• Horticultural Science & Technology
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• v.33 no.5
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• pp.697-704
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• 2015

This study was carried out to investigate conveyance environment during shipping export to Japan and the optimum pre-treatment of cut Dendranthema grandiflorum 'Baekma'. Shipping from Korea to Japan, which usually takes three to five days, requires keeping the flower at the ideal temperature. When inspection took place in Japan, the ideal temperature was lost and deterioration began. Once the ideal temperature is lost, deterioration takes place. The results of this work showed that vase life was extended by treatment Chrysal RVB and NaOCl compared to the control (distilled water), and Chrysal RVB was used to maintain the flower from bud to full bloom. Bacterial growth was not observed after pretreatment with NaOCl or $ClO_2$. However, $ClO_2$ pre-treatment was observed to affect the early growth period of the bacteria. The chlorophyll content was the highest after Chrysal RVB or NaOCl pretreatment compared to the other treatments. Therefore, these results support pretreatment with NaOCl and Chrysal RVB of Dendranthema grandiflorum 'Baekma' for export to Japan.

• Journal of Korean Society for Quality Management
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• v.47 no.3
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• pp.497-508
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• 2019

Purpose: The purpose of this study is to overcome limitations of conventional studies that to predict Baltic Dry Index (BDI). The study proposed applications of Artificial Neural Network (ANN) named Long Short-Term Memory (LSTM) to predict BDI. Methods: The BDI time-series prediction was carried out through eight variables related to the dry bulk market. The prediction was conducted in two steps. First, identifying the goodness of fitness for the BDI time-series of specific ANN models and determining the network structures to be used in the next step. While using ANN's generalization capability, the structures determined in the previous steps were used in the empirical prediction step, and the sliding-window method was applied to make a daily (one-day ahead) prediction. Results: At the empirical prediction step, it was possible to predict variable y(BDI time series) at point of time t by 8 variables (related to the dry bulk market) of x at point of time (t-1). LSTM, known to be good at learning over a long period of time, showed the best performance with higher predictive accuracy compared to Multi-Layer Perceptron (MLP) and Recurrent Neural Network (RNN). Conclusion: Applying this study to real business would require long-term predictions by applying more detailed forecasting techniques. I hope that the research can provide a point of reference in the dry bulk market, and furthermore in the decision-making and investment in the future of the shipping business as a whole.

• The Journal of shipping and logistics
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• v.34 no.4
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• pp.545-563
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• 2018

This study analyzes the major factors affecting the freight rates of Very Large Crude-Oil Carriers (VLCC) using co-integration and vector error correction models (VECM). Particularly, we estimate the long-term equilibrium function that determines the VLCC freight rate by conducting difference conversion. In the VECM regression analysis, the error term converges toward long-term balance irrespective of whether the previous period's freight rate is bigger or smaller than the long-term equilibrium rate. Thus, even if the current rate is different from the long-term rate, it eventually converges to the long-term balance irrespective of a boom or recession. This study follows Ko and Ahn (2018), which analyzed the factors affecting the chemical carrier freight rate and was published in the Journal of Shipping and Logistics (Vol. 34, No. 2). It is expected that an academic comparison of the results of each study will be possible if further research is conducted on other vessel types, such as container ships and dry cargo vessels.

• Journal of Navigation and Port Research
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• v.47 no.2
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• pp.106-119
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• 2023

Due to global decarbonization movement and tightening of maritime emissions restrictions, the shipping industry is going to switch to alternative fuels. Among candidates of alternative fuel, methanol is promising for decreasing SOx and CO2 emissions, resulting in minimum climate change and meeting the goal of green shipping. In this study, a novel combined system of direct methanol solid oxide fuel cells (SOFC), proton exchange membrane fuel cells (PEMFC), gas turbine (GT), and organic Rankine cycle (ORC) targeted for marine vessels was proposed. The SOFC is the main power generator of the system, whereas the GT and PEMFC could recover waste heat from the SOFC to generate useful power and increase waste heat utilizing efficiency of the system. Thermodynamics model of the combined system and each component were established and analyzed. Energy and exergy efficiencies of subsystems and the entire system were estimated with participation of the first and second laws of thermodynamics. The energy and exergy efficiencies of the overall multigeneration system were estimated to be 76.2% and 30.3%, respectively. The combination of GT and PEMFC increased the energy efficiency by 18.91% compared to the SOFC stand-alone system. By changing the methanol distribution ratio from 0.05 to 0.4, energy and exergy efficiencies decreased by 15.49% and 5.41%, respectively. During the starting up and maneuvering period of vessels, a quick response from the power supply system and propulsion plant is necessary. Utilization of PEMFC coupled with SOFC has remarkable meaning and benefits.

• Journal of the Korean Society of Marine Environment & Safety
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• v.21 no.2
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• pp.147-153
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• 2015

The International Maritime Organization has conducted SEEMP for reducing $CO_2$ emission from ships. The study was carried out by comparing the real application of three shipping companies with IMO guideline about SEEMP on the same category. This paper suggests a method to improve implementation of SEEMP more efficiently through a grasp of the problem from its real application. Improvements are error correction of Company EEOI, unification of EEOI data acquisition period, compliance of measurements for fuel-efficient operation, suggestion of $CO_2$ mass conversion factors for various fuel and EEOI goal setting through formal standards of the International Maritime Organization.

