Lessons from bankruptcy of Hanjin Shipping Company in chartering

This paper aims to analyze the charter contract management of major container shipping companies in response to fluctuations in shipping market conditions in terms of contract duration using data of containerships between 2010 and 2016. Duration analysis was conducted to examine the relationship between charter duration and shipping market conditions. Moreover, this paper explores the causes of Hanjin Shipping Company’s bankruptcy, drawing managerial implications. Test results from Cox PH (Proportional Hazard) model show that most container shipping companies in Europe having net earnings purchased large vessels instead of chartering vessels, while some ocean carriers featuring poor financial performance, in particular the Hanjin Shipping Company, chartered bigger ships with higher charter rates and longer duration. Contract charter rates and duration of Hanjin Shipping Company featured greater risk compared to competitors.     

A qualitative analysis of reintroducing cabotage onto New Zealand's coasts

This paper provides a qualitative analysis of the proposal to ‘reintroduce cabotage’ onto New Zealand's coasts. New Zealand's coastal shipping trade was opened up to international competition in 1995. The analysis is principally based on a stakeholder analysis of the 83 submissions received by the Shipping Industry Review team, as part of the Government's study to identify ways to increase participation in New Zealand's shipping industry. The stakeholders included New Zealand and international shipping companies, unions, industry associations, freight service providers, manufacturers and producers. The main conclusion drawn from the stakeholder analysis was that to reintroduce cabotage onto New Zealand's coasts would appear to have an overall net negative impact on the New Zealand economy at this stage. However, the Shipping Industry Review team ‘was divided on the implementation of cabotage’, and a force-field analysis was undertaken subsequently based on the author's stakeholder impact analysis and the Review team's list of pros and cons of reintroducing cabotage. This force-field analysis also supported the author's earlier conclusion. However, the almost ‘complete absence of statistics’ relating to the commercial activities of the shipping industry in New Zealand places severe limits on the analysis.     

实物期权在航运企业船舶投资决策中的应用

航运业是一个具有特殊风险的行业,然而传统的船舶投资决策却总是忽略不确定性对投资价值的影响。将实物期权运用到航运企业船舶投资决策中,运用布莱克-舒尔斯的期权定价公式,得出含有实物期权的投资价值和一般的投资价值,定量地分析了不确定性对投资价值的影响,使船舶投资价值与决策相一致,最终使航运企业获得最大的投资收益。     

我国传统航运企业如何发展第三方物流

通过对我国传统航运企业发展第三方物流的必要性和可能性的分析,结合我国航运企业当前的实际情况,提出关于我国传统航运企业如何发展第三方物流的几点建议。     

船舶产业基金——船舶融资方式的创新

2011年,上海航运产业基金管理公司的成立,将为船舶、航运业开辟新的融资途径。该文首先分析了上海航运金融服务现状,分别介绍了传统的船舶融资方式与新型的船舶融资方式,其次进一步分析船舶基金的三种国际典型模式,最后结合中国船舶产业基金,分析了上海航运产业基金的问题及发展。     

The relative efficiency and financial risk assessment of shipping companies

Since shipping companies are highly competitive, we ask whether financial risk assessment tools impact company performance and, therefore competitiveness and efficiency. Stochastic Frontier Analysis (SFA) is used in the evaluation. Based on distinct features of the risk-return relationship, three cargo segments in the shipping industry are studied—dry bulk, liquid bulk, and containerized cargo. The influence of the risk assessment indicators on market and operational efficiency is subsequently determined using a panel regression to determine whether different asset allocation and risk management techniques improve the performance of shipping companies. In this analysis, 79 international shipping companies listed in Bloomberg Shipping Indices are included in the data collected from Thomson One for the period of 2001–2010. Efficiency estimation from the SFA shows that containerized cargo firms have better performance in both market and operating efficiencies. Operating efficiency performance is achieved by lowering liquidity. Market efficiency is improved by well-managed leverage level.     

