• Journal of Korea Port Economic Association
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• v.38 no.1
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• pp.31-47
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• 2022

While the ship finance industry has long been struggling with diminishing involvements from the private sector, government-run banks have consistently increased their presence in maritime finance. To address such concerns, this research conceptually explores the creation of blockchain technology-driven security token offering (STO) platforms. To suggest a sound platform model, this piece first examines key design principles. Based on the integral perspective on the digital platform, this paper exhibits three core design principles to create a virtuous platform ecosystem, then sets out STO platform design guidelines. This paper further explores an STO platform model by considering conventional ship finance systems and practices in Korea. The STO platform has three main effects; 1) the wider availability of STOs can enlarge both the scope and size of ship finance users, 2) the activation of security token transactions leads to an increase in participation, and 3) possibilities to create complementary innovative financial services can further encourage the participation of private investors. The STO ecosystem may contribute to the shipping, shipbuilding, and ship finance industries by enhancing its attractiveness to the general public and by creating positive externalities for Busan as a maritime finance center.

• Journal of Advanced Marine Engineering and Technology
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• v.39 no.6
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• pp.626-632
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• 2015

The International Maritime Organization (IMO) has adopted several regulations for the prevention of air pollution from ships. In addition, there is a requirement for shipping liners to reduce greenhouse gas emissions. Accordingly, we need to take measurements to ensure that the steps taken are both efficient and environmentally friendly. It has been determined that the application of the Miller cycle in diesel engines has the effect of both reducing the amount of NOx and improving thermal efficiency. However, this method requires a considerably larger charge air pressure. Therefore, we consider a two-stage turbo-charging system, which not only results in a high charging pressure, but also improves the part load performance with an exhaust-gas bypass system or the application of the Miller cycle. Because of complications associated with the two-stage turbo-charging system, it is complex and difficult to realize a design that optimizes matching between diesel engine and turbo-chargers. Accordingly, it is necessary to perform a quantitative analysis to determine the effects and optimal conditions of these different systems in the early stage of system design. In this paper, we develop a simulation program to model these systems, and we verify that the results of this program are reliable. Further, we discuss methods that can be employed to improve its efficiency.

• International Commerce and Information Review
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• v.18 no.3
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• pp.3-21
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• 2016

The thesis examines genealogical study of various aspects to overcome lots of problems which come by when we execute SWIFTNet TSU BPO. Practical implications regarding the innovation of electronic trade infrastructure are as follows. First, the shipping documents in the SWIFTNet TSU BPO are directly sent to an importer by an exporter after the baseline is confirmed. With this process itself, therefore, the bank cannot secure the account receivable. When initiating the SWIFTNet TSU BPO deal, it is needed to set regulations on the bank's account receivable security in the contract. Second, the SWIFTNet TSU BPO should also have an institutionally unified sharing platform with security, stability and convenience. It other words, it is needed to develop services which meet e-payment paradigm and international environments through continued analysis on market changes and flow. Third, the SWIFTNet TSU is useful in terms of promptness, reduction of risk in foreign exchange payment, cost reduction. Therefore, the SWIFT should be perfectly united and linked among the banks, importer and exporter to make the SWIFTNet TSU more convenient in countries around the world. Fourth, the SWIFT should be approached from the aspect of expansion of network and creation of a new business model through analysis on these problems with a worldwide perspective. At the same time, it is necessary to build a cooperative system to share information and promote comprehensive management for efficient operation.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.40 no.4
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• pp.201-212
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• 2016

A Wind resource assessment and optimal micrositing of wind turbines were implemented for the development of an onshore wind farm of 30 MW capacity on Gadeok Island in Busan, Republic of Korea. The wind data measured by the automatic weather system (AWS) that was installed and operated in the candidate area were used, and a reliability investigation was conducted through a data quality check. The AWS data were measured for one year, and were corrected for the long term of 30 years by using the modern era retrospective analysis for research and application (MERRA) reanalysis data and a measure- correlate-predict (MCP) technique; the corrected data were used for the optimal micrositing of the wind turbines. The micrositing of the 3 MW wind turbines was conducted under 25 conditions, then the best-optimized layout was analyzed with a various wake model. When the optimization was complete, the estimated park efficiency and capacity factor were from 97.6 to 98.7 and from 37.9 to 38.3, respectively. Furthermore, the annual energy production (AEP), including wake losses, was estimated to be from 99,598.4 MWh to 100,732.9 MWh, and the area was confirmed as a highly economical location for development of a wind farm.

• Journal of Korea Port Economic Association
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• v.25 no.4
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• pp.225-250
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• 2009

The purpose of this paper is to clarify the movement of customer satisfaction factor of port like marketing and customer support factors and set up new strategy for customer satisfaction with the factors of control by Port Authority. It was researched to Terminal operation and shipping companies of main clients of Container Terminals of Busan Port. The Score of customer satisfaction is 4.62, it is almost average score to consider Likert Scale 7 for Research measurement. For Customer satisfaction measurement score, the factor is named Port Facility, Port Cost, Marketing Activity and Customer Support with 20 elements. It is verified suitable model by Structural Equation Method. It is effect customer satisfaction by Marketing Activity and Customer Support factor instead of Port Facility and Port Cost. So Port Authority has to plan new strategy for customer satisfaction to consider its effect factors.

