maritime trade volume and BDI. Granger causality analysis showed that the BDI affects the trade volume of coking coal and minor bulks but the trade volume of iron ore, steam coal and grain do not correlate with the BDI freight index. Impulse response analysis showed that the shock of BDI had the greatest impact on coking coal at the two years lag and the impact was negligible at the ten years lag. In addition, the shock of BDI on minor cargoes was strongest at the three years lag, and were negligible at the ten years lag. This study examined the relationship between maritime trade volume and BDI in the dry bulk shipping market in which uncertainty is high. As a result of this study, there is an economic aspect of sustainability that has helped the risk management of shipping companies. In addition, it is significant from an academic point of view that the long-term relationship between the two time series was analyzed through the causality test between variables. However, it is necessary to develop a forecasting model that will help decision makers in maritime markets using more sophisticated methods such as the Bayesian VAR model.

• The Journal of shipping and logistics
• /
• v.35 no.1
• /
• pp.93-109
• /
• 2019

This study applied the statistically significant factors to the short-run model in the existing nonlinear long-run equilibrium relation analysis for the forecasting of maritime economy using the mixed cycle model. The most common univariate AR(1) model and out-of-sample forecasting are compared with the root mean squared forecasting error from the mixed-frequency model, and the prediction power of the mixed-frequency approach is confirmed to be better than the AR(1) model. The empirical results from the analysis suggest that the new approach of high-level mixed frequency model is a useful for forecasting marine industry. It is consistent that the inclusion of more information, such as higher frequency, in the analysis of long-run equilibrium framework is likely to improve the forecasting power of short-run models in multivariate time series analysis.

• Journal of Convergence for Information Technology
• /
• v.9 no.12
• /
• pp.47-53
• /
• 2019

The purpose of the study was to utilize VECM(Vector Error Correction Model) and detect causal relationships among shipping freight rates. Shipping freight rates used in this study were BDI(Baltic Dry Index), HRCI(Howe Robinson Containership Index), WS(World Scale rate) and SCFI(Shanghai Containerized Freight Index). Using weekly data published since August 2nd, 2013 to September 6th, 2019, it was discovered that BDI and WS were heavily influenced by past week's BDI and WS respectively. VECM also found that one percent increase in WS resulted in 0.022% increase in following week's HRCI data. One percent increase in HRCI affects SCFI by 0.77% on the following week. This study believes that finding may help each shipping market of shipping freight rates estimates, thereby encouraging decision markers to exercise discretion and establish best interest decision.

• Journal of Navigation and Port Research
• /
• v.30 no.4
• /
• pp.285-290
• /
• 2006

Shipping companies consider most of the ship turnaround time as a critical factor when selecting a rolling port for reducing costs. So, many researchers have been studying for the optimization of preplanning and high~performance of the Gantry Cranes (GCs) in container terminals for faster loading and unloading. Therefore, in this paper, we propose an RFID (Radio Frequency Identification) based RTLS (Real-Time Location System) for reducing the ship turnaround time in ubiquitous port environment. In addition, pre-planning based on ubiquitous computing environment will support the GC and Yard Tractors (YTs), and reduce ship turnaround time more effectively. Especially, the proposed method enormously enhances the productivity of loading for the twin-lift system It will reduce the whole lead-time in the process of port logistics.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
• /
• 2015.10a
• /
• pp.241-242
• /
• 2015

According to globalization of world economy on distribution and sales, logistics and transportation parts are play important role. Especially, it important to know and study how to choose right transport route and which is the key factor of route choice model in multimodal transport system. Thus this study aims to consider 4 main factors: cost, delivery time, freight, and logistics service factors additionally dividing into 13 sub factors and object is forwarders between Mongolia and Korean freight transport. The survey is based on AHP through interview with company officials. The paper provides empirical insights about current status of Mongolian forwarders and difference of the important factors between transportation modes. Result shows that time factor is role factor to choose transport route and then cost factors. Additionally, this study shows 2 different route choose factors between air transport and shipping transport forwarders.

• Journal of Navigation and Port Research
• /
• v.41 no.5
• /
• pp.319-328
• /
• 2017

The efficiency of port operations is an important indicator of port development. Moreover, there is excess handling capacity in Chinese ports, which results in a slower speed of development. Under the detrimental environment of the international shipping market, it is necessary to improve the operation efficiency of ports for long-term development. This paper provides an assessment of the competitiveness of Chinese seaport companies using the Boston Consulting Group's matrix, and efficiency measurements using a data envelopment analysis and the Malmquist method. This analysis showed that highly efficient companies reformed their development strategies, which should be a solution considered by less efficient companies, such as Shenzhen Yan Tian Port Holdings Co., Ltd.. Although, having high throughput should be reformed in the investment structure. This research will assist port companies in gaining effective operating experience, and governments in establishing strategic planning to enhance the efficiency of port development.

• Asia-Pacific Journal of Business
• /
• v.10 no.2
• /
• pp.117-130
• /
• 2019

The land transport industry is more important than the air transport or shipping industry. Land transport has the largest number of business and employees, and the fourth industrial revolution technology has recently infiltrated the most rapidly. In this paper, we examine the status, future prospects, and implications of the land transport industry in Korea for the past 7 years based on the statistical database and related literature. We survey the scope and characteristics of the freight truck or rail transport industry, government policies, and recent logistics industry trends. From the results of these current and forecast statistical surveys, we propose a way forward for the domestic transport business.

• Journal of Navigation and Port Research
• /
• v.43 no.2
• /
• pp.86-92
• /
• 2019

IMO has enacted a convention that air pollution due to emissions of ships and sulfur oxides emissions should be significantly reduced by 2020. Based on the current support policies, this work intended to draw up the government support plans required by the shipping companies. Analytic Hierarchy Process analysis was done with factors derived from brainstorming and literature studies. The analysis results showed that the cost factor was generally the most important criterion and the Financial Aid was relatively more important within this cost factor. The policy implications for the regulation of sulfur oxides emissions was provided.

• Journal of Korea Trade
• /
• v.23 no.6
• /
• pp.145-158
• /
• 2019

Purpose - Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value. Design/methodology - To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis. Findings - This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms' stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors' expectations were higher with new partners and new alliances than with old partners. Research Implications - A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times. Originality/value - This study analyzed partner volatility on relevant companies' stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.

• The Journal of shipping and logistics
• /
• v.35 no.1
• /
• pp.21-50
• /
• 2019

The aim of this study is to analyse a characteristic analysis of coastal passenger vessels' voyage scheduling using the Panel Regression Analysis. The GLS and Fixed Effect Analysis show that the number of canceled flights and passenger transport performance have a positive impact on the voyage scheduling, and that the freight transport performance and freight income vary from model to model. Also, through the LSDV and OLS analysis, the trend of cluster formation by regional office was confirmed. This indicates that there are frequent changes in passenger ship companies and ships, and in-depth plans are needed in various respects rather than the expansion of unconditional ships. Subsequent studies need to generate more detailed and practical results by further analysis of detailed factors, dividing them by route and vessel type.