• Journal of Distribution Science
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• v.15 no.11
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• pp.59-72
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• 2017

Purpose - This paper evaluated the efficiency performance of the three major maritime transport markets and examined the determinants of the performance. The firms' revenue fluctuates with the changes of the economic cycle; hence it is important for them to set up business strategies to improve efficiencies. A lack of efficiency measurements for shipping firms leads to a significant gap in determining their overall performance. Research design, data, and methodology - Each of DEA scores was adopted for the evaluation and panel regression was used to examine the impact of determinants on the performance. The analysis included 50 shipping firms from three maritime transport markets as follows; 15 firms of container liners, 18 firms of bulk carrier and 17 firms of tanker carriers, and its period was from 2010 to 2016. Results - In the CCR model, container liners were the highest, tanker carriers were the second, and bulk carriers were the lowest in operation efficiency and financial efficiency. By region, operation efficiency and financial efficiency was high in the order of America, Asia, and Europe. Conclusions - This study suggests business strategies for maritime transport companies based on the analytical results of determinants of operational and financial efficiency.

• Journal of Korea Port Economic Association
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• v.30 no.2
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• pp.77-92
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• 2014

The focus of this study is to analyse dynamic relationship among BDI(Baltic Dry-bulk Index, hereafter BDI), forex market and industrial production using monthly data from 2003-2013. Specifically, we have focused on the investigations how monetary and real variable affect shipping industry during recession period. To compare performance between general VAR and Bayesian VAR we first examine DAG(Directed Acyclic Graph) to clarify causality among the variables and then employ MSFE(mean squared forecast error). The overall estimated results from impulse-response analysis imply that BDI has been strongly affected by other shock, such as forex market and industrial production in Bayesian VAR. In particular, Bayesian VAR show better performance than general VAR in forecasting.

• Journal of Korea Port Economic Association
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• v.18 no.2
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• pp.27-45
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• 2002

The continuing pace of technological change and the trend toward larger and faster ships is evident as shipping lines compete in seeking economies of scale in the global market and ports. become increasingly reliant on sophisticated equipment. Across the Asia and Pacific region some of the worlds most modern container ships are calling at an extensive network of mainline and feeder ports. This paper shows that during the period from 1999 to 2011, Asian container trade is expected to continue to increase more rapidly than the world average, i.e., 7.2 per cent per annum compared with the world average of 6.3 per cent. It is forecast that the total volumes of international containers handled at the ports in Asia and the Pacific will increase at an average growth rate of 7,2 per cent per annum. In order to handle the anticipated port container traffic in 2011, new container berths are required in nearly every country in the Asia and the Pacific region. This will entail very significant capital investment requirements. If countries in the UNESCAP region are to position their ports to meet the challenges of the next decade, there is an urgent need to implement more robust strategies to address important issues including prioritisation of port development projects, promotion of private sector participation in ports, emphasis on productivity and preparation for intermodal integration and logistics growth.

• Journal of Korea Trade
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• v.25 no.1
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• pp.18-33
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• 2021

Purpose - This paper investigates the causal relationship between logistics infrastructure development and the economic growth of Korea. Considering the industrial and economic structure of Korea, it is likely that logistics infrastructure is positively associated with the economic growth of the country. Design/methodology - The causal relationship between logistics infrastructure and economic development is estimated using Vector Autoregressive (VAR) and Vector Error Correction Model (VECM) considering long-run equilibrium between the two factors. To this end, a dataset consisting of 7 logistics infrastructure proxies and 5 economic growth indicators covering the period of 1990-2017 is used. Findings - It was found that causality, in general, runs from logistics infrastructure development to economic growth. Specifically, the results indicate that maritime transport is positively associated with the economic growth of Korea in terms of GDP and international trade. In addition, other modes of transport also have a positive impact on either the GDP or international trade of Korea. Originality/value - While existing studies in this area are based on either regional observations or a specific mode of transport, this study presents empirical evidence on causality between logistics infrastructure and the economic growth of Korea using a more comprehensive dataset. In addition, the findings in this paper can provide valuable implications for transport infrastructure development policies.

• Journal of Navigation and Port Research
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• v.48 no.2
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• pp.104-108
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• 2024

This study investigates the relationship between national controlling fleets and the managerial performance of ship management companies in Korea. As industries clearly show interrelations between upstream and downstream entities , it is likely that the managerial performance of ship management companies in Korea is affected by the size of national fleet. Therefore, the present study analyzes the impact of Korean fleet size on the growth and the profitability of ship management firms. To this end, the performances of 10 major ship management companies in the period from 2012-2022 are examined through panel data regressions. The results indicate that the size of the national fleet has a positive impact on growth in both the assets and the sales of ship management companies. Specifically, the size of the Korean-flagged fleet is the most crucial factor, while that of the foreign-flagged fleet has no significant effect. In stark contrast to the findings regarding growth, the size of national fleet is found to have no significant impact on the profitability of ship management companies. This study's findings are expected to provide valuable implications informing both the managerial decision-making of ship management companies as well as policy-making for shipping and its related industries.