Optimized selection of vessel air emission controls—moving beyond cost-efficiency

Shipping currently has an unexploited potential for improved energy efficiency and reduced emissions to air. Many existing air emission controls have been proved to be cost-efficient but are still not commonly installed on board vessels. This paper discusses the so-called ‘energy paradox’ in maritime transportation, presenting barriers to overcome and criteria to consider when selecting cost-efficient air emission controls. Current approaches typically select available controls based on their cost-effectiveness. While this is an important aid in the decision-making process, and, in relative terms, easy to quantify, it is not a sufficient criterion to capture the true preferences of the decision-maker. We present in this paper a multi-criteria optimization model for the selection of air emission controls. This decision framework can also incorporate subjective and qualitative factors, and is applied to the shipping company Grieg Shipping. A survey among internal Grieg Shipping stakeholders identifies the important criteria to consider, their relative importance, and the scoring of the controls. This empirical data is used as parameters in the model and the model is then applied on a vessel of the Grieg Shipping fleet. The results show that nonfinancial factors play an important role in the selection of air emission controls in shipping.     

Tragedy of the San Francisco bay commons

Abstract

Although the early efforts to save San Francisco Bay in the 1960's provided the role model for protection of California's 1100 mile ocean coastline, neither Proposition 20 of 1972 nor the California Coastal Act of 1976 provided any benefits to San Francisco Bay. One result is that the Bay is locked into its urban, shoreline‐use dominated plan of 1969 while every other estuary and coastal wetland in California receives much stronger protection of its resources. Furthermore, due to the complexity of California's water laws, there is no instream flow protection for receiving waters such as San Francisco Bay. This is particularly critical considering that 70% of the Bay's freshwater inflow has been diverted. The Bay's present decline as the largest and most important estuary on the West Coast, as well as its possible death as an estuary, may be irreversible. The problem requires the immediate attention of engineering, scientific, economic and legal disciplines if San Francisco Bay is to be saved.     

基于精益管理的特种航运信息集成优化系统设计与实现——以中交国际航运有限公司为例

文章以从事半潜船特种航运服务业的中交国际航运有限公司为研究对象,对企业实际管理运营的关键环节即航运信息系统进行研究,设计和实现了针对特种航运业的信息集成优化管理系统。结合公司的管理需求以资源的合理调度和项目的科学管控为主要目的来设计,实现了公司日常管理工作的协同办公与网络实时监控,为企业的基础信息动态实时管理、成本维护、航线优化和船舶调度提供了科学和有效的方法,为企业提高了运营效率,减少了资源浪费。     

Swedish ports’ attitudes towards regulations of the shipping sector's emissions of CO2

Shipping is increasing today along with the sector's emissions of greenhouse gases. The awareness of the emissions has increased the pressure for regulations of the shipping industry. Regulating the sector is far from simple due to the complexity of the market and the evasive characteristics of the industry. We know from studies of road pricing that attitudes among stakeholders are important for a successive policy implementation. The objective of this paper is to capture the Swedish ports’ attitudes towards regulations of the shipping sector's emissions of CO₂ . This has been done by conducting a survey among commercial ports in Sweden. To our knowledge, this is the first study of this kind. Our analysis indicates that ports in Sweden are generally positive towards an implementation of regulations to reduce carbon dioxide (CO₂) emissions from the shipping industry. The ports where most positive towards CO₂ differentiated port due (97%), followed by a technical standard (92%), CO₂ taxation (84%) and EU ETS (The European Union Emissions Trading Scheme; 74%).     

