• Journal of the Korean Institute of Navigation
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• v.7 no.2
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• pp.65-113
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• 1983

A lot of studies of ship's economy are on the traditional fields such asreducing propulsion resistance, raising cargo handling rates and lessening building consts, but there are few researches on the merchant ship's economy concerning their deadweights and speeds according to shipping companies managerial cercumstances. Contrary to the contemporary trend that "the bigger, the better, if the cargo handling rate could increased sufficiently to hold down port time to that rate of smmaler vessels", this paper demonstrates the existence of certain limits in ship's size and speed according to the coditions of the freight rates, voyage distances, cargo handing rates, prices of fuel oil, interst rates etc. Fom the curves of criteria contour for various ship's deadweights and speeds which are depicted from the gird search method, one can get the costs and the yearly profit rates under the conditiions of large volume with long term contracts for the transportation of bulk cargoes. In estimating ship's transportation economy, the auther takes the position that the profit rate method is properer than the cost method, and introduces the calculation table of the voyage profit rate index. The use of the criteria contours will be of help to ship owners in determining the size and speed of the ship which will be built or purchased and serve in a certain trade route.

• Journal of Korea Port Economic Association
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• v.29 no.4
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• pp.157-174
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• 2013

A shipbroking is maritime service business, which is consist of market of freight, shipbuilding, sales & purchase and demolition for intermediation between customer and supplier. In this way, a shipbroking business has strong relationship with shipping industry and is also knowledge service business for creation additional value based on shipping, shipbuilding, financial and law etc. However, the research on the evaluation items and a method for shipbroking company were not carried out in previous research. In this paper, We defined evaluation items with three high level, six middle level and sixteen low level for evaluation of shipbroking service by expert's brainstorming and AHP(analytic hierarchy process) method. And also carried out survey to employees of shipbroking company as supplier and shipping company as customer. As a result of survey, result of service in high level, convenient of middle level and credibility of low level are evaluated highly, and also business credit rating, profit of customer, achievement of customer's object are considered to more important than others items. In case of comparison between group, a method of contact with client, problem-solving ability, good relationship with clients of international and domestic evaluated importantly in common.

• Journal of Navigation and Port Research
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• v.33 no.7
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• pp.469-476
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• 2009

Recent collapse of shipping market right after unprecedent surge clearly demonstrates that shipping industry is extremely risky. Due to the volatile movements of the freight rates, investors tend to ask higher rate of return; higher required return reduces the total net present value of the investment project. For several decades, the Discounted Cash Flow(DCF hereafter) analysis has been the most frequently used valuation technique. However, the main problem of the DCF analysis is its assumption that the discount rate would stay the same during the project life. In other words, it usually does not address the decisions that managers have after a project has been accepted. The purpose of this study is investigate a new valuation method of investment: the Real Option Analysis(ROA hereafter) on ship investment. By replacing the existing valuation methods with the new one, the research will present a new perspective on investment with uncertainty. While uncertainty increases risk of investment and consequently discounts the value of it in the traditional feasibility analysis, in the ROA, a new valuation method which will be addressed in the research, uncertainty means some additional value of flexibility so that the tool can help investors produce more accurate decisions. Contrary to the DCF analysis, the ROA takes managerial flexibilities into account. In reality, capital budgeting and project management is typically dynamic, rather than static in nature. The ROA finds and assesses the values of managerial flexibilities or real options in the investments. The main structures of the research will be as follows: (1) overview of the ship investment project, (2) evaluation of the project by the Net Present Value analysis, (3) evaluation of the same project by the Real Option Analysis, (4) comparision of the two techniques.

• Journal of Advanced Marine Engineering and Technology
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• v.29 no.1
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• pp.86-97
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• 2005

Nowadays, Water Mist Fire Extinguishing System is increasingly used in maritime field for various application. The fire extinguishing capability of the system should be verified by hydraulic calculation in the same manner as the conventional water based fire extinguishing system such as sprinkler system. water spray system and etc. Additionally, the review of effectiveness of friction loss calculation method used for hydraulic calculation is needed because the pipe flow characteristic of its piping system has higher Reynolds number than that of the conventional system. In this paper the review work was carried out based on the NFPA Code 750.

• Journal of Environmental Science International
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• v.10 no.5
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• pp.343-350
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• 2001

To investigate air quality away from the coastal urban source region, we used a hybrid Eulerian - Lagrangian method which can describe the formation, transport, transform and deposition processes in complex terrain, with inclusion of shipping sources that were considered to be important emission in the coastal urban region. The result of the Eulerian advection - diffusion prediction was quite similar to that of the Lagrangian particle diffusion prediction. It showed that pollutants emitted from Sasang and Janglim industrial complexes can affect Hwamyeong and the coastal, respectively. During the daytime the concentration was low due to large deposition flux and terrain effect.

