• Korea Trade Review
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• v.48 no.1
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• pp.127-163
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• 2023

The objective of this study is to investigate the volatility spillover effects among BDI, CCFI and SCFI. This paper will divide the empirical analysis section into two periods to analyze and compare the differences in volatility spillover effect between shipping freight indices before and after the outbreak of COVID-19 separately. First, in order to compare the mean spillover impact and index lead-lag correlations in BDI and CCFI indices, along with BDI and SCFI indices before and after COVID-19, the co-integration analysis and the test of Granger causality built on the VAR model were utilized. Second, the impulse response and variance decomposition are employed in this work to investigate how the shipping freight index responds to shocks experienced by itself and other freight indices in a short period. Before the COVID-19 epidemic, the results demonstrated that the BDI freight index is the Granger cause of the variable CCFI freight index. But the BDI and CCFI freight indices have no apparent lead-lag relationships after COVID-19, and this empirical result echoes the cointegration test result. After the COVID-19 epidemic, the SCFI index leads the BDI index. This study employs the VAR-BEKK-GARCH joint model to explore the volatility spillover results between dry bulk and container transport markets before and after COVID-19. The empirical results demonstrate that after COVID-19, fluctuations in the BDI index still affect the CCFI index in the maritime market. However, there is no proof of a volatility spillover relationship between the BDI and SCFI after the COVID-19 epidemic. This study will provide an insight into the volatility relationship among BDI, CCFI and SCFI before and after the the COVID-19 epidemic occurred.

• Journal of Fisheries and Marine Sciences Education
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• v.29 no.2
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• pp.333-342
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• 2017

In this study, we studied and analyzed 3,751 ships regarding detention list of Tokyo MOU from 2013 to 2015 total for 36 months. The Member Authorities of the MOU has 20 committee consists of Korea and Peru joined in 2015. 1,250 ships in a year and 140 ships in a month are granted PSC Action Code-30 corresponding to detention. Averagely, 30,943 ships in a year and 2,579 ships have been received PSC inspection. Additionally, according to this PSC inspection, rate of Detention reaches to 4.04%. When it comes to Korean Flag Ships however, the number of Detention ships of Tokyo MOU has been rather increased from 3 ships in 2013 to 18 ships during 2years. Furthermore, MOU in the all over the world, the number of ships had Detention has largely increased from 5 ships to 9 up-to 19ships. The number of Detention Ships has been reached to 44.8% of 1~2 days period of Detentions, under 3~10 days period of Detentions reaches to 34.7% and over 10 days detention reaches 10.3%, which cause economically enormous loss. Continually, each MOU has been implemented Concentrated Inspection Campaign(CIC) annually. Each MOU including Tokyo MOU implemented "Crew Familiarization for Enclosed Space Entry" for 3 month from september, and During this period, Concentrated Inspection were carried out to 8,429 ships of Tokyo MOU. Accordingly, If ships and owners can get the information of CIC and deliver the information to the ship, then Ships can minimize the rate of Detention by thoroughly preparing for PSC Inspection. In addition, Bulk Carrier and General Cargo ship occupy 50% of rate of Detention and it shows that majority of list among Nature of Deficiencies are identical. Finally, If we can obtain the information of the ships inspected previously, We can reduce the number of detention by preparing for PSC inspection. And this will be able to contribute to shipping industry also.