MATLAB有限元方法在船舶推进轴系校中计算中的应用

船舶推进轴系安装是船舶建造中重要的一个环节，船舶轴系合理校中计算对保证轴系长期可靠运转极为重要。本文介绍了船舶轴系校中计算中常用的有限元法。依据该方法用MATLAB有限元的方法编制轴系校中计算程序，通过该程序可以计算出船舶在下水、满载或半载情况下，由于船体变形而导致轴系参数的变化。     

Safety culture on board six Swedish passenger ships

This paper presents the results of a Swedish study on maritime safety culture. The study aims to increase knowledge about the characteristics of safety culture in the maritime setting and about the relationship between safety culture and organizational climate. Such knowledge can be vital in the process of developing and improving safety culture. The paper reports the results of safety culture assessments on board six Swedish passenger ships in international traffic, using observations, questionnaires, and interviews focussing on 508 employees who completed the questionnaires. The results of the assessments revealed a generally good existing safety culture. Differences in individuals' safety culture perceptions were found between ships, vessel type (high-speed craft versus Ropax), and hierarchical working position. Important relationships between organizational climate and safety culture were also found. A comparison with other transport sectors where the same safety culture assessment had been applied yielded that passenger shipping has an average safety culture score level that falls between air traffic control and airport ground handling. The method of assessment, which can be used by shipping companies and vessel crews, identified specific areas of concern in the safety culture that could support continuous improvements of safety and safety culture.     

Short sea shipping: a Canadian perspective

Short sea shipping has begun to receive attention from governments worldwide, as they seek to reduce traffic congestion and greenhouse gases. Despite a long coastline and its interest in international maritime affairs, the Canadian government had, until 2003, placed greater emphasis on resolving the issues of other transport modes. In July 2003, Canada and the United States signed a Memorandum of Cooperation on Sharing Short Sea Shipping Information and Experience. Subsequently, the federal government embarked on an assessment of short sea shipping through a series of workshops. This paper explores the key issues with respect to further development of short sea shipping from a Canadian perspective. It examines the critical limitations and impediments to further growth of short sea services in Canada and trans-border trade with the USA, and identifies a number of questions Canadian policymakers need to answer.     

跨国海运公司的经营战略与上海国际航运中心的建设取向

本世纪８０、９０年代崛起的跨国海运公司是当前及可预见未来的世界航运主角，其全球性经营战略的走势，将在很大程度上对世界航运业的发展格局发挥重要的作用，亦将对上海国际航运中心的建设产生深远的影响。对世界上一些著名跨国海运公司的经营战略进行了考察，并就其中具有共性的要点作出了初步的归纳，即：海运航线主干化和全球化，营销网络自营化和当地化，运输工具大型化，物流系统综合化，管理技术信息化和竞争对手联营化。作者指出，鉴于跨国海运公司上述的经营战略要点，上海国际航运中心在建设取向上，一开始就要充分考虑到如何主动顺应这一世界航运业发展的新趋势。换言之，即从现在起，就必须在港。规范科学化、海运辅助服务系统化和航运管理现代化等几个主要方面大作文章，妥为规划，预谋良策。基于此种认识，从宏观的角度提出了一些相应的论证和建议，以供有关方面作为决策参考。     

The Ocean Shipping Reform Act: the trans-Atlantic cares

For many years, economists have pressed for the deregulation of the shipping industry, with studies purporting to show constant returns to scale in motor transport, and staggering losses inflicted on the economy by regulation. Deregulation is now the order of the day in the US, but during the deregulation process, the Federal Maritime Commission (FMC) struggled with strong pressure to remove anti-trust immunity historically enjoyed by ocean shipping conferences.

However, instead of entirely removing this anti-trust immunity, the US Congress passed the Ocean Shipping Reform Act (OSRA) in 1998. OSRA, which came into effect on 1 May 1999, represents a logical continuation of the trend toward deregulation established by the Shipping Act of 1984. Although the Act (OSRA) maintains anti-trust immunity, its creation also established confidential service contracts between shippers and individual lines.