• Transactions of the Korean hydrogen and new energy society
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• v.35 no.4
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• pp.437-450
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• 2024

Sustainable shipping depends on eco-friendly energy solutions. This paper reviews methods for predicting marine fuel cell performance, including empirical approaches, physical modeling, data-driven techniques, and hybrid methods. Accurate prediction models tailored to the marine environment's unique conditions are crucial for operational efficiency. By evaluating the strengths and weaknesses of each method, this study provides a comprehensive analysis of effective strategies for forecasting polymer electrolyte membrane fuel cell and solid oxide fuel cell performance in marine applications. These insights contribute to the advancement of eco-friendly shipping technologies and enhance fuel cell performance in challenging marine environments.

• Journal of Korean Society of Steel Construction
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• v.25 no.4
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• pp.421-430
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• 2013

To predict behaviors of offshore wind turbines which are highly laterally loaded structures and to design them rationally, evaluating the soil-foundation interaction is important. Nowadays, there are many soil modeling methods for structural analysis of general structures subjected to vertical loads, but using the methods without any consideration for design of a monopile foundation is eschewed because it might cause wrong structural design due to the deferent loading state. In this paper, we identify the differences of the member forces and displacements by design methods. The results show that fixed end method is barely suitable for monopile design in terms of checking the serviceability because it underestimate the lateral displacement. Fixed end method and stiffness matrix method underestimate the member forces, whereas virtual fixed end method overestimates them. The results of p-y curve method and coefficient of subgrade reaction method are similar to the results of 3D soil modeling method, and 2D soil modeling method overestimates the displacement and member forces as compared with other methods.

• Journal of Korea Port Economic Association
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• v.40 no.1
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• pp.151-163
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• 2024

This study sought to confirm the impact of analytical methods and behavioral economic theory factors on decision-making when making chartering decisions in the dry bulk shipping market. This study on chartering decision-making model was began to verify why shipping companies do not make rational decision-making and behavior based on analytical methods such as freight prediction and process of alternative selection in the same market situation. To understand the chartering decision-making model, it is necessary to study the impact of behavioral economic theory such as heuristics, loss aversion, and herding behavior on chartering decision-making. Through AHP analysis, the importance of the method factors relied upon in chartering decision-making. The dependence of the top factors in chartering decision-making was in the following order: market factors, heuristics, internal factors, herding behavior, and loss aversion. Market factors, heuristics, and internal factors. As for detailed factors, spot freight index and empirical intuition were confirmed as the most important factors relied on when making decisions. It was confirmed that empirical intuition is more important than internal analysis, which is an analytical method. This study can be said to be meaningful in that it academically researched and proved the bounded rationality of humans, which cannot be fully rational, and sometimes relies on experience or psychological tendencies, by applying it to the chartering decision-making model in the dry bulk shipping market. It also suggests that in the dry bulk shipping market, which is uncertain and has a high risk of loss due to decision-making, the experience and insight of decision makers have a very important impact on the performance and business profits of the operation part of shipping companies. Even though chartering are a decision-making field that requires judgment and intuition based on heuristics, decision-makers need to be aware of this decision-making model in order to reduce repeated mistakes of deciding contrary to market situation. It also suggests that there is a need to internally research analytical methods and procedures that can complement heuristics such as empirical intuition.

• Journal of Navigation and Port Research
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• v.32 no.8
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• pp.621-628
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• 2008

Container terminals keenly compete with one another because of the continuous increase of container flows and the appearance of large-sized vessels. Major cargo handling equipment manufacturers are interested in the development of new conceptual equipment to greatly increase its productivity. In this study, a two-phase procedure is suggested for selecting the optimal development alternatives, when various development alternatives for container cranes are given. The first phase removes the alternatives that violate essential requirements and the second phase selects final alternatives by the evaluation of experts and the linear assignment method. Finally, a case applying the procedure is provided.

• Journal of the Ergonomics Society of Korea
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• v.30 no.1
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• pp.137-150
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• 2011

Nationally and internationally reported statistics on marine accidents show that 80% or more of all marine accidents are caused fully or in part by human error. According to the statistics of marine accident causes from Korean Maritime Safety Tribunal(KMST), operating errors are implicated in 78.7% of all marine accidents that occurred from 2002 to 2006. In the case of the collision accidents, about 95% of all collision accidents are caused by operating errors, and those human error related collision accidents are mostly caused by failure of maintaining proper lookout and breach of the regulations for preventing collision. One way of reducing the probability of occurrence of the human error related marine accidents effectively is by investigating and understanding the role of the human elements in accident causation. In this paper, causal factors/root causes classification systems for marine accident investigation were reviewed and some typical human error analysis methods used in shipping industry were described in detail. This paper also proposed a human error analysis method that contains a cognitive process model, a human error analysis technique(Maritime HFACS) and a marine accident causal chains, and then its application to the actual marine accident was provided as a case study in order to demonstrate the framework of the method.