• Korean Journal of Agricultural Science
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• v.48 no.4
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• pp.815-829
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• 2021

The purpose of this study is to construct a flatfish outlook model that is consistent with the "Fisheries outlook" monthly publication of the fisheries outlook center of the Korea Maritime Institute (KMI). In particular, it was designed as a partial equilibrium model limited to flatfish items, but a model was constructed with a dynamic ecological equation model (DEEM) system, considering biological breeding and shipping times. Due to limited amounts of monthly data, the market equilibrium price was calculated using a recursive model method as the inverse demand. The main research results and implications are as follows. As a result of estimating young fish inventory levels, the coefficient of the young fish inventory in the previous period was estimated to be 0.03, which was not statistically significant. Because there is distinct seasonality, when estimating the breeding outcomes, the elasticity of breeding in the previous period was found to exceed 0.7, and it increased more as the weight of the fish increased, in addition, the shipment coefficient gradually increased as the weight increased, which means that as the fish weight increased, the shipment compared to the breeding volume increased. When estimating shipments, the elasticity of breeding in previous period was estimated to respond elastically as the weight increases. The price flexibility coefficient of the total supply was inelastically estimated to be -0.19. Finally, according to a model predictive power test, the Theil U1 was estimated to be very low for all of the predictors, indicating excellent predictive power.

• Journal of Korea Port Economic Association
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• v.37 no.4
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• pp.161-173
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• 2021

The shipping industry plummeted and was depressed due to the global economic crisis caused by the bankruptcy of Lehman Brothers in the US in 2008. In 2020, the shipping market also suffered from a collapse in the unstable global economic situation due to the COVID-19 pandemic, but unexpectedly, it changed to an upward trend from the end of 2020, and in 2021, it exceeded the market of the boom period of 2008. According to the Clarksons report published in May 2021, the decrease in cargo volume due to the COVID-19 pandemic in 2020 has returned to the pre-corona level by the end of 2020, and the tramper bulk carrier capacity of 103~104% of the Panamax has been in the ports due to congestion. Earnings across the bulker segments have risen to ten-year highs in recent months. In this study, as factors affecting BDI, the capacity and congestion ratio of Cape and Panamax ships on the supply side, iron ore and coal seaborne tonnge on the demand side and Granger causality test, IRF(Impulse Response Function) and FEVD(Forecast Error Variance Decomposition) were performed using VAR model to analyze the impact on BDI by congestion caused by strengthen quarantine at the port due to the COVID-19 pandemic and the loading and discharging operation delay due to the infection of the stevedore, etc and to predict the shipping market after the pandemic. As a result of the Granger causality test of variables and BDI using time series data from January 2016 to July 2021, causality was found in the Fleet and Congestion variables, and as a result of the Impulse Response Function, Congestion variable was found to have significant at both upper and lower limit of the confidence interval. As a result of the Forecast Error Variance Decomposition, Congestion variable showed an explanatory power upto 25% for the change in BDI. If the congestion in ports decreases after With Corona, it is expected that there is down-risk in the shipping market. The COVID-19 pandemic occurred not from economic factors but from an ecological factor by the pandemic is different from the past economic crisis. It is necessary to analyze from a different point of view than the past economic crisis. This study has meaningful to analyze the causality and explanatory power of Congestion factor by pandemic.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.58
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• pp.127-148
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• 2013

The Rotterdam Rules provide that port terminal operator may avoid or limit their liability for cargo loss, damage or delay in delivery or breach of any other obligation under the Rules by invoking the provisions that may provide a defence for, or limit the liability of, the carrier. Consequently the port terminal operator who are involved in the provision of maritime services may avoid or limit their liability for cargo loss, damage or delay in delivery or breach of any other obligation under the Rules. The port terminal operator to be applied for the Himalaya clause under the Rules must show that it has the requisite link with a Contracting State. In addition, the port terminal operator performs service to the period of time between the arrival of the goods at the port of loading and their departure from the port of discharge. The port terminal operator's liability for breaches of its obligation is limited to 875 SDR per package or other shipping units, or 3 SDR per kilogram of the gross weight of the goods. In addition, compensation for delay shall be limited to an amount equivalent to two and one-half times the fright payable on the goods delayed.