Because the actual effect of this Act has yet to be researched and reported in the transportation literatures, this paper assesses the impact of OSRA on the market structure of the container shipping industry. Three major east- and westbound arterial routes, as determined by Drewry Shipping Consultants and Containerisation International, are examined in this study to ascertain whether the markets are competitive or not 1, 2. The trade imbalance existing in all three trade routes (trans-Atlantic, trans-Pacific, and from Asia to northern Europe) provides a basis from which to investigate the pricing structure in the container shipping market. The changing tariff structure of the trans-Atlantic lane in 1999 provides the foremost evidence of the impact of the Act to evaluate the new law's impact on the maritime industry. By examining the traffic volume and freight rates of inbound and outbound trades, this paper found that before the second quarter of 1999, the trans-Atlantic lane's market structure was non-competitive, but it became competitive after the third quarter of 1999. This paper concludes that OSRA did have substantial influence on the market structure of the trans-Atlantic lane since the Act came into effect on 1 May 1999. The Act laid a solid legal framework upon the industry that forced the carriers in the trans-Atlantic trade route to operate competitively.     

基于资源位理论的国际航运中心合作竞争模型

国际航运中心的本质是航运资源配置中心,各航运中心在不同资源位领域的竞争合作关系,是其深层次发展的关键.通过将波特钻石理论应用于国际航运中心资源位要素模型的构建,系统分析了决定航运中心竞争力的各要素特征.根据其不同的本质特性,将航运资源分为硬资源位、中间资源位和软资源位.研究发现,航运硬资源位和软资源位配置的模式不同,对应各航运中心间的合作竞争策略也不同.对不同资源位领域各航运中心的合作竞争模型及可能结果的研究成果,可对上海国际航运中心的建设发展提供理论指导.     

上海——迈向二十一世纪的国际航运中心

<正>中共十四大作出“以上海浦东开发开放为龙头,进一步开放长江沿岸城市,尽快把上海建成国际经济、金融、贸易中心之一,带动长江三角洲和整个长江流域经济的新飞跃”的重大战略决策。根据党中央这一战略决策,上海市在编制《国民经济和社会发展“九五”计划纲要及2010年发展目标》时明确提出上海长远发展目标是,到2010年基本建成国际经济、金融、贸易中心之一,崛起成为新的国际经济中心城市。要顺利实现这一发展战略,必须加快上海国际航运中心建设,大力发展国际航运,形成四通八达的国际国内交通运输网络。     

Evaluation of risk attitude in the shipping freight market under uncertainty

ABSTRACT

The main purpose of this study is to examine how market participants take risks, in other words, what their risk attitude/preference is, and how their risk attitude could be related to the shipping freight and other markets. To address them, we calibrated the risk attitude of participants in shipping freight markets from 2007 to 2013, and provided an example of the application of risk attitude. For market participants, risk attitude/preference has an important role in understanding shipping freight markets and managing risks under uncertainty. However, risk attitude is not directly observable. To achieve this, we applied a framework that consists of structural model and calibration with market data. We interpreted risk attitude and confirmed that a structural break occurred around 2008 for the calibrated risk attitude parameter. The average risk attitude of market participants tended to be more risk-averse after 2010. We conducted an additional analysis to provide an example of the application of calibrated risk attitude, using structural equation modeling to calculate a latent variable that reflected other commodity markets. We compared the risk attitude parameter and the latent variable, and clarified the relationship between the risk attitude parameter and commodity markets.     

三峡库区航运人才需求分析与对策研究

三峡库区航运业的发展,衍生了巨大航运人才需求市场,而传统意义上仅仅掌握船舶操纵技术的航运人才已不适应航运经济的发展,航运人才缺乏将是制约库区航运经济发展的瓶颈。本文通过对三峡库区航运业人才需求分析,指出了目前存在的不足,提出了解决办法。     

Quality shipping — incentives,disincentives

Shipping is the indispensable means of distributing goods between places of production and areas of consumption on our globe and is often claimed to be the most environmentally friendly mode of transport. However, there is a distinguished backwardness of shipping technology in environmental terms due to the hard competition within the globalised shipping business.