• Journal of Korea Port Economic Association
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• v.32 no.2
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• pp.137-156
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• 2016

This study analyzes the optimal service levels of exclusive container terminals in terms of the optimal berth occupancy rate and the ships' waiting ratios, based on the number of berths. We develop a simulation model using berth throughput data from pier P, Busan New Port, a representative port in Korea, and apply the simulation results to different numbers of berths. In addition to the above results, we analyze the financial data and costs of delayed ships and delayed cargoes for the past three years from the viewpoints of the terminal operation company (TOC), shipping companies, and shippers to identify the optimal service level for berth occupancy rates that generate the highest net profit. The results show that the optimal levels in the container terminal are a 63.4% berth occupancy rate and 10.6% ship waiting ratio in berth 4,66.0% and 9.6% in berth 5, and 69.0% and 8.5% in berth 6. However, the results of the 2013 study by the Ministry of Maritime Affairs and Fisheries showed significantly different optimal service levels: a 57.1% berth occupancy rate and 7.4% ship waiting ratio in berth 4; 63.4% and 6.6% in berth 5; and 66.6% and 5.6% in berth 6. This suggests that optimal service level could change depending on when the analysis is performed. In other words, factors affecting the optimal service levels include exchange rates, revenue, cost per TEU, inventory cost per TEU, and the oil price. Thus, optimal service levels can never be fixed. Therefore, the optimal service levels for container terminals need to be able to change relatively quickly, depending on factors such as fluctuations in the economy, the oil price, and exchange rates.

• Journal of Navigation and Port Research
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• v.41 no.6
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• pp.423-436
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• 2017

This study examines the level of port service quality based on $Gr{\ddot{o}}nroos$(1984)'s Two-Dimensional Model: we investigated service-environment quality and service-delivery quality, and added service-product quality as a process quality. This study focused on a service user like a llner, forwarder, shipper, or a logistics firm using port service in the Port of Busan. We investigated relationships among the following vairables: service quality, customer satisfaction and port image; we also analyzed the path coefficients using Smart-PLS 3.0. The results and suggestions of this study are summarized as follows. First, all of the service quality variables influenced customer satisfaction but service-delivery quality didn't have an impact on port image. Secondly, there is correlation between customer satisfaction and port image; customer satisfaction had a positive effect with port image. Lastly, customer satisfaction and port image influenced the Relation Continuity Intention.

• Journal of Korea Port Economic Association
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• v.34 no.4
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• pp.69-84
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• 2018

The purpose of this study is to provide a comparative evaluation of container port criteria at four major container ports in the Bay of Bengal, including Colombo Port in Sri Lanka, Chennai Port in India, Chittagong Port in Bangladesh and Yangon Port in Myanmar. Important container port selection criteria are identified and comparisons among container ports are made using previous studies, personal interviews and questionnaires, completed by top shipping companies, freight forwarders, logistics service providers, and experts in Myanmar. The AHP method is used to verify the research model and hypothesis. This study identified five main criteria and eleven sub-criteria when choosing potential regional hub ports among the four ports in the Bay of Bengal. The main findings from the five main criteria suggest that port efficiency is the highest priority criteria, and the second priority is port costs. The criteria of geographical location and available port facilities are the third and fourth most important, respectively, and the last priority is port's hinterland. Regarding the relative competition among these ports, Colombo Port obtained the highest priority among the four influential factors except for port hinterland. This study has certain limitations that will require future research. First, the sample group for the population size is relatively small. Second, interviewees had limited experience answering questionnaires using this methodology and a limited amount of time was available for respondents for the interviews.

• Journal of Korea Port Economic Association
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• v.35 no.2
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• pp.61-76
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• 2019

The purpose of this study is to use the EGARCH model and Granger causality test to analyze how the change in the BDI affects the Korean stock price volatility. The main analysis results are summarized as follows. First, according to the results of the mean equation, the change in the BDI is significant in large-cap stocks, as well as in the manufacturing, service, and chemistry indexes, but not in others. This implies that the Korean stock market does not respond appropriately to the maritime market situation; further, the increase in demand for raw materials has not led to a real economic recovery. Second, in the result of the variance equation, the coefficient on the change in the BDI is negative(-), and the change in the BDI is significant for all size indexes. Particularly, the change in the BDI has a greater impact on the volatility of small-cap stocks than that of large-cap stocks. The results of the analysis of the sector indexes were statistically significant for the service, financial, construction, and electric and electronics industries, but not for the manufacturing and chemical industries. In particular, the changes in the BDI have the greatest impact on the construction industry. Third, according to the Granger causality test results, the change in the BDI leads the financial industry and construction industry. There is, however, no relationship between the BDI and the other indexes. This shows that change in the shipping freight index can be used to predict the volatility in the Korean stock market. This can help investors and policymakers make better decisions.

• The Journal of the Acoustical Society of Korea
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• v.38 no.4
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• pp.378-386
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• 2019

Unlike ship noise that radiates from moving ships, wind noise is caused by breaking waves as a result of the interaction between the wind and the sea surface. In this paper, WNL (Wind Noise Level) was modeled by considering the noise source of the wind as the bubble cloud generated by the breaking waves. In the modeling, SL( Source Level) of the wind noise was calculated using the wind-speed data measured from the weather buoy operated in the coastal area of the East Sea. At the same time as observing the wind speed, NL (Noise Level) was continuously measured using a self-recording hydrophone deployed near the weather buoy. The modeled WNL according to the wind speed and the measured NL removing the shipping noise from the acoustic raw data were compared in the low-frequency band. The overall trends between the modeled WNL and the measured NL were similar to each other. Therefore, it was confirmed that it is possible to model the WNL in the shallow water considering the SL and distribution depth of bubble cloud caused by the wind.