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Research Project Report 상세보기
Study on Enhancing the Competitiveness of Container Shipping Industrythrough the Structural Improvements
Writer 최고관리자 Date 2018-02-01
Report No. 2017-12 Research Manager Byung Wook,Ko

Summary


◦ The container shipping industry is a national infrastructure industry
and thus for the improvement of logistics efficiency and its
development, continuously enhancing its competitiveness is necessary.
- Presently, owing to the collapse of Hanjin Shipping, the container
shipping industry of Korea has contracted seriously.
- And facing the fierce global competition, the shippers of Korea face
the decline of international transport service quality and a further
rise in freight cost.
- Under this background, in order to seek for the measures of
enhancing the competitiveness of the container shipping industry of
Korea, this study diagnoses the demand, supply, environmental
regulations, and competition order of this industry.
- Continually, in the perspective of an industrial structural viewpoint,
this study proposes an analytical framework for the analysis of
market failures and system failures based on the sectoral distinctions
of shipping finance, collecting shipments, acquiring ship assets, and
cooperation among shipping companies.
◦ Based on the in-depth interviews with field experts, a survey of
foreign cases, and brain-storming among participating researchers, this
study derives 16 structural problems from 4 distinct sub-areas.
- In the shipping finance area, the following 4 problems are derived: i)
Responding the coordination failure for the pecuniary externality
from national container carrier, ii) Necessity of financial support for
the container shipping industry as a strategic industry, iii) Short-term
maturity and high interest rates of financial contracts, iv) Way of
paying the principal and interest not reflecting the cyclicality of
shipping rates.
- In the area of collecting shipments, the following 4 problems are
derived: i) Low coverage rate of national export and import cargoes
carried by national carriers, ii) Decline of the credibility of national
carriers, iii) Necessity of cooperation between national carriers and
freight forwarders, iv) Market disorder behavior of 2PL with
affiliation to large manufacturing firms.
- In the area of acquiring highly-efficient and eco-friendly ship assets,
the following 4 problems are discovered: i) Tendency to acquire
secondhand ships of national carriers, ii) Lack of cooperation among
shipping carriers, ship builders and their intermediate manufacturing
vendors, iv) Limited Participation of new and repair/retrofit markets
of highly-efficient and eco-friendly ships.
- In the area of cooperation among shipping companies, the following
4 problems are found: i) Lack of efforts to rationalize the services on
trade routes, ii) Lack of efforts to enlarge the ship size, iii) Lack of
efforts to jointly establish new service routes, iv) Lack of efforts to
share the ship space.
◦ Based on the analyses in the above four areas of the foreign cases
such as the EU, China, Japan and Taiwan, we could ensure the
necessity of various policy measures in the perspective of shipping
industrial policy.
- Particularly, it is necessary to implement the timely shipping
industrial policies and the introduction of country-specific measures
is required.
- Also, the tax incentives and continual restructuring efforts are
required to appropriately respond to the global trend.
◦ Based on the analysis of the suggested problems and foreign cases, 18
recommendations are suggested.
- In the shipping finance area, the following 4 recommendations are
derived: i) Establishment of specialized tonnage provider, ii)
Establishment of Korea Ocean Promotion Authority, iii) Extension of
maturity and reduction of interest rates of financial contracts, iv)
Implementation of cycle-linked payment schedule.
- In the area of collecting shipments, the following 8 recommendations
are discovered: i) Re-introduction of cargo preference by enlarging
the national essential fleet, ii) Establishment of a fund for ensuring
the final unloading the shipments, iii) Establishment of the 3SW
(shipping, shippers, shipbuilders) win-win fund, iv) Establishment of a
shipping export promotion agency, v) Promotion of joint investment
between shipping carriers and partner freight forwarders, vi) Support
for IT investment, vii) Setting up the market order, viii) Promotion of
3PL logistics.
- In the area of acquiring highly-efficient and eco-friendly ship assets,
the following 4 recommendations are derived: i) Promoting the
investment of national shipping companies, ii) Enhancing the
private-public cooperation, iii) Systematic support program for the
shipping-related industries, iv) Enhancing the competitiveness of
eco-friendly intermediate manufacturing vendors for shipbuilding.
- In the area of cooperation among shipping companies, the following
2 recommendations are found: i) Promotion of the Korea Shipping
Alliance, ii) Support for M&As among shipping carriers.
◦ According to the IPA and APH analysis, the policy agenda of shipping
finance seems to have first priority.
- That is, the worsening profitability and the resulting liquidity
problem are identified as the most serious one.
- Support measures for the improvement in the shipping finance and
collecting shipments areas seems to be the most urgent.
◦ In line with the above responses, the following 4 policy
recommendations are suggested.
- First, as the control tower in the shipping industry of Korea, it is
necessary to establish the Shipping Industry Development Committee.
- Second, it is necessary to seek for cooperation among shipping
carriers with precisely differentiated roles of large and medium-small
carriers.
- Third, we should establish a container shipping monitoring center
responsible for acquiring basic information and performing policy
evaluation.
- Fourth, it is required to lead international discussion for alternative
governance in the global container shipping markets.