• Journal of Advanced Marine Engineering and Technology
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• v.38 no.3
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• pp.318-324
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• 2014

A Citadel is a designated pre-constructed space in the ship for the crew protection, in the event of imminent boarding by pirates. A Citadel is to be designed and constructed to resist for a certain period against pirate attack. A Citadel constructed in secret place of the ship based on the provisions of international and national requirements, is the last refuge from the pirates attack. This study try to identity identify the limitation and weakness of the current Citadel and suggest to applicable improvement on the Rules for Ship's Facilities for safer and more secure Citadel.

• Journal of the Korea Safety Management & Science
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• v.17 no.4
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• pp.247-258
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• 2015

The purpose of this study is to let the entire logistics system be managed in cyberspace by effectively sharing the logistics information between companies involved in the process, changing conventional commerce to electronic commerce. Most of the goods traded through electronic commerce are small goods involving small business transactions. This produces many problems in shipping and delivery and the leads an inefficient logistics system. Another problems is that there is no sharing of information that process the logistics flow and no systematic management of pick-up and delivery information. As a result, rise in logistics cost, longer delivery period and poor service quality are inevitable and these results are becoming an obstacle in the widespread usage of the electronic commerce. Companies that are part of logistics center can cooperate logistics business in Cyber space and share the entire logistics information through the cyber logistics center. This turns out in effective sharing of logistics information, and thus, allows efficient management of logistics, improves logistics service, and reduces logistics cost.

• Special Issue of the Society of Naval Architects of Korea
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• 2005.06a
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• pp.144-150
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• 2005

The size of ship is being larger than the past in the shipping industry thanks to the increased quantity of goods transported by ship. Therefore, HHIC (Hanjin Heavy industries & Construction co., LTD) invented innovative construction method, so called 'DAM', to build a ship which is longer than the length of the HHIC's dry dock. On Erection at the sea by the application of DAM Method, Squeezing & Detachment of A/F film may occur as a result of the wave and the constriction between A/F film pre-applied on the side shell and DAM's Rubber Packing. Thus, the test for finding the minimum curing time of A/F film was performed to protect Squeezing & Detachment of A/F film on the hull. To verify the soundness of paint and to find the optimum condition during the erection period of the DAM, laboratory test was carried out under no immersion condition through the application of various coatings on the Rubber Packing. And two methods were selected from the results of laboratory test for actual MOCK-UP Test. In addition, the test for the film profile per temperature of silicone A/F coat and the film Squeezing was performed.

• Journal of Navigation and Port Research
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• v.26 no.5
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• pp.481-489
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• 2002

The purpose of this paper is to construct the model that enables to estimate the amount of tanker voyage charter by region or by ship size. This paper decomposed the mechanism of voyage and time charter step by step, and apply the accumulated date of KMI chartering database. The results of the estimation is that the amount of voyage charter in 2007 will be 25,751 or 23.3% increase compared with that of 2000. And the amount of voyage charter in Korea will be 9.3% of the world amount, and will be 26.6% of the Far East amount.

• Journal of the Korean Institute of Navigation
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• v.14 no.1
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• pp.21-38
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• 1990

This paper discusses the various modes of operations of cargo ships which are liner operations, tramp shipping and industrial operations, and mathematical programming, simulation , and heuristic method that can be used to solve ships routing and scheduling problems for each of these operations. In particular, this paper put emphasis on a crude oil tanker scheduling problem. The problem is to achieve an optimal sequence of cargoes or an optimal schedule for each ship in a given fleet during a given period. Each cargo is characterized by its type, size, loading and discharging ports, loading and discharging dates, cost, and revenue. Our approach is to enumerate all feasible candidate schedate schedules for each ship, where a candidate schedule specifies a set of cargoes that can be feasibly carried by a ship within the planning horizon , together with loading and discharging dates for each cargo in the set. Provided that candidate schedules have been generated for each ship, the problem of choosing from these an optimal schedule for each ship is formulated as a set partitioning problem, a set packing problem, and a integer generalized network problem respectively. We write the PASCAL programs for schedule generator and apply our approach to the crude oil tanker scheduling problem similar to a realistic system.