Research Project Report 상세보기
Study on Enhancing the Competitiveness of Container Shipping Industrythrough the Structural Improvements
Report No. 2017-12 Research Manager Byung Wook,Ko

Summary


◦ The container shipping industry is a national infrastructure industry
and thus for the improvement of logistics efficiency and its
development, continuously enhancing its competitiveness is necessary.
- Presently, owing to the collapse of Hanjin Shipping, the container
shipping industry of Korea has contracted seriously.
- And facing the fierce global competition, the shippers of Korea face
the decline of international transport service quality and a further
rise in freight cost.
- Under this background, in order to seek for the measures of
enhancing the competitiveness of the container shipping industry of
Korea, this study diagnoses the demand, supply, environmental
regulations, and competition order of this industry.
- Continually, in the perspective of an industrial structural viewpoint,
this study proposes an analytical framework for the analysis of
market failures and system failures based on the sectoral distinctions
of shipping finance, collecting shipments, acquiring ship assets, and
cooperation among shipping companies.
◦ Based on the in-depth interviews with field experts, a survey of
foreign cases, and brain-storming among participating researchers, this
study derives 16 structural problems from 4 distinct sub-areas.
- In the shipping finance area, the following 4 problems are derived: i)
Responding the coordination failure for the pecuniary externality
from national container carrier, ii) Necessity of financial support for
the container shipping industry as a strategic industry, iii) Short-term
maturity and high interest rates of financial contracts, iv) Way of
paying the principal and interest not reflecting the cyclicality of
shipping rates.
- In the area of collecting shipments, the following 4 problems are
derived: i) Low coverage rate of national export and import cargoes
carried by national carriers, ii) Decline of the credibility of national
carriers, iii) Necessity of cooperation between national carriers and
freight forwarders, iv) Market disorder behavior of 2PL with
affiliation to large manufacturing firms.
- In the area of acquiring highly-efficient and eco-friendly ship assets,
the following 4 problems are discovered: i) Tendency to acquire
secondhand ships of national carriers, ii) Lack of cooperation among
shipping carriers, ship builders and their intermediate manufacturing
vendors, iv) Limited Participation of new and repair/retrofit markets
of highly-efficient and eco-friendly ships.
- In the area of cooperation among shipping companies, the following
4 problems are found: i) Lack of efforts to rationalize the services on
trade routes, ii) Lack of efforts to enlarge the ship size, iii) Lack of
efforts to jointly establish new service routes, iv) Lack of efforts to
share the ship space.
◦ Based on the analyses in the above four areas of the foreign cases
such as the EU, China, Japan and Taiwan, we could ensure the
necessity of various policy measures in the perspective of shipping
industrial policy.
- Particularly, it is necessary to implement the timely shipping
industrial policies and the introduction of country-specific measures
is required.
- Also, the tax incentives and continual restructuring efforts are
required to appropriately respond to the global trend.
◦ Based on the analysis of the suggested problems and foreign cases, 18
recommendations are suggested.
- In the shipping finance area, the following 4 recommendations are
derived: i) Establishment of specialized tonnage provider, ii)
Establishment of Korea Ocean Promotion Authority, iii) Extension of
maturity and reduction of interest rates of financial contracts, iv)
Implementation of cycle-linked payment schedule.
- In the area of collecting shipments, the following 8 recommendations
are discovered: i) Re-introduction of cargo preference by enlarging
the national essential fleet, ii) Establishment of a fund for ensuring
the final unloading the shipments, iii) Establishment of the 3SW
(shipping, shippers, shipbuilders) win-win fund, iv) Establishment of a
shipping export promotion agency, v) Promotion of joint investment
between shipping carriers and partner freight forwarders, vi) Support
for IT investment, vii) Setting up the market order, viii) Promotion of
3PL logistics.
- In the area of acquiring highly-efficient and eco-friendly ship assets,
the following 4 recommendations are derived: i) Promoting the
investment of national shipping companies, ii) Enhancing the
private-public cooperation, iii) Systematic support program for the
shipping-related industries, iv) Enhancing the competitiveness of
eco-friendly intermediate manufacturing vendors for shipbuilding.
- In the area of cooperation among shipping companies, the following
2 recommendations are found: i) Promotion of the Korea Shipping
Alliance, ii) Support for M&As among shipping carriers.
◦ According to the IPA and APH analysis, the policy agenda of shipping
finance seems to have first priority.
- That is, the worsening profitability and the resulting liquidity
problem are identified as the most serious one.
- Support measures for the improvement in the shipping finance and
collecting shipments areas seems to be the most urgent.
◦ In line with the above responses, the following 4 policy
recommendations are suggested.
- First, as the control tower in the shipping industry of Korea, it is
necessary to establish the Shipping Industry Development Committee.
- Second, it is necessary to seek for cooperation among shipping
carriers with precisely differentiated roles of large and medium-small
carriers.
- Third, we should establish a container shipping monitoring center
responsible for acquiring basic information and performing policy
evaluation.
- Fourth, it is required to lead international discussion for alternative
governance in the global container shipping markets.

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